How Much Does a Basement Renovation Cost

In Toronto, pricing for the basement is calculated based on the square feet. Professionals charge between $5 and $30 for each square foot. The average square feet for a basement should be 1000 sq ft. This means that the cost of a basement in Toronto is pegged between $5,000 and $30,000. 

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Top 5 Factors Affecting Basement Renovation Cost

Globally, people keep hitting the internet searching for the cost of a basement. However, they don’t end up with satisfactory answers in most cases. There are a number of factors that will influence the total cost of your basement renovation, that can effectively work in your favors:

• The square feet of your basement. The floor space size will determine all costs related to your basement. The size of the floor determines the cost of finishing and the drywall.
• The cost of labor. You can opt for DIY if the cost of labor is too high. This can be the best option for you in Toronto. A technician will inflate your total cost.
• The existence of an escape hatch. This involves the installation of an egress window that can be used in times of emergency as opposed to having the stairs only. This will inflate your budget.
• The floor quality. What will you install on the floor? Is it a carpet? Is it engineered wood, wood laminate, or tiles? The cheapest option is a concrete floor. You can add a carpet to it later.
• The bathroom availability. The cost of installing a bathroom in your basement can be an expensive affair. The design of the bathroom, including whether it is full, half, tiled, or laminated, will determine the total cost used in the whole process.

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Cost of a Basement by Phase of Construction

It is important that you categorize your basement cost into phases. Consider being your labor. You should, however, budget for the guides, permits, and even tools.

Planning and Permits

• An engineering plan that will be used to obtain a building permit from the local municipality costs between $1,000 and $3,500 when ordered from an accredited professional.
• Meanwhile, a building permit in Toronto can cost between $200 and $2,000, with fees for intermediate and final inspections ranging from $200 to $800.

Foundation Work

• Basement construction begins with demolition work, removing walls and clearing the floor, removing debris, and costs between $1,000 and $5,000.
• Foundation repair costs between $500 and $5,000, depending on whether there are structural integrity issues.
• Installing a vapor barrier, as well as sealants or full drainage systems, costs between $3,000 and $10,000.

Structural Work

• Erecting walls with wood or metal studs costs $5 to $15 per square foot.
• Choosing ceiling materials determines the cost of the work, which ranges from $3 to $10 per square foot of floor space.

Electrical and Plumbing Installation

• Electrical installation prices range from $2,000 to $8,000, depending on various code requirements and layout considerations.
• The plumbing installation plan will depend on the goals: do you want a bathroom or a kitchen. Installing pipes, drainage, fixtures and connecting appliances to the sewer system will cost between $1,500 and $10,000.

Insulation

• Insulation can ensure a stable temperature is maintained, and reduce energy costs in the basement. Installing spray foam, fiberglass, or rigid foam insulation in walls and ceilings costs between $1.50 and $4 per square foot.

Flooring and Finishes

• Wet drywall costs between $1.50 and $3 per square foot. Flooring choices include carpet and laminate, as well as hardwood and tile, ranging from $2 to $15 per square foot.
• The process of finishing the walls and applying trim costs between $1.50 and $4 per square foot.

Customization

• Customization allows the project to include additional special features beyond the standard amenities. For example, the cost to install a full or half bathroom ranges from $3,000 to $15,000.
• Recessed lighting, sconces, track lights and similar custom lighting solutions cost between $500 and $2,000.
• Furnishings for home theaters, exercise rooms and specialized storage systems are $2,000 to $20,000.

Final Inspection and Clean-Up

• A final inspection to make sure your remodeling complies with local safety and building codes costs between $200 and $500.
• Cleanup and construction debris removal costs an additional $500 to $1,500.

How to Save on the Cost of a Basement

Several cost-saving tips can help you out without necessarily compromising on quality. So, as a result, you should not be worried. 

• Painting can be a boring exercise, but it will help you save enough money to buy a pool table. So, be able to paint your basement on your own.
• It is important to do your trim work. This can take you about three to four weekends to finish. The tools you will need include a mitre saw and a nail gun. You can use the tools later on to build yourself a basement bar with the finances saved from the exercise.
• Be your own general contractor. This will help you save a big chunk of your budget. Coordination of the basement renovation will save you an average of $8,000 – $10,000.
• Lastly, you should also consider buying reconditioned tools. This will save you about 30%-50% of costs. 

With these strategies in place, you will be able to cut the cost of your basement by about 30%. With 100 sq. ft, you can save up to $3,000, leaving you with a total bill of $7,000 when working with the minimum budget of $10,000.

Conclusion

In general, though, a basement renovation is a great way to add value to your home and increase your living space. With careful planning and execution, you can create a basement that’s both functional and stylish. There is no one answer to the question of how much a basement renovation costs. The price will vary depending on the size and scope of your project, as well as the location and materials used.

How to turn the basement into living space you can read in our article.

CSG Renovation is proud to offer all basement services and basement underpinning. Don’t hesitate to call us if you have any questions about basement renovation costs.