In Toronto, pricing for the basement is calculated based on the square feet. Contractors charge between $10 and $35 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 $10,000 and $35,000. When you chose to DIY, it will cost you the minimum amount, which is $10,000. Hiring a contractor will cost you up to $35,000.
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Globally, people keep hitting the internet in search of the cost of a basement. However, in most cases, they don’t end up with satisfactory answers.
However, there are a number of factors that will influence the total cost of your basement renovations. They can effectively work in your favor. As a result, you should not be worried. There are also a number of cost-saving tips that can help you out without necessarily compromising on quality.
Top 5 Factors Affecting Basement Renovation Cost:
Let us discuss some of the factors that will influence the cost of your basement.
The first one is the square feet of your basement. All costs related to your basement will be determined by the size of the floor space. The size of the floor determines the cost of finishing and the drywall.
The second factor is 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 contractor will inflate your total cost.
The third factor is the bathroom. 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.
The fourth factor is 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 fifth factor is flooring. 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 on it later.
Cost of a basement by phase of construction
It is important that you categorize your basement cost in phases. Consider being your own labor. You should, however, budget for the guides, permits and even tools.
How to save on the cost of a basement
You should be able to paint your basement on your own. Painting can be a boring exercise, but it will help you save enough money to buy a pool table.
It is important to do your own trim-work. This can take you about three to four weekends to finish. The tools you will need include mitre saw and a nail gun. You can use the tools later on to yourself a basement bar with the finances saved from the exercise.
You should also be your own general contractor. This will help you save a big chunk of your budget. Coordinate all the works that will be done. This 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. They will equally work well for you.
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.
Don’t hesitate to call us if you have some questions about basement renovation cost. CSG Renovation is proud to offer the next services: