How Much Is It to Finish a Basement

Many people prefer having bigger living spaces. Whether they want a home that accommodates their growing family, extra storage, or office space, finishing the basement provides the much-needed additional space.

Unfortunately, as excited as you may be about finishing the basement, it may be overwhelming and rarely comes cheap. So, exactly how much is it to finish a basement?

How Much Does It Cost to Finish a Basement?

Today we take an in-depth look at the cost of building a basement, factoring in the materials and tools needed. We will also look at the methods of finishing the basement and how they affect the overall cost.

Let’s dive into the details.

Before we get into the nitty-gritty, let’s first understand the meaning of a finished basement.

A finished basement is one that is livable. By that, we mean it has a fully-functional plumbing system, is insulated, the flooring is installed, and the room is water-proofed. Basically, it is as ready for use as the other rooms in your home.

According to Home Advisor, the average cost to finish a basement is $18,395. However, these figures can go as low as $2,800 or as high as $33,985 for a space between 400 and 1,500 square feet.

However, you must understand that these estimates do not include furniture and interior decor. Furthermore, the figures may fluctuate further, depending on your cost of labor and the quality of building materials used.

Factors Affecting The Cost to Finish a Basement

Various factors affect the basement finishing cost. They include:

Labour

You may need a structural engineer, architect, plumber, electrician, and other handymen for this job. Additionally, you may need specialists who will conduct a basement inspection and check the basement’s moisture levels.

These contractors have different labor costs averaging between 10% to 25% of the total project cost. However, their rates will often depend on their work hours, speed, and productivity.

Additionally, if you live in an urban area, you can expect the labor costs to significantly go higher than homeowners living in rural areas.

Permits

Permits legally clear you to commence construction works. They certify that the project plan and materials meet industry standards, and you will need to dig into your pockets to get it.

According to Homeguide, a basement finishing permit can set you back between $200 to $1,000, inclusive of inspection fees. In some areas in the Canada, you will pay between 1% and 2% of the total project cost. On top of this, you will need additional permits for plumbing, electrical, and other construction works.

Similar to labor costs, permit fees differ depending on where you live, your construction project’s complexity, and the basement’s size.

Size of the Basement

The larger your basement, the more building materials it consumes and the higher the contractor’s fee, driving the construction costs up.

HomeAdvisor estimates the average cost per square foot to be $25. However, these figures can go down to $7 for the same measurements.

Quality of the Materials

You need framing, drywall, flooring, insulation, HVAC, ceiling primer and wall paints, electrical equipment, trim, and plumbing materials for your basement project. If you intend to have a bar, bathroom, or kitchen, you will also need to purchase cabinets and other extra fixtures specific to your project.

And the importance of picking quality materials cannot be over-emphasized.

Ever heard of the saying ‘Cheap is expensive?’

But, of course!

It’s not only in the construction industry; overall, quality materials attract a higher selling price. They are durable, sustainable, and secure, so you can expect to dig deeper into your pockets to enjoy these perks.

On the other hand, their cheap counterparts cannot withstand everyday wear and tear. They can also get damaged easily, putting your family at risk.

Scope of Project

Are you looking to install a stone veneer fireplace, a bar, or recessed ceiling light fixtures? Will the room be a storage facility, or do you want to turn it into a contemporary rental studio apartment?

Your project scope will also significantly affect the basement finishing price. The more detailed and labor intensive it is, the higher the cost.

Location

Rising costs of living impact various things, and most predominantly, the labor market. As such, if you live in an area where the cost of living is above the national average, you can expect to pay more for labor and materials.

Take people living in Toronto and Montreal, for instance.

Toronto’s cost of living is lower than many cities in the United States and Europe. However, being one of the most costly Canadian cities, the cost to finish basement in Toronto will be much higher than that of Montreal since the latter boasts a lower cost of living.

Additional Costs and Considerations

Apart from labor, quality of materials, project scope, and geographical location, additional costs, and considerations should stay top of mind when finishing basement in 2023.

They include:

Plumbing cost

Having a constant water supply is of paramount importance, especially if you want a livable basement.

Since plumbing may require you to go beneath the concrete, costs may range between $1,500 and $15,000. Again, this will highly depend on the type and number of fixtures you intend to install.

For instance, if you want to install a bathroom and the basement is above the sewer lines, you can simply attach the plumbing as you normally would for bathrooms installed above ground. Otherwise, if the sewer lines are above the bathroom, you will need to adopt the up-flushing or sewage-ejector systems, which are more expensive.

Furthermore, you must understand that the entire house’s plumbing system runs into the basement. So, if you intend to install kitchenettes, sinks, a bar, or other things that need a water supply, you must devise a plumbing design that does not interfere with or damage the existing system.

Electrical

Note that wiring is a sensitive undertaking, and many cities prohibit homeowners from installing electrical appliances alone. Unless, of course, they have a background in electrical engineering and related expertise. So, to maintain home safety, you need to hire an electrician.

Professional electricians will charge approximately $50 to $100 to install electrical appliances. But again, this will depend on your scope of work.

Furthermore, you will need to pay for inspections that ascertain the wiring and electrical appliances are installed in line with the local building codes.

Waterproofing

Using vapor barriers, epoxy injections, waterproofing paint, interior French drains, and sealing are some Considering the various techniques professionals use to waterproof, the costs range from $3 to $10 per square foot, including labor and materials. So, for a 500sq basement, you can expect to pay anything between $1,500 and $5,000.

Note that waterproofing can be done on the interior and exterior. The latter cost more, and you can expect to spend up to $15,000, considering that you might need excavation as well as other prep work beforehand.

Besides, if you choose both techniques for their apparent perks, you will pay more.

Flooring

Various flooring options exist, and the one you pick determines the overall basement renovation costs.

Generally, you can expect your basement flooring expenses to range from $1,500 to around $4,500. However, this too will depend on the material you pick.

For instance, vinyl floors will cost between $750 and $2,500, polished concrete floors range between $1,500 and $3,900, and hardwood will be $2500 to around $6,800.

If you opt for a carpet, you must consider waterproofing since the material is famous for its moisture retention capabilities. You will need to seal the basement, which will cost between $2,000 and $6,500, and install a dehumidifier whose price ranges from $1,300 to $2,800.

Additionally, radiant floor heating would be a perfect choice if you want a warm basement. However, this sophisticated flooring type can set you back anywhere between $1,730 and $6,033.

For those that decide to remain with concrete flooring, a technique known as staining smoothens the concrete and allows you the luxury to imprint marble or other patterns, giving your basement an overall sophisticated look: which, too, can increase flooring costs.

Drywall

To better insulate your basement and create a sound barrier, you will need to install drywall that costs approximately $2 for each square foot. So, if the space measures 1,000 square feet, you will pay $2,000 to install the drywall.

Framing

Framing will cost you approximately $3 to $6 per linear foot, excluding the drywall. However, the type of wall you use will also significantly impact the framing cost.

Generally, framing a precast panel basement is almost the same as a masonry wall. However, these two do not cost as much as the poured concrete wall that attracts rates between $12 and $16 per square foot.

The cost of framing may also go higher depending on the room size or whether you will soundproof the walls. Additionally, you can expect cost fluctuations depending on the need to demolish existing walls or add new ones.

Paint

Basements need waterproofing paint that resists moisture. So, many painters will charge from $3.23 per square foot to around $6.58 to paint basement walls. Apart from the walls, you might need to paint your ceilings, which further increases the total painting expenses, with professionals charging $1 to $3 for every square foot.

Additionally, if you have concrete flooring and decide to paint it, you may need to pay professionals $3 to $12 for a square foot.

Furthermore, If the basement walls have developed cracks, you will need to close them up before painting, costing more money.

Benefits of Finishing Your Basement

A finished basement provides numerous benefits. They include:

1. Provides a versatile space – There are innumerable ways you can use your basement. You can use it as a storage space, gym, home cinema, office, kids’ playroom, family room, you name it! Only your imagination limits you.
2. Increases home’s value – Many potential home buyers are keen on finding homes with basements. So, by finishing your basement, its asking price goes high. This is particularly the case if you have a walk-out basement, which buyers find attractive.
3. Increases energy efficiency – Finishing basements involves adding drywall and layers of insulation. As a result, air will not escape, and temperatures in your home will remain constant. It can be an excellent undertaking for homeowners who want to bring down utility costs.
4. Income Generator – Are you a homeowner looking to generate more income? Finishing your basement allows you to do that. Start by renovating the space into a studio apartment. If it’s not big enough, turn it into a bedroom with a bathroom and kitchenette, and you will be good to go.

Your Basement Finishing Starts with CSG Renovation

As you can see, the average cost to finish a basement depends on various factors such as the size of your basement, geographical location, quality of materials, and labor. To ensure you have the correct figures, call professional CSG Renovation team who will do proper math regarding your unique needs. Having an accurate quotation allows you to prepare well in advance and avoid financial strain.

However, ensure you have some money set aside for miscellaneous expenses, as unprecedented issues might arise. If you have an unfinished basement that’s just lying unused, plan to finish it and increase your home’s resale value. If you want to finish your basement, feel free to contact with CSG Renovation at +1 (647) 428-0007