If you are planning to renovate your home to increase the overall value, a basement renovation is an excellent choice. This way, you can use the existing structure without increasing the overall cost per square foot. The pricing of renovating a basement depends on a variety of factors, including the size and condition of the area, materials and labour required, upgrades, complexity of new designs, and more. The average cost ranges from $55 to $75 per sq. ft. If your basement is 800 sq. ft., the price of remodelling it will vary between $40,000 to $60,000. Read on to learn more about the cost of basement remodelling so you can make an informed choice.
Cost Breakdown of Basement Renovations in Toronto
When planning a basement renovation, the first step is to determine the purpose and consider what to do with the area. Once you decide what needs to be done, you need to choose whether or not to put up some walls. This way, you can separate the space and create multiple rooms. Also, you can soundproof your basement. Here’s the average cost of basement renovations in Toronto:
|Elements of Basement Renovation||Average Cost|
|Turnkey Without a Bathroom||$25,000 - $41,000|
|Bathroom for the Basement||$12500 - $20,000|
|Walls & Joint Sealing (Gypsum)||$3/sq. ft. + Around $1,800 for joints|
|Ceiling||$3 - $7/sq. ft.|
|Flooring||$5 - $9/sq. ft.|
|Insulation||$2 - $4/sq. ft.|
What is a Turnkey Basement Renovation?
A turnkey basement remodel typically includes the following:
- Strip the basement to its bare, original state by removing flooring, walls, and more
- Remodel the basement completely
- Install new flooring and walls, insulate the areas, add a gypsum ceiling, seal the joints, and paint the basement
- Get custom cabinets made along with suitable furnishing and other upgrades
- Add a bathroom, depending on the requirements
Factors Affecting the Cost of a Basement Renovation
Adding a Bathroom
The overall cost of adding a custom-made bathroom to your basement is typically between $15,000 to $20,000 depending on the following factors:
- The size of the bathroom
- The flooring materials
- Custom cabinetry and other features
The cost of painting a basement depends on the area and the following two aspects:
- The quantity of paint used
- Labour hours required
The overall cost of painting a basement is typically around $1,000 to $1,600.
It is an essential part of a basement remodelling project because it determines how your basement will look. The cost of flooring depends on the material. Here are a few common options:
- Hardwood floor installation after checking there is no water infiltration and humidity issues
- Floating floor to make sure it doesn’t buckle easily
- Installing carpeting to enhance comfort and muffle the sounds
When it comes to the basement ceiling, there are three popular options:
- A gypsum ceiling costs around $2 to $3/sq. ft.
- The architectural ceiling may cost around $7/sq. ft.
- A suspended ceiling typically costs around $5/sq. ft.
When considering your ceiling options, you may also think of soundproofing your basement.
Additional Costs of Basement Renovations in Toronto
Having a proper water supply in the basement is essential, especially if you plan to install a kitchen or a bathroom. The cost of plumbing will depend on the materials and labour required, the area you live in, and the number of fixtures installed.
Once the framing for the basement is in place, the next step is to fill it with drywall. Similar to plumbing, the cost of installing drywall may vary depending on the quality of material, labour required for the job, and additional features such as soundproofing and mould resistance.
Since the basement typically does not have a natural light source, adding appropriate lighting fixtures is essential to enhance the appearance and functionality of the space. The total cost of installing electrical features depends on the area and number of labour hours required. It may range from $50 to $100 per hour.
The Cost Summary of Basement Renovation
The complete cost of basement remodelling in Toronto depends on the materials used and the features you want to incorporate into your space. If you plan on adding a bedroom, You will need to have a window that can double as an emergency exit. This may also add to the overall cost. In addition to this, be sure to consider water infiltration and humidity issues before renovating the basement to avoid costly repairs in the future.
When you work with a reliable basement renovation contractor, they will provide you with an estimate, so you know what to expect and how to fit in the remodelling within your project.
Think Ahead to Save on Your Basement Renovation Cost
Since a basement remodel project requires significant funds, anticipating your future needs can make it more cost-effective in the long run. You may consider the following:
- Adding a playroom for kids
- Having a fitness area with essential equipment or a yoga studio with soundproofing
- Constructing a separate entry point if you plan to rent the space in future
- Installing a gaming area or a theatre room with advanced equipment
Factors Affecting the ROI of Basement Renovations in Toronto
Real Estate Market
Your location and neighbourhood can significantly impact your basement renovation’s ROI. Having an unfinished one in an area where finished basements are common is a disadvantage. In addition, consider the preferences of home buyers and look for the features that attract them to ensure a successful affordable basement renovation that offers good returns.
Purpose of the Basement Renovation
A spacious, well-equipped, and adequately ventilated room will be more valuable than a closed-off one. Thoughtful designing is essential for maximum ROI on your basement renovation. Consider an open plan to manage the overall basement renovation costs. Alternatively, a few popular remodelling ideas are an organized storage room, a fitness area, and a theatre room.
Build a Secondary Suite
If increasing the property value is a priority, consider building a secondary suite as part of your basement renovation plans. Having a secondary legal dwelling will increase the ROI. Moreover, if you decide to sell your property, it will help attract potential buyers and boost the overall value.
The materials you use will impact the basement’s value. It is wise to consider the mid-range, modest features when choosing them. You can reduce the basement renovation cost and increase ROI by investing in durable and practical materials instead of buying luxury items.
The more natural light you bring into the basement, the better the value. Adding windows, replacing small ones with large windows, and installing excellent fixtures with a wise electrical plan are a few ways to accomplish this. You may also add ambient and accent lighting to enhance the room’s charm.
Do You Have a Basement Renovation Project? Contact renoWOW!
renoWOW! is a prominent name when it comes to basement remodelling in Toronto. We have the experience, expertise, and resources to undertake a renovation of any size. Our experts will work to understand your needs and come up with the best possible strategy to incorporate them with our renovation process. We will schedule our work at your convenience and deliver the desired results on time and within your budget.