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How Much Does It Cost to Renovate a Basement?

How Much Does It Cost to Renovate a Basement?

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 basement renovation 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 basement renovation 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 basement renovation cost in Toronto:

Elements of Basement RenovationAverage 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

Painting

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.

Flooring

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

Ceiling

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

Plumbing

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.

Drywall Installation

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.

Electrical Features

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 basement renovation 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.

Materials Used

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.

Natural Light

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.

5 Frequently Asked Questions about Basement Renovations

How Much Does Renovating a 1000 sq ft Basement Cost?

The basement renovation cost may vary depending on the materials used, the scope of work, required labour work, your location, and other factors. Discussing your ideas and requirements with your contractor in Toronto to get an estimate so you know what to expect is beneficial. In addition, you can get a detailed quote to accurately assess your specific project needs and the total basement renovation expense.

What Should I Consider Before Remodelling My Basement?

Before embarking on your basement renovation journey, remember the following essentials:

  • Evaluate your basement’s current condition.
  • Plan your budget.
  • Consider the purpose of the space – whether it is a new living area, home office, or entertainment room.

What Common Basement Renovation Mistakes Should I Avoid?

Mistakes like inadequate waterproofing, insufficient lighting, or improper insulation can lead to costly problems in future. Avoiding these typical renovation pitfalls is crucial. A reliable renovation contractor prioritizes quality craftsmanship and ensures that all upgrades are done with the utmost care to prevent such issues.

How is Your Renovation Service Different from Others?

renoWOW! stands out for its commitment to Canadian homeowners. We offer complete basement renovations tailored to individual needs. Our team understands the requirements and unique challenges of the region, providing customized solutions that reflect your tastes and preferences.

What Types of Renovations Do You Offer?

renoWOW! specializes in whole house renovations, kitchen remodelling, and bathroom upgrades. Our basement renovation services include but are not limited to the following:

  • Precise finishing
  • Waterproofing
  • Flooring and lighting
  • Custom cabinetry and storage solutions

Do You Have a Basement Renovation Project? Contact renoWOW!

How Much Does It Cost to Renovate a Basement?

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.

For more information about our basement renovation services in Toronto, feel free to reach out to us by calling 1-866-352-1251. You could also get an estimate by filling out our online contact form.

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