The cost of basement finishing depends on the proposed plan for the basement. For instance, whether your basement is an open-plan or a more robust plan with kitchen and rooms will determine its cost. Finishing your basement is a great way to increase the value of your home and reclaim more livable space.
It may be on your mind to increase the value of your home or expand your family’s living space. However, the cost to finish your basement will depend majorly on how elaborate you want the renovations to be. Also, transforming an unfinished basement into a comfy and sustainable space usually costs more than repair.
The cost of basement finishing usually includes waterproofing, built-in shelving, lighting, framing, plumbing, etc. Is incurring this cost worth it? Yes, it is. Refinishing a basement will eventually add resale value to your home. You are thus more likely to earn a significant investment return of around 70 to 75% in the long run.
If you’re considering finishing your basement, but do not know the cost of basement finishing, then this article is for you. In this article, you’ll understand how the cost of finishing a basement comes to be. Also, we will explore the factors affecting the cost of basement finishing, and how you can minimize the total cost.
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What is the Cost to Finish a Basement?
The cost of basement finishing can vary depending on the features you’re adding to your basement finishing. Notably, finishing a basement involves adding lighting, installing a ceiling, hanging drywall, and completing other projects, thus bringing the space to life.
Also, the overall cost of your basement finishing project can be considerably lower if your unfinished basement space is already fully waterproofed. The cost of finishing a basement in Toronto is generally between $25 and $50 per square foot. Also, basement finishing prices can go as high as $90 per square foot based on the extensiveness of the renovation, the cost of labour and choice of materials. All in all, the average cost of finishing a basement can go as high as $30,000 or more depending on the basement features.
If you are handy and can do most of the work yourself, it’s possible to do a primary finish job for $6,000 or $7,000. Notwithstanding, it’s quite easy when hiring professionals to spend $100,000 for finishing a basement with all the bells and whistles. At the very top end, a large, 3,500 square foot basement professionally constructed and finished can run upwards of $150,000.
Why don’t we explore the different basement finishing options that you may have to choose from?
The primary basement finishing option
This option refers to taking an entirely unfinished basement, then adding frames and other elements. It amazes most people to learn that this is a cheaper option than a full-scale remodeling of a basement that is already finished. The reason for this is because demolishing and rebuilding costs more than starting a new building from scratch.
A basement finishing involves framing, running whatever mechanicals are necessary, installing the wall, ceiling, and floor finishes, and painting or wallpapering. On average, the cost for a primary finish job falls anywhere from $6,500 for a DIY job to $20,000 with an expert.
However, prices can go much higher for larger spaces. Note that these average costs do not include major plumbing or electrical work. If the basement consists of a new bathroom or other special features, these costs will need to be added appropriately.
Using the finished system option
A finishing system project means that you are hiring professionals to install building components and other prefabricated wall panels. The setback here is that there is no way you can do the work alone with this type of project.
This is because the materials for basement finishing systems are sold only to franchised installers with verified proprietary materials and moisture control systems. The benefit is that you are guaranteed a dry, tight, warm space, and your basement will be ready in a short period.
Costs for having such a system installed are about $40 to $50 per square foot, which means that a 1,500 square foot basement could cost you as much as $75,000 if it is a top-of-the-line system. Additionally, costs can, of course, go higher if there are substantial wiring and plumbing work done by other contractors as part of your overall project.
This is typically one of the most expensive options when it comes to basement finishing, but also one of the most convenient.
Labour Costs on Basement Finishing
The average labour cost to finish a basement is $16 per square foot or around 35% to 40% of your remodeling project. The labour costs of completing a 500 square foot basement are approximately $8,500 on average. This covers all professional labour, such as electricians, plumbers, carpenters, and general labourers. The more expert help you need, such as a master carpenter or master electrician, the higher the cost of finishing a basement.
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How to Minimize the Cost to Finish a Basement
Undertaking a more modest project will help you save money. If you decide you don’t need a kitchen and can make do with a half bath, you’ll save a bundle. There are other ways to cut costs, too. You can paint the walls yourself or with the help of friends and family – be sure to provide some pizza for refreshments.
You can also choose more modest materials and furnishings. Of course, you don’t want to skimp on the elements that are important, say, insulating the basement or keeping water from leaking into the flooring. However, you can choose more modest hardware, curtains and furnishing if you’re trying to keep to a tight budget.
As with any home renovation, it’s a good idea to get quotes from a few service providers before you commit. That way, you can compare prices and maybe even negotiate a better deal.
Factors that Affect the Cost to Finish a Basement
Size isn’t the only important factor that determines how much it will cost to finish your basement. One major component is the cost of labour.
If you’re a skilled contractor or DIY pro, you may be able to do everything yourself. However, not everybody can’t count on this cost-saving measure. Therefore, there are factors that can be tweaked to reduce the total cost of finishing a basement. These factors include;
The size of your basement
The size of the basement can easily alter the cost of finishing it. Notably, most projects, such as installing flooring, and hanging drywall are priced by the square foot. The bigger your basement, the more you will have to spend to get these projects done. Simply put, bigger space means a more significant amount of investment.
Your Basement Location
Another factor that can affect the cost of finishing a basement in Toronto is your locality. Your location can affect the total cost of your basement finishing project.
This is because each province, city, and state in Canada has its own acceptable rules and regulations.
Homeowners in a city may need to spend thousands of dollars on permits to finish their basement. In the same context, homeowners in another city may only have to pay a few hundred on corresponding permits.
Additionally, it is better to look into the cost of obtaining permits in your locality before starting this project. This helps you draw out your plan systematically with all details considered.
Details of the Basement Plan
The details of your plan will have a significant impact on the final cost of the project. You should expect to pay more if your plans include structural changes, expensive materials, rewiring, or new plumbing. The basement finishing prices will also increase if you are planning on transforming the space by adding a closet, bedroom, bathroom, kitchen, or other living space.
Finishing your basement offers an estimated 75% return on investment when the time comes to sell your home.
Affordable basement finishing works well with an open-plan design, like a studio, or gym center. Instead of hiring a general contractor, managing the job on your own and hiring subcontractors will save money.
In the end, there’s no substitute for expertise and professionalism. Sure, DIY basement finishing may save you money on costs, but you can’t guarantee the quality of the work. It is usually best to hire a basement finishing expert in Toronto. Do you have any questions about the cost to finish a basement? Contact Basement Renovations Now today for quick answers!
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