The basement in your home has the ability to be transformed into a revolutionary space for your family to use. There are a myriad of trendy options to choose from to convert your basement.
Whether it’s an entertainment room for your children, office space for your new business launch, or a custom games room with a poker table – we will be able to execute your vision. Many variables may affect your basement development cost. It all depends on how you want to use the basement space. The first step is to decide what you would like to convert your basement space too. This blog will assist you by breaking down the costs you need to include in order to complete your dream space. You have to include plumbing, electrical, painting, framing, ceiling, and flooring among several other services. The average cost to finish a basement begins at $40,000 and up.
Basement Finishing Cost Breakdown
The aspects to consider in your basement finishing cost breakdown is:
Basement Framing Cost
You might want to consider separating the basement space into rooms that can be used for various purposes. If you have a large and open basement area, dividing the space into multiple rooms allows it to be utilized for multiple purposes. Constructing walls will increase the cost of construction; however, it will also increase the value of your house. When there are multiple uses for your basement, your investment will prove worthwhile in the long run. The framing costs increase or decrease depending on the following components:
- If current walls need to be taken down.
- The amount of space you need to cover with framing.
- If you require the need to put up extra walls.
- If you would you need to soundproof your walls
For your bathroom, you will need to provide a link to a water system and sewer pipes. This will include employing a licensed plumber and paying for the expenditures involved with setting up the water and sewer pipes.
There are a few types of ceilings to choose from: drop ceilings, drywall ceilings, wood or tile ceilings, or a textured ceilings. Depending on the ceiling and the job you want done plays a role in the cost of basement finishing due to the labour required. The average cost starts at $3.50 per square foot. However, installing a drop ceiling is a heavy job and can add to your cost. Decide the type of ceiling you wish to install and how much labour it would require. This will assist you in estimating the overall cost.
Flooring is tricky in a basement because of environmental factors that we need to take into consideration. Moisture and other water damages that could occur are factors to prevent and think about when installing the right type of flooring. Concrete, carpet, vinyl are some of the few options. The labour cost would be added to the cost of the material.
A simple and cheap option as it is already the base of your house. It will need to be sealed and the cost of that begins at $30 to cover 100 sq ft of area (multiply that by the size of your basement). This option is easy maintenance, long-lasting and cost-effective. However, the flooring does not retain heat so it will be cold and if it is not sealed properly, it is susceptible to moisture.
This option is soundproof, affordable and warm. The cost starts from $3 sq ft. They are hard to clean in the long run and may need to be replaced if not cleaned often enough.
This is the most popular and durable option for your basement. It provides a cushion effect to your floors. The cost begins at $1-$5 per square foot. This option protects your floor from moisture, looks great and is easy to clean.
There are numerous flooring options to choose from on top of these three provided. The best solution is to decide on what flooring you will be using in your basement as it will help you add up the total cost for renovating the space.
The cost of painting a basement depends on the amount of space you have to cover and the two things that follow:
- The amount of paint you need to purchase and the amount you use
- The required hours of labour
Usually, the average cost of painting a basement is around $1,000 to $1,600.
You should expect to pay between $50 to $100 per hour to someone who is a professional and will be connecting your electrical wires and equipment. In your basement, any wiring that is needed to guarantee that the space can accommodate your electrical needs will require hiring an expert electrician. Depending on the area you live in and the level of assistance you require in this matter will affect the overall cost (and the cost of hiring an expert electrician).
Cost to Drywall a Basement
When you add a new wall to your basement, adding drywall on your walls is what you will need to do. This is a crucial step after you have completed framing your space. The type of drywall that you choose to use is one of the things that affects drywall construction costs.
Usually, per panel, drywall will cost anything from $10 to $20. When you have determined what material you want the drywall to consist of, the cost of construction is the only thing you will need to assess. For instance, it will cost anything between $1.50 to higher per square foot to construct drywall. The expense also depends on the environment in which the drywall is installed. After this, the drywall finish you use will affect your cost further. For example, soundproofing your drywall in your basement will cost you around $50 per 8×4 panel.
Basement Renovation Costs – Things to consider
It is crucial to get a permit for your basement renovation project. Whether it is electrical, plumbing or the converting of a space – it will require a permit. A permit can cost around $50. A permit ensures you are following code with ceiling heights, plumbing, the safety of others and building codes. If you do not get a permit for the work you want to do, the consequences and fines can be severe. Sometimes the municipal may coerce you into removing the walls, or work you have completed if it does not adhere to the building code. This permit will also help in the future resale value of the home. Always obtain a permit!
After the building permits have been obtained and depending on each stage of your construction and remodeling- there will be inspections that need to be conducted, they include:
- Electrical (ESA)
- Energy for the insulation, HVAC and emergency exits
- Drywall inspection
If a Licensed Electrical Contractor has been employed, the contractor will file a job notification with ESA and organize the inspection.
Depending on the project, the inspection/review process can differ. At several stages, an inspection may be required for your basement renovation, especially if the job is a complicated process. If the work does not comply, a “defect notice” will be issued for you to fix it.
Due to basements being underground they are particularly vulnerable to water damage and leaks. It is necessary to watch out for signs of water damage, such as wet areas or cracks in the floor, before starting basement repairs, to prevent potential problems in the future. Minor tasks requiring waterproofing will cost around $300 to $500. However, to waterproof your entire basement on average can cost around $5,000. If there are other issues in addition to waterproofing, such as fixing cracks that cause the water leakage, the cost will be more.
Added Value with Basement Renovation
In reality, turning an empty basement into a livable space brings your home useful square footage. This, especially when it comes to resale, adds considerable value to the house. Homebuyers usually favour buying a house with an already completed basement. Adding additional features and upgrades to your basement also brings social and familial value to your home. It allows your family to bond in a space that promotes unity. You have the luxury of spending more time at home without having to spend money somewhere else on entertainment by completing your basement and building more living space through renovation. The basement renovation cost is covered as the profit generated exceeds the expense that was invested. On average, the work done for your basement re-modelling sees an investment return of about 70 percent. Therefore, investing in your basement space is extremely worthwhile. While some people may worry about the short-term and investment cost, the long-term return on investment is extremely beneficial for you.
All in all, this guide was put together to help you consider the cost breakdown, advantages and concerns you should consider when you want to finish your basement. Browse our website for more information on basement trends and designs, and if you need a professional to complete your project, give Maple Reno a call to get a free estimate based on your project and also free interior design options.