Have you been thinking about converting your unfinished basement into a useable space? Here at RenoQuotes, we’ve compiled a guide to help you take into account the different factors involved with a basement remodelling project and how they will impact the cost.

Prices for a basement renovation project

First, it is important to establish what is included in the cost of subterranean development. First and foremost, you should consider that the contractor you hire will most likely have to perform some demolishing and stripping in order to properly prepare the space for the remodel. The job will also involve gypsum installation, seam pulling, floor covering and finishing. Generally speaking, the renovation of a basement requires work on the electrical wiring and carpentry work as well.

Finally, the price also includes the installation of a floor covering material and the application of several layers of paint on the walls.

How much does a basement renovation project cost?

For a basement with a surface area of 700 square feet or more, the average cost is about $90 per square foot. 

• Therefore a 700-square-foot basement should cost about $63,000.

• If you are building an 800-square-foot basement, expect to pay around $72,000.

• For a 900-square-foot basement, the price will be approximately $81,000.

Photo: RenoQuotes Contractor

Important to take into account: the factors that affect the price of a basement arrangement project

Please note that these prices are never fixed because each project can have unique characteristics or repairs that need to be made before the work can be properly started. There are numerous factors that can influence the price of the work to go up or down. For instance, the amount of demolition work required may be more complex than in other homes. You may also need to demolish or modify load-bearing walls by introducing new support beams.

Often, to make a basement more habitable, you will need to have work done to ensure your basement’s walls and ceiling are well-insulated and soundproof. Depending on the quality of the materials already present, this may affect the costs. If you find that the floor remains on the concrete slab, then a new floor will have to be installed. Keep in mind that if this process is complicated, it can easily drive the cost of the work up significantly.

Other factors that could impact the final cost of your new basement layout:

• Installing a new staircase

• Remodelling a basement bathroom

• Expanding on an existing area

• Creating new openings

Of course, the way you choose the quality of the materials you’re going to use can also make the cost of the whole job increase. In this case, you should remember that using high-quality materials will contribute to the increased value of your home and will most likely be reflected in the sale price.

Lastly, you should be aware of the age, and the materials used in the original construction of the home can have a major impact on the level of complexity of the work. This will all have a final impact on both the duration of the work and what it will ultimately cost you to completely transform your basement.

5 things to consider before renovating your basement

The Canada Mortgage and Housing Corporation recommend that before you make a formal decision about the type of renovations you will take on, you answer the following four questions.

• In terms of safety and comfort, it is important to know if you are going to be able to move freely in your basement without the need to bend over to avoid obstacles;

• Are your walls and/or floors cracked? (This could cause potential water infiltration or damage to your insulation);

• Do you see any signs of mould in your basement?;

• Can you smell mould on objects or clothes that have been stored in your basement for a long period of time?;

• Could there be any radon ingress problems in the future?

Choosing the contractor for your basement renovation project: the criteria

Setting up a brand-new basement is a major project. Therefore, it is very important to choose the right contractor to complete the work, someone you trust and with whom you are on the same page. First of all, they must have all the necessary certifications to carry out renovations (licenses, permits, insurance). Next, they must be able to put you at ease, providing you with references and explaining in detail the process to come.

This article contains a detailed list of the aspects to look into when choosing a home renovation contractor:  How to find the right renovation contractor for your renovation project

To find out about the average prices of different home renovation projects, check out our Home renovation price guide.