Basement renovation costs is one of those questions that needs to be answered on a case-by-case basis. But we do want to give you some guidance as to what you can expect from typical types of basement renovations.
Existing basement: Roughly 800 sq. ft basement in a relatively new building with cement floors, studded exterior walls with builder installed insulation, 8 ft ceilings with moderate amounts of duct-work, electrical panel with available breaker space and “roughed in” plumbing in general location for the bathroom, basement window of the appropriate size for bedroom.
One bedroom, 3-piece bathroom (vanity, toilet, and shower), closed off mechanical room, all electrical by code plus pot lights, all plumbing by code, framing for all rooms, bulkheads and ceilings. Drywall on walls and ceilings, partition doors, window, door and base trim, paint, vinyl flooring. All accessories.
With labour and all rough materials, you are looking to spend upwards of $35,000. For the choice of your finish materials, you will spend roughly another $4,000 to $6,000. So, in total, a project like this can cost you roughly $41,000. You are roughly spending $51.25 per sq. ft to have 800 sq. ft of finished living space.
In contrast, if you take the cost of construction of a new home, for the year 2020, the prices have started at $250 per sq. foot. That does not include the acquisition of the land.
Around 2010, we completed a huge basement project. It was over 3,000 sq. ft. of living space. It included a 3-piece bathroom, two bedrooms with one having a window enlargement and exterior interlocking to dress it up, gym room, office, kitchen, living room with a huge amount of custom built-in cabinets, and a gas fireplace covered in decorative stone. In addition, there was a laundry room with custom built-in cabinetry, floors were finished with tiles, laminate, and custom hardwood stairs to the basement. All in all, it was a massive project that took us close to 6 months to complete from start to finish. Every possible trade was involved—electrician, plumbers, framing and drywall, as well as finishing carpentry.
The total project including all finished materials cost around $250,000. It was a second house. The project cost was in the range of $85 per sq. foot.
How to Estimate Your Basement Finishing Project Costs and Timelines
As you can see from the examples above, prices may vary depending on what you are looking to do with your basement, and what type of finish materials you are looking for.
We generally do not price these types of projects on a per sq. foot basis, as each project is so different. Two basements with the same scope of work may have completely different prices.
To help you plan your basement finishing project, here’s an idea of what you can expect:
- A basic basement without a bathroom can start from roughly $35 per sq. foot.
- A basement with a bathroom and standard finishing’s can start from roughly $52 per sq. ft.
- A high-end basement will start at about $80 per sq. ft. and can go much higher.