Of all the home renovations you can undertake, finishing your basement is the most efficient way to add value to your home. This is because converting an unfinished basement adds actual square footage to your home. In many cases, the value added to your home by finishing your basement will exceed the costs incurred by the renovation! But how much will those costs run you to begin with?
The price of finishing a basement varies greatly depending on the scope of the project. To give you a rough idea of what your basement renovation might cost, we’ve put together estimates for three types of projects.
1. Basic Basement Finishing
This first option refers to turning an unfinished basement into a livable space. Surprisingly, this is cheaper than remodeling a basement that has already been finished! This is because it is more expensive to demo and rebuild than it is to simply start fresh. For a basic basement finishing project, you will need to frame, run mechanicals, install walls, paint and install flooring. This can cost anywhere from $10,000 to $20,000. If you are handy and are doing it yourself, you could spend as little as $6,500. That said, it’s important to make sure you renovate to code. Also, your costs will increase if you run into any plumbing or electrical that needs upgrading.
2. Full Basement Remodel
When we say remodel, we are referring to taking a space that is already finished and reworking it. This type of project encompasses altering your basement’s layout and may involve adding new rooms like a home office or bedroom. If you are adding a bathroom, your costs will be much higher as new plumbing will need to be installed. However, if you are simply reworking the space you already have, expect to spend between $20,000 to $30,000 for labour and materials. If your intention is to add a guest or rental suite, tack another 20 to 30K on to that price tag to account for installing a kitchenette and a bathroom as well as any plumbing and electrical.
3. Finishing System Project
The other option is to purchase a finishing system and have it installed by professionals. A finishing system is basically an out-of-the-box basement that includes everything from pre-fabricated moisture-proof insulated wall panels to lighting and ceilings. This option is not for DIYs, as finishing systems are only sold to franchised installers. A typical system costs approximately $45,000 to $55,000. The benefit to this option is that you can have a finished basement in as little as two weeks. The downside is that it is expensive and gets more expensive depending on how much square footage you have to cover.