Home improvement: it’s never a straightforward decision to make. For most Canadians, their residential property is their biggest investment, and any changes or renovations made ought to be performed with much thought and consideration. So when it comes to something as big (and potentially expensive) as renovating your basement, you want to be sure you’re getting the most bang for your buck.
The cost of basement renovation relies upon several factors, i.e., the size and layout of your basement, materials, amount of work required, and even the location of your home.
With that said, there are some general ballpark figures you can expect to pay for a typical basement renovation in Canada. For one, most people spend between $10,000 and $30,000 on their projects.
Of course, if you’re only doing a cosmetic update or refresh, your costs will be on the lower end of this spectrum. But if you’re planning a complete gut and reno job, you can expect closer to that $30,000 mark (or even higher).
Again, it’ll depend on the scope of work being done. But some other things that will impact your bottom line include:
Know that the type of flooring you choose can also affect your budget. For instance, tile or laminate will generally cost less than hardwood. Moreover, if you’re opting for in-floor heating, that’s an additional expense to factor in as well.
Windows and Doors
If your basement isn’t equipped with windows or doors (or if they’re in bad shape), then that’s something else you’ll need to budget for. Contingent to the size and style of window/door you choose, this can add a few hundred dollars – or even a couple thousand – to your total cost.
This is important if your basement is prone to flooding or leaks. Waterproofing can help protect your space and belongings from water damage, but it does come at a price. Expect to pay a few hundred – or even a few thousand – dollars for this, depending on the work required.
Soundproofing may be something to consider if you’re in a busy urban area or your basement is directly beneath a bedroom. This can help reduce noise pollution and create a more peaceful environment for sleeping, working, or relaxing. However, it comes at a cost, with materials and installation running you a few hundred dollars (or more).
Cabinetry and Shelving
If you’re planning on adding any built-ins, like cabinets or shelving, that’s something else to factor into your budget. The cost of materials and installation can quickly add up, so be sure to factor this in when estimating your total basement renovation cost.
If you wish to add a bathroom to your basement, that’s another can of worms (and expense). In addition to the cost of materials and fixtures, you’ll also need to factor in the cost of running new water lines and installing a sewage pump (if your home isn’t already connected to the municipal sewer system). This can easily add $5,000 to your total basement renovation cost.
Now, don’t forget to factor in the labour cost when budgeting for your basement renovation. If you’re planning to do demolition, electrical work, plumbing, or framing yourself, you can save money there. But for everything else, hiring a professional contractor with the experience and expertise is best to get the job done right.