The basement of your Hamilton, ON home may not grab that much attention when it comes to improvement, but the fact is that finishing your basement is a sensible means of adding value to your home. It doesn’t only provide you with additional living space, but it can also be utilized as a rental property or an in-law suite. However, before you start planning your basement finishing project, it’s imperative that you know how much it’ll cost.
No Such Thing as a Fixed Rate
There’s no truth to a “one size fits all” when it comes to finishing a basement in Hamilton, ON. You’re looking at several things to factor in to come up with an accurate estimate, including:
The size of your basement – A small basement is obviously going to cost less to finish than a large one.
The condition of the basement – If your basement is already in good condition, you won’t have to shell out as much on repairs and renovations. However, if it needs a lot of work, that will obviously increase the cost.
Plans for the space – The type of finish you’re looking for will also affect the cost. For instance, if you’re planning on adding a bathroom or kitchenette, that will obviously be more expensive than simply adding a few walls.
Materials – The materials you use will also impact the overall cost. Using high-end materials will obviously be more expensive than using more affordable options.
Labour costs – Finally, you’ll also need to factor in the cost of labour. This will vary depending on whether you’re planning on doing the work yourself or hiring someone to do it for you.
With that said, here are some estimated costs that can give you an idea of how much you should expect to spend:
- Material Costs: $5 to $25 per square foot
- Labour Costs: $10 to $35 per square foot
- Total Cost: $15 to $60 per square foot
Of course, one of the biggest factors that will affect the cost of finishing your basement is its size. A smaller basement is obviously going to be less expensive to finish than a large one. You’d expect to spend anywhere from $15,000 to $30,000 on a small basement (between 500 and 1,000 square feet). For a medium-sized basement (between 1,000 and 1,500 square feet), you can expect to spend between $30,000 and $45,000. And for a large basement (more than 1,500 square feet), you’re looking at spending upwards of $45,000.
The one thing you should recognize is that everything discussed here is “ballpark” figures. The actual cost of finishing your basement in Hamilton, ON will ultimately be determined by the specific details of your project. However, these estimated costs can give you a general idea of what you should expect to spend.