You’ve done your homework. You’ve even contemplated it for almost a year now. It’s been a roller coaster ride for the past few months as you weighed on which home improvement project to pursue. Since you’re here, it’s easy to guess that you’ve decided to go for a basement renovation. And we’re with you!
What Makes Basement Renovations A Worthy Investment?
A lot of people think that a basement is just an extra space for storage. But if you take a closer look, this area has a lot of potential. There’s the prospect of using your basement as an extra bedroom, home office, playroom, man cave, or even a rental unit. By renovating your basement, you are not only adding value to your property but also expanding your living space.
Now that you’ve made up your mind, the next step is to start planning for your project. This includes making a budget and finding the right contractor who will help you turn your vision into reality. But right before digging into the specifics, let’s first answer the question that’s probably on top of your mind: how much does it cost to renovate a basement in Ontario?
How Much Will It Cost To Renovate A Basement In Ontario?
The cost of basement renovations varies depending on the size and scope of the project. You must anticipate shelling out anywhere from $15,000 to $30,000 for a small-scale renovation. For a medium-sized project, the price tag goes up from $40,000 to $60,000. And if you’re planning a major overhaul that involves structural changes, you’re looking at a budget of $80,000 or more.
Put in mind though that these are merely estimates. The final cost will still depend on the actual work that needs to be done, not to mention the materials and finishes you choose.
To give you a better idea of how much each element costs, here’s a breakdown of the typical expenses involved in a basement renovation:
- Design fees: $500 to $2,500
- Permits and inspections: $500 to $1,500
- Demolition: $1,000 to $3,000
- Flooring: $1,000 to $4,000
- Ceiling: $500 to $2,500
- Walls and partitions: $2,000 to $5,000
- Doors and windows: $1,000 to $4,000
- Staircase (if needed): $1,500 to $4,000
- Lighting:$500 to $2,000
- Plumbing:$3,000 to $10,000
- Electrical work: $500 to $3,000
- HVAC:$2,000 to $5,000
- Finishing touches (paint, trim, etc.): $1,000 to $2,500
- Furniture and fixtures: $500 to $5,000
As you can see, there are a lot of factors that affect the cost of basement renovations. To get a precise estimate of how much your project will cost, it’s best to consult with a professional contractor. They’re equipped to assess your space and recommend the best course of action that fits your budget.
Factors That Affect The Cost Of Basement Renovations In Ontario
Aside from the size and scope of the project, there are other factors that can affect the cost of renovations.
- The Condition Of Your Basement
If your basement happens to be in good condition and doesn’t require any major repairs, then you can expect to spend less on your renovation project. On the other hand, if your basement needs a lot of work, such as fixing water damage or cracks in the foundation, then you can expect your costs to go up.
- The Materials And Finishes You Choose
The type of materials and finishes you select for your basement will also have an impact on the overall cost of the project. For example, high-end materials like marble or hardwood flooring will obviously cost more than standard options like carpet or laminate.
- The Length Of The Project
Another factor that’ll impact the cost of your basement renovation is the length of the project. If you want the work to be done quickly, then you can expect to pay a premium for labour and materials. In contrast, if you’re not in a rush, you may be able to get discounts from your contractor.
- The Location Of Your Home
Your home’s location is also a factor that can impact the cost of renovations. If you live in a big city, i.e., Toronto or Ottawa, you can expect to pay more for labour and materials than if you lived in a smaller town or city. This is because the cost of living is generally higher in big cities, which means contractors are likely to charge more to make a profit.
- The Contractor You Hire
The contractor you hire will also play a role in determining the final cost of your basement renovation. Should you choose to go with a reputable and experienced contractor, you can expect to pay more for their services. However, they will also be able to get the job done quickly and efficiently, which can save you money in the long run.