How Much Does Finished Basement Cost?

Add a bathroom or kitchen, and you have made a possible rental to house your adult kids or in-laws, to cover finished basement expenses. Demolish some walls, and you will get additional bedroom, workshop or family gathering space.

Finished basement means transforming a currently abandoned space into a livable one with basics such as hanging and painting drywall and installing floors at a relatively competitive price. On average, the cost to finish basement vary between $6,500 to $18,500 or even more for larger spaces. Besides, it will add the value of your property. You will recoup an average of 70.4% of your costs when you sell the house. That is higher than a bathroom (65.7%) or a kitchen renovation (64.9%) — so clearly it is a smart investment. Finishing a basement and converting it into, say, a family room costs 20% to 30% less than building the same-size addition above ground. You don’t have to put a lot in a foundation, air and heating, exterior walls or a room.

However, basement subfloor installation comes with some unique challenges, such as groundwater and rain that’s not properly routed away, moisture from the underground air and wrong ventilation system, leakage of radon—an odorless, colorless gas emitted by the breakdown of uranium in soil. There are many costs associated with remodeling a basement that should be taken into consideration before work begins. Both labour and material costs must be put together in an accurate budget. Most of these costs are dependent on the basement finishing job and its needs. Besides, to minimize your expenses make sure of the following common costs: demolition works (up to $2,000), repair of existing foundations (up to $10,000), special permits (approximately $50), waterproofing(up to $7,000), services of contractors (from $15 to $150 per hour)

Basement renovations in Toronto range from $30 to $75 per square foot. Add up the square footage of your basement and do a quick calculation to figure out the range. The national average cost to finish a basement, according to the recent data, is about $32,000.

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