On average, the cost of basement renovation can vary anywhere between $40 and $55 per square foot. It depends upon the existing condition of the basement, design options and the upgrades that you intend to do, the material quality and cost of finishes and labour charges. Another prominent factor to consider is the overall plan and the permits required. A typical one bedroom 700 sq feet legal basement could cost you about $50,000 with a separate entrance and a couple of enlarged windows. 

Building permits

Before you get started with your home renovation project, make sure it is designed in a way to meet all the building code requirements. The cost of building permits including the drawings & City fee could vary anywhere between  $2000-$3000. You will need to have the drawings of the basement design created by an engineer or an architect to apply for city permits.

Washroom & Plumbing

Water supply and sewage lines for your bathrooms are required to be installed under the floor and inside the walls. Plumbing is something you cannot do away with and the cost of installing a three-piece washroom including plumbing can add up to $8,500-$12,000. This cost is estimated to be including materials and labour charges.

Kitchen installation

If you are looking to add a standard kitchen with regular cabinets and storage units, you’ll need to spend another $10,000-$15,000. You could consider laminate countertops to save cost, look for used or open-box appliances.

Flooring for basement

For basement renovations, vinyl or laminate flooring are the best options. They are water-resistant, affordable and come in a variety of finishes. Keep a budget of $5-8 per square footage for basement flooring and installation cost.

Drywall installation & Walls

As long as you don’t have to demolish existing walls you are well on your way to cutting down costs. For drywall installation, contractors start by marking off the rooms and adding wooden frames to erect walls. The pricing of wooden stud members has fluctuated quite a bit in the past two years and it is important to find out the current cost of the same. You may also need fire rated drywall in certain areas including the stairwell.

Ceiling

If you are renovating an unfinished basement from scratch, ceilings must not be overlooked. You don’t want to have exposed pipes and wirings. For basement ceilings, be sure to set aside $2-$6 per square footage of the ceiling area. Ceilings are usually finished with the same drywall used to create walls.

Separate entrance

A separate entrance to the basement may be required by the city as part of a legal second unit in the property. This entrance can be at ground level or below ground level. For above-ground basement entrances, the cost can be anywhere around $5000 and for below-ground basement entrances, the prices would add up to $15,000 and above. Each enlarged window could be $1200.

Finally, electrical fixtures, painting and final finishes would require you to budget $80-$100 per hour. Before you get started on the project, make sure you have an appropriate plan to utilize the space. Whether you are planning a playroom for kids, a fitness area or a rentable space, you’ll need to think and plan in advance. Start by reaching out to a reliable basement renovation contractor to help you create an accurate budget depending on the area of your basement.