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What are the most expensive projects when basement finishing?
When a home is built in the Toronto area, the odds are pretty good that it will have a basement. The area has the right soil composition and like any major city, space is at a premium, so a basement generally comes with the territory. What separates one home from the next is to what degree that basement has been finished. Most homeowners like to make use of the space for more than just storage, so eventually they get around to basement finishing. Sometimes previous homeowners have performed partial basement finishings, which can be just the push that you need to complete the job. Depending on how much of the work has been done and what your goals are, you could find that your project ranges from a minor facelift to a massive renovation.
On the cheaper end of the spectrum, the homeowner might expect to perform projects like installing flooring, painting or adding new fixtures. From there you might consider adding walls to cover the foundation and possibly adding drywall to the ceiling to hide floor joists, wiring and duct work. As you get into larger projects, you might consider building additional rooms and installing plumbing and electrical components. These would be major projects and can also include rebuilding structural supports and lowering the floor. Below we will discuss these projects and the costs involved.
- Cosmetic upgrades – The homeowner can expect to spend somewhere between $1000-$5000 on small improvements in the form of carpet or other flooring. The light fixtures can be upgraded as well for a minimal basement renovation project.
- Foundation coverings – Putting up walls and floor coverings can get a little more expensive, but would generally fall in the range of $2000-$8000, depending on how much drywall is being hung and if new walls or openings need to be constructed. This will really depending on how much of the basement finishing project had been accomplished before you begin.
- Living quarters additions – Adding living quarters for guests or possible renters can be a major expense, but one that will pay for itself over time. The homeowner must first hire an inspector to ensure there is no moisture in the basement of any kind. Failure to do this could result in a leak not being caught and that dampness could cause hazardous mold to grow. Aside from leak protection, a thorough basement finishing project for living quarters could cost between $30,000-60,000, which seems like a tremendous expense, but will pay for itself over a few years of renting the space. Having a fully furnished rental apartment in your basement is also a huge benefit when trying to sell the home later.
- Structural changes – These would include lowering the floors and building walls for room additions. Basements tend to have low ceilings as the initial intention is to use the space for storage, so homeowners may want to add extra height by lowering the subfloor. This is a costly and time consuming process that can cost $10,000-$15,000 depending on the desired effect. The contractor will come in and dig out sections of the foundation, then pour a new concrete foundation and use it to stabilize the house as he moves onto the next section. The process can be long and expensive, but the end result can look excellent with a skilled contractor like The Reno Pros at the helm. Adding walls should also be done by a professional, as any structural changes require permits from the local city planning office.
Overall, you can expect to spend the most on your Toronto area basement finishing project if upgrading to a fully furnished rental apartment, but this change will immediately make the space an income generating asset and for that reason you cannot overlook that project as a possibility. Sometimes homeowners will elect to do portions of the remodel a little along, so as to keep the expense manageable and proceed when time and money permits.
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"After requesting a quote for finishing a basement and working within the constraints of my budget, I went with RenoPros. The team arrived on time and ran every idea by me, as well as recommended what materials are best to be used in what area. The job was complete in a professional manner and I am very happy I chose The RenoPros"
"I was hesitant at first to rely on a third-party service to re-do two bedrooms in my house but the guys at RenoPros assured me they would work closely with me to fit my needs. I chose two different designs, and now both bedrooms actually feel good to be in. Great job"
"Our husband and I needed to renovate our basement at an affordable price. We found RenoPros and their staff and crafting was spot on, they let us customize everything to our liking and were very friendly and accommodating. Would do business with again, thanks!"
"We are so happy with our new kitchen and main floor renovation. The upgraded wife flooring was an excellent suggestion and the apron sink make the house feel brand new. The project manager was helpful, organized and I would definitely call them for any future renovation needs."