How much will it cost to make basement renovations in my home?

Most of the houses in Toronto include a basement.  This is an excellent space for storage and can help you easily avoid a lot of clutter.  One common theme with basements during the building phase is that they are typically left unfinished.  This allows great freedom for the homeowner to make renovations and upgrades to the space, essentially creating additional square footage in the home.  Basement renovation costs can run the gamut from relatively small upgrades to full scale remodels.

Some of the most common basement renovations include:

  • Laying carpet
  • Tiling
  • Enclosing the ceiling with drywall
  • Installing appliances
  • Adding water and electricity
  • Building additional rooms

Basement Renovations CostThe less costly end of basement renovations might include hiding the rafters and plumbing with a drywall ceiling and some molding.  This is a project you can do with a friend, but hiring a company like The Reno Pros is probably the best idea if you don’t have much experience with drywall.  Depending on the size of the space and type of molding, this renovation might cost somewhere between $1000-$2000, which is a great upgrade without much financial commitment on your part. Another option that is relatively inexpensive would be laying carpet or flooring such as wood or tile.  These renovations will typically run $2500-$4500 depending on the square footage and choice of material.  The lower-end of the above mentioned basement renovation costs are based on 1000 sq. ft. and a mid-level quality carpet.  Tile can be cheaper than carpet, but the labour tends to cost a little more.  Materials and labour for installing a wood floor would be the most expensive of these options.  One caveat, even though wood floors look fantastic, they simply do not hold that great in basements.  Simply upgrading your appliances in the basement is also a relatively cheap option with a refrigerator and wash/dryer combination costing somewhere in the neighborhood of $3000-$3500. More expensive basement renovations can be made to build walls and bathrooms.  The standard cost for “roughing in” a basement bathroom would be in the neighborhood of $3000 for installing plumbing and electricity, depending on how accessible the working area is for your contractor.  There would be additional expenses for drywall, tile, a toilet, vanity and tub that might set you back another $1500, but adding a bathroom to your home for $5000 is quite a good deal considering the value that renovation will add in the Toronto real estate market. Building additional walls to separate the space can be excellent for basement renovations and if you are doing so in order to rent the space for income, the remodel can pay for itself quickly.  The Reno Pros specialize in adding rooms to basements in the Greater Toronto Area and can easily get you a quote to turn your dark and dusty basement into a vibrant living space for children, guests or even a renter.

Typical reasons people will renovate their basements:

  • Growing family
  • Rental income
  • Adding value
  • Expanding the living space

There are a multitude of reasons to complete basement renovations on your home; many of them will inevitably add value.  Toronto is a bustling city where space is at a premium, so if your family is growing or it is difficult to make ends meet, it may be time to consider renovating the valuable space under your feet.