We encounter plenty of people interested in finishing a basement in Toronto, but they put off this beneficial project year after year because they are worried about the costs. It can be understandably difficult to research basement finishing costs because most resources will simply provide you with an incredibly wide estimated range of what it a basement renovation may cost. For example, it may cost 10,000 to 30,000 dollars to finish a 1,000-square foot basement. How are you supposed to know where you are likely to fall on that scale? As there are many different factors that affect the cost of renovating a basement, it is important to consider the main elements separately, and determine how much you will likely need to spend within each area. The main categories to include in your budget are:

• Flooring
• Framing
• Drywall
• Insulation
• Paint
• Trim
• Electrical

The basement finishing costs for each of the categories above will largely depend upon the following factors: Square footage – The size of your basement will affect the overall cost of the project. When you are researching building materials, have the square footage of your basement ready. Many of the materials (flooring, wiring, insulation, and others) will often be priced per square foot. Quality – Remember that not all building materials are created equal. For example, the price per square foot for insulating a basement is not going to be equal for all projects; a basement finished with spray foam insulation is going to be costlier than one finished with fiberglass insulation, but the spray foam insulation will provide an air – and in some cases vapor – barrier that the fiberglass batting does not provide. You will need to make decisions regarding the amount you are willing to invest in the performance and comfort of your finished basement. Additional Features – Are you going to add a bathroom to your basement? Would you like to add a separate entrance to the exterior of the house? Are you going to add a home entertainment system that requires extra wiring and electronics? These are all extra factors that will make your basement finishing costs higher than average. Before you begin estimating your costs, finish your basement design completely, so that you are not surprised later. Labour – One way that many homeowners attempt to reduce basement renovation costs is by completing the labour themselves, as opposed to hiring additional manpower and/or a contractor. However, there are many benefits that come with hiring professionals, such as The Reno Pros. In addition to providing you with experts to complete a safe and quality basement renovation, a contractor can also provide you with a quote that outlines your basement finishing costs. You can request an estimate for the work you would like completed, which not only details all of the major expenses associated with your job, but will also estimate the amount of time that will be needed to finish your basement. Having a professional assess your job and your specific needs is often the best way to gain a clear understanding of the real costs.