What is the average cost of basement renovation? PART II

In this 3 part series, we look at costs and considerations associated with renovating a basement. The cost of renovating a basement is based on a number of factors. However, the average cost to renovate a basement is $35 – $55 per square foot. Meaning, if you have a basement that is 1,000 square feet, you can expect to spend about $35,000 – $55,000 to renovate your basement. Additional variables affecting how much the renovations will cost include the scope of the renovation project, how you plan to use the space and the types of materials you choose to use.

Remodelling refers to the upgrading of a room – in this case, a basement – that includes things like furnishings, windows, walls and floors. While the cost to renovate your basement may add up, many people are often surprised at how affordable it can be.

In PART 2 of this instalment, we will continue to discuss costs associated with your renovation.

Building permits

If you are making changes to your home, your renovation project will most likely need to be approved by your local government authority before any work can begin.

Inspections

This is something you will need to have done if you are adding a bathroom to your basement. Once all the plumbing work is completed, an inspection is necessary to ensure the work done is up to par with regulations established by your municipality. Any electrical work done in connection with the renovations will also need to be inspected. This is very important because an electrical fire can break out in your home and cause damage that an insurance company may not cover. You can expect some costs associated with the inspections.

Framing

If you have a large, open basement area, you may want to consider sectioning off the space into rooms that can be used for different purposes. Erecting walls will increase renovation costs, but the added value to your home will likely make the investment worthwhile. The cost of framing is based on the following elements:

Drywall Installation

Installing drywall to your walls is something you will need to do whenever you add a new wall in your basement. This step is done after framing and is critical.  One of the things that impacts drywall installation costs is the type of drywall you want to use.

Typically, drywall can cost anywhere from $10 to $20 per panel. Once you have decided on what material you want your drywall to consist of, the next thing you will need to determine is the cost of installation. On average, installing drywall can cost anywhere from $1.50 of higher per square foot. The cost is often dependent on the area you would like to install the drywall.

The next cost you will incur is for the drywall finish. The texture you use can actually make your drywall soundproof. Soundproof drywall costs about $50 for an 8×4 panel.

Pace Realty’s Maintenance Team can help you with your yard and other home maintenance & renovation jobs. Call 250-562-6671 or email us at maintenance@pacerealty.ca today for a free, no-hassle quote.

Mary-Jean (MJ) Jacobson loves to talk real estate! She is passionate about helping clients increase the value of the assets. She is a Professional Property Manager, Strata Manager, Real Estate Sales Agent and Licensed Managing Broker. She writes a series of articles blogs and whitepapers about the real estate and property management industry at ASK MJ

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Mary-Jean Jacobson

Mary-Jean Jacobson

MJ is the Managing Broker & Owner of Pace Realty Corporation.

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