How Much a Basement Renovation Really Costs
Planning a basement renovation? Here’s how much your renovation will cost.
Basements can be a huge asset to your home if they’re done right, whether you’re simply optimizing storage space or choosing to create a completely new media room in your home. When you’re embarking on a basement renovation, it can be tough to land on a budget — after all, since basement renovations vary so much in scope, there are lots of options. However, we have your complete guide to basement renovation costs. Here’s what you need to know.
How much does a basement renovation really cost?
Basement renovations can be big projects, which means that most basement renovation budgets also need to be pretty hefty. According to Home Advisor, the average cost of a basement renovation is around $20,500. The number usually only goes up from there, especially if you’re looking to add in nice flooring, new electric routing and luxury touches (think: a wet bar). For instance, a larger basement renovation with all the finishes might run you closer to $100,000+.
What goes into a basement renovation budget
When you’re starting a basement renovation, there are several aspects to the project you’ll need to budget for. From adding a bathroom to your basement to building a wet bar to choosing (and installing) flooring and cabinetry, there are different levels and steps to renovating a basement. The average cost to finish your basement is going to depend on the depth and price of individual materials, but will also always consist of the same general framework.
If you’re wondering what prices will start to make up your basement renovation, expect the following budget parameters:
- Basement finishing (no bathroom): starting at around $15,000-$25,000
- Adding a bathroom to your basement finishing (total cost): $25,000-$40,000
- Basement wall drywall: $2-3 per square foot, depending on contractor costs
- Electricity installation in the basement: Depending on the electrician and square footage, you can expect anywhere from $1,500 to $3,000
- Painting a basement: Depending on square footage, your budget should start at $2,000 for basement painting
- Cabinet installation: Depending on the cabinets you choose, you’ll also need to budget for installation and labour costs, which will usually consist of up to two hours per cabinet, depending on the size, the price can start at $1,000 and go up from there.
How to start your basement renovation
Really, your basement renovation cost all comes down to this: are you searching for a more average basement or a fancier renovation? It’s all up to personal choice, and both can be truly wonderful renovations to add to your home. In addition, you’ll want to make sure your basement remodelling process stays in compliance with local regulations and requirements to avoid fees — and we’ll always remind you to be flexible with your budget to a point.
The best thing you can do? Choose a competent, skilled team to help you create a beautiful basement space that stays on budget, is completed on time and adds to your overall home value. Interested in starting your next project? Get an immediate estimate.
If you’re more of a DIY renovator, we have you covered with that, too. Download our Ultimate Home Renovation Guide right here.