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Basements can lend additional space to your house. In a city like Toronto or the neighbouring suburbs, this would be a highly valuable addition. The key to figuring the cost of renovating the basement is in planning. Are you planning to add additional rooms to your house as a family space or is it likely to be a source of future income?
Most places in Toronto and Greater Toronto Area today have basement rentals which can be highly lucrative, therefore converting your house’s basement into a rental space will have a different quotation to a casual space for the family.
Key factors that impact the basement renovation costs in Toronto
- Foundational work
Before any basement renovation project can start, space needs to be assessed for foundational faults like cracks, water damage, mould etc. If there is any damage, the work for it will have to be carried out first before starting the renovation process. The repair costs usually fall under $450- $11,000 depending on the extent of the damage.
There is also the case of adding a basement to the existing infrastructure, which would mean raising the house. The cost of this falls in the range of $5000-$7000, again depending entirely on the quality of the soil and quality of excavation. If the conditions are poor, it would require more time and labour which would increase the costs.
- Size of the basement
Larger space more the work and labour hours required to complete the project. The size directly impacts the project time and costs. If the area is 500 sq feet or under, the project usually runs for 2-3 weeks, depending on the extent of the project scope. Getting the exact measurement of the basement space hence becomes crucial.
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- Quality of Finishes
If you want a bare basement with minimal work, the costs are lower. Installing hardwood floors, paint and better plumbing and electricals, tend to push the costs higher. These costs are worth it if you want to convert your basement to a living space. The cost to finish the basement will include the hardware, flooring prices, etc. The cost of refinishing typically falls in the range of $6,500 to $18,500.
- Room additions
Adding rooms to your basement is a great way to make the most of the space. On average, the cost of adding a wall to the basements cost $2000 per wall. Typically remodelling will cost anywhere between $10,000- $30,000.
- Labour cost
Apart from the material cost, labour cost is one of the key drivers of basement renovation costs. If the project is complicated, the costs will be proportionate to that and vice versa.
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Will you need a permit?
Yes. If there are any changes to the electrical work, plumbing or converting your bare basement into liveable space, you will most definitely require a permit. Not having relevant permits can mean fines in future or you might be issued with a stop-work order.
The cost to gain a permit is a nominal $50.
As mentioned earlier, it is important to decide on the type of basement you are planning to remodel before estimating costs. Whether it is a personal home entertainment space, an office or a rental, the costs will differ in each of these types of basement remodelling.
At BasementBro, we are expert basement renovation contractors offering services in Toronto and Mississauga. Call us to get an accurate quotation for your basement today.
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