The pandemic caused disruptions in the construction industry. The material supply experienced backlogs, postponing the completion of projects. During uncertain times, people see investing in real estate as a safe option. Therefore, the demand kept increasing resulting in increased prices.
Basement finishing is one of the popular investments among homeowners in Canada. This option allows you to expand your living space and get extra square footage while adding value to your property.
Due to the shortage in the construction industry, the costs for remodeling a home have significantly increased. The materials and labor grew from 10% to 25%. Furthermore, it is essential to note that the costs per square foot have also increased. The price per square foot back in 2020 was $40 on average; and now in 2022 its $50-52 in 2022. With the rising costs of construction materials, it is more feasible for homeowners to finish their basement than to build a new house from scratch.
Basement Renovation Cost 2022
Creating an expansion of your liveable space is a significant investment for homeowners. The basement renovation cost depends on various factors:
- Labor costs
- Chosen materials
- The current condition of your basement
- The size of the space
- How complex it is to execute the desired design
Finishing a basement can cost from $30,000 to $80,000, depending on your preferences.
Basement Renovation Price Calculation
The basement renovation price calculation gathers the total costs for finishing a basement. Your contractor will give you a detailed estimate of the project’s overall costs.
What does the basement renovation price calculation consist of? According to the building codes, installing an egress window is a must and will cost from $2500 to $3500. Stairs and railings will range from $2,000 to $7,000.
If you want to provide additional amenities such as a kitchen and a bathroom, you will need to pay for plumbing, which costs $2,500 to $15,000. Insulation costs from $2,500 to $5,000.
To turn the cold basement into an inviting area part of your living space, you need to install drywall. Drywall ranges from $3,000 to $9,000, including the labor costs. The bare concrete floors won’t feel cozy and inviting. Suitable flooring options will add up to the price, depending on your chosen material.
Conclusion
Due to a rise in demand and obstructions in supply, the price of construction materials increased. Due to this increase, new houses became more expensive; therefore, finishing a basement is a wise financial decision to make. You will get extra square footage to accommodate your growing family, work, or hobby. You will have no issues to find a tenant in case you need extra cash flow. Whether you need an in-law suite, home office, or an individual apartment, the cost of basement renovation investment will pay off.
Keep in mind that the total project cost depends on various factors. If you want to get an accurate estimation of the charges, check our basement renovation cost calculator and get a precise estimate straight to your inbox!
