ost homes in Ontario have basements; this extra level adds value to the house and provides a family with more living space. However, because of the recently ended pandemic, the construction industry is largely hit by the economic state, and it will take some time for it to get better.
In the past 3 years, the government imposed COVID-19 restrictions which caused construction sites to be forced to shut down or operate at reduced capacity. According to the World Health Organization, the pandemic has ended; yet the accustomed industry of construction is not up to the patterned nature it has pre-pandemic. Nowadays, we must take into account the labor shortage, supply chain disruptions, higher cost, global inclement weather, and the competition between construction companies.
Investing in one’s own real estate is a common goal for many individuals today. Basement finishing is one of the in-demand investments among homeowners in Ontario. However, just like anything else in this world, it will cost you some money.
Basement Renovation Cost in Ontario 2023
In 2023, the average cost of a basement renovation in Ontario is expected to range between $30,000 to $120,000. This estimate may exclude the cost of the type of material, labor, permits, size of the area, and any additional expenses that may arise during the renovation process.
Factors such as the need for structural changes, waterproofing, electrical work, plumbing, and HVAC installations can significantly impact the overall cost of the renovation. With that, it is always recommended to consult with professional contractors and obtain detailed quotes to get a more accurate estimate tailored to your specific basement renovation goals. But since you’re already here, the table below refers to the associated average cost of basement renovation per sq. ft. in Ontario.
| Per square foot | $30 to $80 |
| Per 1,000 sq. ft. | $30,000 to $80,000 |
| Per 1,500 sq. ft. | $45,000 to $120,000 |
If you are looking to add extra features and upgrades to your basement, such as a bathroom, stairs & railings, kitchenette, or a home theater, the cost can increase significantly. These additional features can add anywhere from $2,000 to $20,000 or more to the overall cost of the renovation. Moreover, installing an egress window is a must and such additional can cost from $2,500 to $3,500. So, it is always advisable to budget for contingencies to account for any unexpected expenses
Basement Cost Calculator for Renovation
A basement cost calculator is a powerful tool that can help you estimate the expenses associated with your renovation project, providing you with an accurate budget to work with. Using a basement cost calculator is a fairly straightforward process. First, you have to determine the square footage of the basement and enter the number of bedrooms you plan to have.
Then, think about whether you need a bathroom, laundry area, insulation exterior, soundproofing, and other features that will leave your guests in awe. Once done, send an email to us and get the finishing basement cost of the area!
Finishing The Basement with These Workable Tasks
Do you envision a cozy family room for your basement? Or maybe you want to transform it into a functional and inviting space? If yes, here’s a comprehensive list of possible tasks that you might encounter during your basement finishing project!
- Framing – This process involves the structural framework of your basement walls. It involves installing studs, plates, headers, and adding division or wall sections.
- Insulation and Vapor Barrier – Insulation, whether you’re living in a cold or hot weather, is essential for temperature control. The process includes adding insulation between the studs and ceiling of the basement. A vapor barrier, however, is often added to prevent moisture from seeping onto the space.
- Electrical and Wiring – We think that this task is one of the exciting parts of finishing a basement because you get to add electrical outlets, wiring, and lighting fixtures (which are available in so many different shapes and colors) throughout the area. You may also consider installing various types of lighting, including recessed lights, pendant lights, or wall sconces.
- Drywall and Finishing – If you want your basement to be minimalist or maximalist, drywall and finishing is a task you want to begin with. This involves hanging drywall panels, taping, mudding, and sanding to create smooth and seamless walls. Once done, this is where you can proceed with painting those walls and lucky for you, you can be quirky as you want their colors to be!
- Flooring – Indeed, your basement floors should leave your guests in awe. But this stage is also where you consider factors such as moisture levels, insulation requirements, and personal preferences. Common options include carpeting, laminate, vinyl, or tile flooring.
- Finishing touches – As guilty as we are, finishing touches is where we tend to go overboard so say goodbye to your ‘budget preferences’. This task includes installing wet bars, washroom spot, fireplace, and other things that set up the theme to tie the basement’s design together.
Remember, these stages and tasks may vary depending on the specific requirements of your basement and personal preferences. Of course, consulting with professionals and experts in each field is your best bet to get a successful basement finishing project.
Additional Costs to Consider: Storage, Organization, Separate Entrance, and Utility Upgrades
While the main focus may be on the construction and finishing materials, overlooking the expenses associated with storage, organization, separate entrance, and utility upgrades can lead to unexpected costs down the line.
If you want a separate entrance to the basement, expect that the price range can go from $5,000 up to $16,000 – depending on your design preferences.
Another important aspect to consider is storage. As you transform your basement into a livable space, you’ll want to ensure that there is ample storage for your belongings. This may involve purchasing shelving units, storage bins, or even built-in cabinets. However, keep in mind that a single cabinet box can cost around $500 to $5,000.
Taking these additional expenses into account from the beginning will help you plan effectively, avoid unnecessary surprises, and ultimately create a functional and well-designed space that meets your needs and exceeds your expectations!
Furniture & Decor: Budgeting for the finishing touches
When budgeting for furniture and decor, it’s a good idea to set aside a portion of your overall renovation budget specifically for this category. This will help you prioritize and make informed decisions about where to splurge and where to save. Keep in mind that quality furniture and timeless decor pieces can have a longer lifespan and provide better value in the long run.
The most important thing for us, however, is considering the functionality and durability of the furniture and décor you choose. Since basements can be prone to moisture and temperature fluctuations, opt for materials that can withstand these conditions.
Additionally, think about how the space will be used – if it will be a playroom for kids, for example, you may want to invest in furniture that is easy to clean and resistant to wear and tear.
Is finishing your basement worth the investment?
After examining the cost breakdown of finishing a basement in Ontario, it’s clear that this home improvement project can be a worthwhile investment. While it does require a significant upfront investment, the benefits it offers can outweigh the costs in the long run.
The answer to this question is yes, finishing your basement is definitely worth the investment. Because unlike leaving an unused area in your home, your basement can be transformed into a home office, a recreational area, or an extra bedroom. The possibilities are just endless!
However, it’s important to carefully consider your budget and conduct thorough research before embarking on this project. It’s recommended to obtain multiple quotes from reputable contractors, compare prices, and ensure that the work is done by professionals who follow building codes and regulations.
Make important decisions for your basement today and be an empowered homeowner!
Any Questions?
Do you have any questions about your basement? Get in touch with the experienced team at LevelUp and feel free to ask them!
