How Much Does It Cost to Finish a Basement?
Nationwide, estimates for finishing a basement usually range from just a few thousand dollars to as much as $20,000 or more. While this range seems drastic, it’s important to understand that the costs vary considerably, based on where you live and what you plan to do with the space.
Taking your basement from dark and dank to comfy and cozy can easily exceed $30,000 or more if you want higher-end details and finishes!
Budgeting For a Basement Renovation in Ottawa
Step one to making your basement renovation dreams a reality is discovering the cost of your vision and setting a budget. Here are a few key factors to consider when setting your budget for a basement renovation:
Invest in a Home Inspection
You need to know what you’re working with, so have a thorough, professional home inspection done first.
Find out if your basement has moisture, structural or other issues. Repair any issues right away. Even if you wind up not finishing your basement at this time, it’s wise to take care of any problems. They will just get worse with time or even compromise the integrity of your home.
The cost of a home inspection also varies, but it usually runs a few hundred dollars. The payoff and peace of mind are well worth it.
Learn the Code
Depending on your local building codes and the age of your home, you may need to make some changes to bring your basement up to code. This is a must before you can begin your construction project.
You’ll need to find out things such as required ceiling height, plumbing needs and electrical requirements. For example, you may need to lower the flooring to accommodate ceiling height. Or, if you are considering adding plumbing in the basement, you may need to invest an additional $1,000 to $1,500 in a backup sump pump. Again, this is money well spent, as it can prevent your basement from flooding should your primary pump fail because of a power outage or mechanical failure.
These pre-construction costs also depend on what your space already has and what you plan to do with it. So, you’ll need to have a trusted contractor provide you with an estimate.
The company you hire, such as Magnolia Construction, can also apply for all permits and licenses needed to begin the project.
Maximize Value & Minimize Costs
A basement renovation will certainly add value to your home, and your contractor will be able to help you maximize the value and minimize the cost.
You’ll find the biggest ticket items are flooring and wall coverings, accounting for up to 15% of the cost. You may have to level your existing flooring before installing carpet, ceramic tile, engineered wood, vinyl or laminate. Or, you can opt for the least expensive option, simply staining or painting the existing concrete.
Since basement walls are underground, moisture is a common problem. To remediate this, most remodels include building new walls inside the existing concrete walls, finishing with a wall covering, such as sheetrock or paneling. Keep in mind that it’s smart to use moisture-resistant materials in the basement; in fact, many local building codes require it.
Count on electricity, plumbing and carpentry to add another 10-15% to the cost, each. Of course, these expenses vary significantly, depending on the features of your remodel. A bathroom or wet bar, for example, means additional plumbing costs, while your carpentry percentage is elevated by built-ins, cabinetry and specialty trim work.
The rest of the cost comes from things like painting, insulation and other extras you may specify. Typical construction costs such as prepping and cleaning the site are also included.
Make A Valuable Connection
Hiring a contractor can seem daunting. There are many companies advertising remodeling services, but not all are qualified to perform them. Some may not even be insured in the event something goes awry.
Finding a company you can hire with confidence and assurance is critical.
Magnolia Construction is ready to help, and only a click away. You simply have to fill in our contact form, and you’ll receive a call from one of our team who has special expertise and experience in finishing and remodelling basements. You can rest assured we’re properly licensed and insured, and backed by our workmanship warranty.
And while you’re still doing the math on potential costs, know this: we’ll be there to help you every step of the way.
The Bottom Line on The Cost to Finish a Basement
Understand and budget for the costs to finish your basement before you start! If you have an unfinished basement, your home has untapped potential.
The applications for this below-ground space are nearly endless, and it’s often large enough to add considerable square footage to your home.
Could you use a guest suite, including a bathroom and efficient kitchen, for visitors or even a live-in relative? Would your family enjoy a rec room, with a pool table, wide-screen TV and comfortable sectional? Maybe you’ve longed for a home office that isn’t the dining room table or a fabulous, climate-controlled wine cellar.
Magnolia Construction – Providing You Value Through Craftsmanship
Our team at Magnolia will transform your basement from a dark and lifeless room to a functional, beautiful and livable space you’ll never want to leave!
From the design stage to the final reveal, Magnolia Construction will be with you every step of the way to ensure our vision becomes a reality. View us on the job remodelling a basement.
If you’re ready to invest in a basement renovation in Ottawa, get in touch with our team today!