The cost of renovating your basement will typically depend on the size of the room and exactly what you plan on installing in it. In general, the average cost of finishing an open-concept basement along with a washroom is approximately $36 to $40 per square foot. However, those costs could rise to about $80 per square foot if you plan on going high-end. Therefore, 1,000 square feet of basement living space will usually cost between $40,000 and $80,000 with the average homeowner spending from $45,000 to $60,000 for the renovation.
There are several specific factors which will affect the cost of the basement and these include: adding a bar or kitchen, an additional bathroom or sauna, a laundry room, moving the plumbing rough-ins, installing a subfloor or upgrading from basic laminate flooring, adding a separate entrance to the basement, using spray foam insulation, and installing soundproofing insulation between the basement and main floor. In addition, the costs will generally rise if you plan on adding high-end finishes such as crown moldings, trim and doors.
Renovating a basement can be a big task as it may include building new walls or moving existing ones, installing window coverings, the ceiling and flooring, and then furnishing the finished room. Adding to the cost will be variable such as materials, labor, plumbing and electrical. If you have water or moisture problems you may also need to hire a waterproofing company to come in and stop any water from getting into your basement. But when all is said and done, renovating your basement will provide your family with more living space and also increase the resale value of the home.
We’ll discuss the different factors that go into the cost of a basement renovation, but it’s always a good idea to discuss it with a qualified home renovation general contractor first.
Bathroom
Since your family will be spending more time in your finished basement it will be quite convenient to have a nearby bathroom installed. This means the bathroom’s plumbing will need to be connected to the home’s sewage and water lines. The costs will include the materials and labor and you may have to open up some existing walls to gain access to necessary areas. You’ll also need to look into obtaining the proper building permits from the city.
Once the bathroom is completed or an existing one has been remodeled it’s recommended that you have it inspected by a professional contractor to make sure all the electrical and plumbing work has been properly carried out. If you decide to install a washroom only without a shower or bathtub you’ll be able to keep the costs down.
Framing
If you plan on dividing the basement area into separate rooms then you may have to include some framing work. This may involve tasks such as knocking down existing walls. In addition, if additional walls are needed they will add to the cost of the renovation as electrical fixtures will also need to be installed. The exterior walls may also need to be insulated and you may also decide to soundproof the finished room.
Walls and Ceiling
Once the framing for the walls has been completed you’ll need drywall panels. These come in an assortment of shapes and thickness and will cost so much per panel. You may choose to add a sound-muffling texture to the drywall for soundproofing purposes and this will cost more. When it comes to the ceiling, you may decide on a drop ceiling or simple drywall. A drop ceiling can be less expensive, but drywall may be cheaper if the framing has already been done. Since drywall is more or less permanent it means your access to pipes and wiring above it could be limited when compared to a drop ceiling.
Miscellaneous
Many homeowners like to spruce of their new basement by adding additional items such as a wet bar and the cost will depend on its size as well as the countertop material used and any appliances you may want to add such as a refrigerator.
You may also need additional electrical wiring and outlets for more things such as additional lighting and home theater setup with big-screen TV and digital surround sound etc.
An additional downstairs bedroom is also an option and will typically add resale value to the home. Be sure to check local zoning laws to make sure this is legal in your area. As with most remodeling and renovating jobs you can customize the task to suit your personal preferences and budget for enjoyment now and additional value if you decide to sell your home.