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How Much Does it Cost to Finish a Basement?

By Edited Apr 1, 2016 0 0

Cost of finishing a basement

You must be probably asking yourself how much it will cost to finish your basement if you are just starting out on the project. While this is a valid question for any home owner, it is important to mention that just like any other project, the cost of finishing ant basement is dependent upon many factors such as the square footage and the material used to make the basement.

Given that the basement is an integral part of any house, you certainly want to make it to perfection while sticking to your budgetary allocation. Here as some factors that will affect the cost of finishing a basement.

6 Factors That Will Affect the Cost to Finish a Basement

Are You Doing it Yourself or Will You Hire a Contractor… If you know a thing or two about carpentry, electrical and drywall, then you may consider doing it yourself. This particularly approach is the one to take if you need to save money. It will definitely cost you less by doing it yourself since you will greatly save on labour costs.

Equally, the costs can shift significantly if you decide to hire a building contractor. Expect the contractor to charge you for labor so you will certainly pay more. You may also put into consideration that the contractor is using specialized materials that may not be at your disposal.

The Size of the Basement… It almost goes without saying that the cost will be determined by how big or small the size of the basement reno is. The bigger the size, the more expensive it is to finish it and vice versa. However, the chances of a lower cost are also high per square foot if you are constructing a bigger basement. While the mentioned observations are true, the size of the basement might also be determined by your construction needs. In other words, don’t go for a big basement if you don’t need it.

Quality of the Materials… Whether you are doing a basement remodeling or finishing a new unit, the material you are using will determine the overall cost. Are you using the best materials there is? Or are you using cheap materials? Remember that the basement with have parts such as flooring, framing, electrical and drywall.

The materials used in all these parts will have a hand to play in how much you pay for the overall unit. While you may want to save on the materials that you use to finish the basement, it is important to mention that the quality of material will also dictate the basement’s quality and longevity as well. Thus you may opt to go for high quality and expensive materials if you are keen on durability.

Accessories… There are those home owners who will prefer having additions in their basements, a fact that will affect the overall cost of finishing a basement. Some of the basement accessories you may have in your basement include kitchens, bathrooms, pool tables, televisions and couches as well as surround systems. It therefore goes without saying that the more additions you have in your basement, the more it will cost you. 

Locations… Where you reside has an important part to play in the cost of finishing a basement. Varying areas will have different a different pricing of materials as well as different labor wages. For instance, the basement finishing costs in British Columbia may be different from the costs in Toronto. This may be brought about by the fact that the cost labor and materials may be different in both areas. It is important to talk to your local supplier about the cost of materials and labor in your area before embarking on a project to have your estimates right.

Hiring a contractor

The Contractor… Hiring a contractor may be more expensive compared to the Do It Yourself (DIY) approach but it is also imperative to mention that different contractors will charge you differently based on the job and their rates. Some contractors have special rates depending on the magnitude of the job. However, if you want to get the most competitive rates, consider getting multiple rates from contractors so that you can make a comparison. 

So, what is The Average Cost?... The average cost of finishing a basement is anywhere from $ 10 to $ 40 per square foot. In case you want to make estimates based on your budgetary allocation, you will have to take the average square footage of your basement and multiply it by 25 or any other figure that is between 10 - 40.

For instance, if the size of your basement is 1,100 square feet, you will take 1,100 square feet and multiply by $ 25. It therefore means that you will need $ 27,500. While this might be close to the final figure, keep in mind that it is just that, an estimate. The final figure might differ based on you want your basement to look in the end.

Now that you know how much it will cost you to finish a basement or at least know the factors that will affect the final price, you need to source out a few finished basement ideas to help your basement come to life. If you have no idea on how to incorporate the décor of the basement with the fitting to bring out a personalized feel and ambiance, it is always good to consult a basement interior design specialist to help you out. Be sure to ask for a quotation while you are at it. 

You may or may not know how to finish a basement, but that does not in any way hinder you from getting your dream basement. There are many contractors you can talk to, let them give you the cost of finishing a basement and embark on the project of finishing your unit. If the costs are high, don’t be discouraged.

You may save on the overall cost by doing the paint, trim work, being your own general contractor and buying reconditioned tools. In other words, you get the basics right and embark on an extensive research program before starting out; your dream basement is certainly within your reach.



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