An unfinished basement has much latent potential to add great value to your home. Finishing this critical space is a huge investment that can meet your family’s or visitors’ needs. However, excellent basement finishing comes at a financial cost.
Hiring a reputable basement renovator like Revival Construction costs depend on numerous factors. Some factors that affect your basement finishing project’s cost include its scope, how you plan to use the basement, and the types of materials you use.
Averagely, you will spend between $45 and $95 per square foot to finish a basement. This estimate means that you will pay between $45,000 and $95,000 to finish the 1,000 square feet basement.
This post delves deeper into this project’s cost implications. Remain on this page to learn and kick-start your basement’s finish.
Basement Finishing Cost Breakdown
Your basement finishing’s cost will go to various components. Here is a breakdown of what you will spend your money on.
1. Building Permits
A building permit is one area where you will spend your money. Local authorities require you to get permits to make significant changes to your home. Modifying your house by finishing your basement or converting it into an apartment requires a permit.
2. Inspections
You will spend money on inspections if you add bathrooms to your basement. After completing its plumbing work, the basement will need an inspection to ensure that it abides by all the local authority’s regulations.
All the electrical works done in the basement will also require an inspection to certify that they meet all regulatory requirements and standards. This inspection is necessary because an electrical fire can break out and cause damage an insurer may not cover.
3. Framing
Framing is another component that will cost you if your unfinished basement is large and you want to section it for various uses. If you have a huge budget, you might consider erecting walls. Otherwise, partitions would still do much good. The overall cost of framing your basement will depend on the:
- Need to demolish current walls
- Size of rooms you need to frame
- Need to erect additional walls
- Need to soundproof the walls
4. Plumbing
Definitely, your finished basement will need a connection to water and sewage for effective bathroom usage. Thus, you will have to pay for plumbing services. At times, the plumber may only need to open some walls to let in water and sewer lines. This option is more convenient and cost-effective.
5. Ceiling
Ceiling up your unfinished basement will cost you money. You need to install a ceiling in your basement to conceal some exposed wiring and pipes. It’s always good to install a dedicated ceiling if you have the funds to make the basement more attractive. You can either suspend the ceiling with tiles installed on a grid or install drywall.
You can insulate your newly finished basement depending on how you want to use it. For example, sound insulation is excellent if you want to use it for gaming or as a home theater.
6. Electrical Installation
Your unfinished basement will require electrical installation to bring it back to life. An average electrician charges between $50 and $100 per hour to install electrical appliances. They will also need wiring in the basement to support all your electrical needs. These installations will make your basement more habitable and functional.
7. Flooring
Your finishing budget will also cover flooring costs. You can floor the basement using different flooring materials available on the market. Vinyl, tile, carpet, and wood are just some of the various options you can choose to floor your basement. However, you will select your preferred flooring material based on how you want to use the basement and your budgetary limits.
Additionally, you can use different flooring materials in the same basement if it’s big enough. A large basement with various rooms can have different floor materials in various rooms. For example, carpeting is an excellent choice for rooms you intend to use for gaming or as theaters. On the other hand, tile is perfect for bathrooms.
Averagely, expect to spend somewhere between $1 and $40 to floor one square foot. Using concrete will cost you $2 to $30 per square foot.
8. Painting
Painting is another component that will feature in your budget. Choose the best color for your basement based on how you intend to use it or its individual rooms. Your personal preferences and likes will also play a role in selecting the right colors.
Some colors will give your basement a more welcoming feel, making it look brighter and more spacious. Others may darken your finished basement. Darkening colors are appropriate if you want to use the basement or one of its rooms as a home theater.
You also need to paint your finished basement’s ceiling to perfect its outlook. Averagely, you will spend between $3 and $8 to paint one per square foot. However, the actual cost of painting your basement depends on various factors. Some of these are:
- Your basement’s age
- The basement’s overall design and layout
- Local code compliance
- The number of rooms you need to paint
9. Drywall Installation
Drywall installation is another area to consider if your basement’s finishing requires additional wall framing. You will spend at least $25 per drywall sheet, depending on the material used. Besides, you will pay for drywall installation per square foot, which ranges between $1 and $3.
You may also enhance your drywall’s functionality by adding special textured finishes like mold resistance and soundproofing. These additions will also cost you more, costing you at least $60 for a 4×8 soundproofing panel.
10. Insulation
Insulation is another area towards which you will channel your finishing costs. You need to insulate your basement to regulate its warmth and temperature. You have various options for insulation, such as spray foam and standard rigid. You will pay between $1.50 and $5.50 per square foot to buy and install these options.
11 Questions to Ask a Basement Finishing Contractor Before Hiring Them
Now, you are abreast of the cost of finishing a basement in Toronto. You have one of the most important decisions to make—choose a basement finishing firm. How will you gauge their ability to do the right job? Here are some critical questions to ask the contractor before hiring them.
- Do you have a valid license and insurance?
Ask this question to ensure that you are dealing with a reputable and law-abiding contractor. Such a contractor would be more than happy to display their license and insurance. You should review these documents to ensure that they belong to the contractor and are authorized to operate in your locality.
- How much experience do you have in this field?
Asking this question and getting honest answers will give you peace of mind, knowing you aren’t dealing with a novice. You can rest assured that you won’t submit your basement to costly trials and errors.
- Do you have happy customers I can speak to?
Don’t hesitate to ask the contractor to show you real happy customers they have satisfied. Demand to get their contacts and request to see their work on the ground. Ask the references to tell you about the contractor’s responses to their concerns and questions. Let them tell you how the contractor communicates and if they finished the task on time within their budget. Lastly, ask them if they’re happy to hire the contractor again.
- Can you work with my budget?
Ask this question to ensure that the contractor you want to hire can comfortably work within your budget without compromising work quality. If the contractor can’t fit within your reasonable budget, you may need to move on to another prospect.
- How long should I wait before you finish my basement?
Discuss this question with the potential contractor because all construction works disrupt your home’s operations. Therefore, let them clarify this issue to know how you will plan for these disruptions.
- If my project requires a permit, will you include it in the final cost?
All basement finishes and other home remodels require a construction permit before proceeding. Ask this question to ensure that the renovating company applies and pays for the correct license.
- What kind of warranty do you offer?
Remember to ask about the contractor’s warranty, especially what it covers and excludes. The contractor must document all these details.
- How do you handle adjustments?
At times, adjustments arise, affecting a project’s cost and timelines. Discuss and agree on this issue with the basement renovator to avoid unnecessary conflict that could delay or undermine your project.
- How will you update me on the project’s progress?
A responsible basement renovator should initiate accurate and timely communication with you. You have to ask them to state how they will communicate—in person, by phone, or via email. They should also tell you how frequently they will be updating you.
10.Which part of the project will you complete, and which will need subcontracting?
It’s common for basement remodelers to subcontract some tasks. Ask them about their subcontractors and how long they have worked with them. If they have worked with them for long, it’s safer because it means they pay suppliers. Failing or delaying to pay vendors can disrupt your project because they can sue the remodeler for unpaid dues.
11.Under what circumstances would the price you quote me go up?
Lastly, don’t forget to ask if the contractor foresees events that could affect your budget. Ask because some unethical contractors can hook you up with lower prices, only to raise them with additional charges. To worsen matters, they can threaten to sue you if you don’t pay these hidden costs.
Let’s Help You Finish Your Basement Today
There you go with everything you need to know about the cost of finishing a basement in Toronto. Do you have an unfinished basement you wish to transform into useful space? Don’t hesitate to contact us to help you finish it up.
Our lines are open. Call us today for a free estimate to kick-start your basement’s finishing.
