If you have ever considered finishing that dark and musty basement in your own home, then you will want to know how much-finished basement costs. Finished basements are becoming increasingly popular in Toronto today, and it’s no surprise.
The benefits that come with a finished basement far outweigh the cost of the endeavour. However, the price of finishing your basement is one of the significant factors you should consider before embarking on the project.
Before we continue, let us clear the air about what exactly qualifies as a finished basement. A basement is considered to be finished if and only if the entire basement level is complete and a lookalike to the living areas upstairs.
A finished basement must also have an electrical system, permanently installed heat, finished walls and floors, a level ceiling and a directly accessible entrance. Otherwise, it does not count as a finished basement.
There are many advantages to a finished basement. We will discuss those advantages in the next section of this article. We will also discuss the cost of finished basements and the factors affecting this price.
Advantages of a Finished Basement
Finished basements do not exactly come cheap. But, we assure you that it is a very worthwhile venture and should even be considered an investment in your home. Here are a few reasons why you should finish that basement despite the cost.
Finishing your basement is one of the best ways to increase the size of your home. You may be able to add an extra bedroom or even two depending on the amount of space you have. These additional bedrooms will become invaluable overtime during family visits or even when the size of your family increases.
It will increase the value of the property
A finished basement will offer high returns on your home. On average, a finished basement will give you a return of about 70% of your investment. That is, if the cost of your finished basement is $10,000, it will add about $7,000 to the value of your home. That is a whole lot of return!
With a finished basement, you do not have to wish anymore. Although installing a functional shower and toilet will increase your finished basement price, it will prove to be worth it in the long run.
An additional source of income
A finished basement makes for excellent income property. Finishing your basement can be another way of making money for you and your family as you can convert it into a rental unit and a steady source of income.
It allows for more opportunities
With a finished basement, the options are limitless as it affords you that extra space to do whatever you want with. Yes, it comes at a cost, but would you rather have a brightly lit and designed recreational space or a dark and scary basement?
Related article: How to Choose the Best Basement Finishing Company in Toronto?
Cost of Finished Basements
Finished basements do not come cheap. Most times, it involves completely renovating otherwise unliveable space and converting it to premium quarters. Furthermore, if you want to go the extra mile of perfection, then you will add a bathroom and toilet facility.
All these and more rack up the cost of a finished basement. It is difficult to say precisely how much you will spend as your finished basement price is based on variations in size and other factors. However, we can give you a range of what you may like to spend as the cost of renovating your basement.
In Toronto, the range of the cost of finished basements typically rests between $9,000 and $24,000. The range of the cost of finished basements is rather wide because of the variation of basement sizes, area of residence and extent of renovations.
However, for as little as $9,000, you can convert your dormant basement into a good enough living space. This is assuming you do not have foundation problems or drainage issues. Those can easily add an extra $10,000 to the cost.
About 20% of the total amount goes to this. Next comes plumbing, which takes up about 14% just ahead of electricity, which accounts for about 12% of the total cost. Heating may take another 10% while carpentry and other interior works also lay claim to 10%.
The remaining percentage of the cost goes to minor tasks such as painting, drywall, cabinets and sometimes cleanup. Another way to calculate the cost of finishing your basement is to estimate $40 for every square footage.
Factors that may Affect the Cost of Finished Basements
You may consult multiple contractors for your basement finishing and find that the costs differ. Here are some reasons you may experience variations in the range of prices given as the cost of finished basements.
The type of building
The most common types of residential buildings in Toronto are bungalows and two-storey buildings. Where finished basements are concerned, it will cost more to finish a bungalow basement than a two-storey building.
Variety of upgrades
Your choices of installations and fixtures in your basement will no doubt affect the total cost of the finished basement. Installing a bathroom and toilet will cost more. Even choice of the variety of necessities such as electric fixtures, cabinets, walls and floor coverings can affect the price of the finished basement.
Construction materials and method
There is a wide range of options for materials to be used by builders in Toronto. Typically, the more durable a material, the more expensive it is. It is therefore expected that if you go for the best quality building materials, your basement finishing costs may increase.
Cost of labour
While you may be handy with your hands and choose to do person the renovation of your basement on your own, another may decide to invite a professional contractor to do the job. Although it is more expensive to hire a contractor, this is the advisable thing to do.
All in all, finished basements are a bit of a pricy venture but worth all of the hassle. The value they add to your home is immense, and their benefits are numerous. You don’t have to go all out in finishing your basement as sometimes, modesty is the best option.
Generally, the area of your finished basement does not add to the square footage of your entire house in calculations. But it increases the value of your home per square footage by a whole lot. So why not do yourself a huge favour and get your home a finished basement.