How to keep a basement renovation on a budget. Do you have an unfinished basement right now?
Having an unfinished basement means you have endless opportunities! It is a blank canvas just waiting for you to dive in and create a space that makes the basement feel like a part of your home.
Finishing a basement or a remodel can be quite daunting, especially financially.
Are you in desperate need of a basement renovation on a budget? Here’s what to do to finance your remodel.
What Is This Going To Cost?
So of course there is not going to be a set number for how much a basement renovation costs. Each project and the overall scope of the project determines the final cost.
Here is a general idea of what you can expect while keeping your basement renovation on a budget.
Finishing Your Basement
Finishing your basement is when you make it livable. You insulate it, add basement flooring, frame, install walls, and add lighting.
Depending on the size of your basement, the cost will vary. Your choice of materials and extra features will also affect the bottom line.
Keep in mind, things can go wrong when you are first discovering what is in your basement. Unexpected plumbing or repairs can add to the cost.
A typical renovation like this costs anywhere from $10,000 to as much as $20,000.
Remodeling Your Basement
Now, say you already have a finished basement. But you are looking to alter or change the space in some way. You want to add a bathroom or get new flooring. This is a great way to spruce up space and make it feel like home again.
You are looking at spending roughly CAD 20,000 to CAD 30,000 between getting the new materials and the labor costs. Of course, how drastic your remodel is will affect the cost.
Adding plumbing or completely reworking the layout of the space is going to cost more than merely painting the home. A popular renovation addition is adding a kitchenette to the basement. That requires you to add plumbing and electrical and get materials installed.
If you are looking to do system upgrades and add some new paint and personal touches, you can expect to spend CAD 1,000 to CAD 4,000. When you add new rooms or mechanical things, that is when the price increases to CAD 20,000-$30,000.
DIY vs. Hiring a Pro
The major cost of a basement renovation is going to be the cost of labor. Essentially, you are paying the professionals who are doing the renovation.
If you are installing new walls or doing anything that could change the structure of the home, it is always better to leave that to the pros. If you are painting, grouting new tile, or other small additions that you think you can tackle, you can significantly reduce the price.
Here is just how much you could save! Is your basement smaller? Finishing a basement that is 700 sq. ft. by yourself will cost about CAD 5,500 whereas if you hire professionals you are looking at CAD 15,000.
This applies to a large basement as well. Finishing your 1,000 sq. ft. basement yourself costs about $15,000 and hiring a professional could cost up to CAD 35,000.
Other Things To Keep In Mind
A lot is going on. You are deciding on a lot of design elements and working with a lot of variables when completing a basement renovation. Here are just a few more tips to ensure your renovation goes smoothly.
Working With A Basement Bathroom
If you are adding a bathroom to your basement, it may be worth seeking the help of a professional. Yes, we talked about how you can save quite a bit of money when you do the project yourself. However, if you hire a professional for the bathroom installation, you can rest assured that the plumbing and electrical are completed according to the correct building codes.
Watch For These Safety Factors
We all know that the basement is the closest area in our home to the elements outside. This makes the basement susceptible to water or leakage. Watch out for that so you complete the renovation and have no further issues.
Also, ensure that you have the foundation inspected. Whether you are adding to the foundation or finishing the basement, you do not want to have any structural damage that has been hidden and becomes a problem later.
Most basement renovations need a permit. These permits ensure your safety. Make sure you obtain the necessary permits before work begins otherwise you may be forced to stop the work.
Completing The Project Adds Value!
Did you know that finishing or remodeling your basement is the best way to add value to your home? It is proven that there is generally about a 70% return on investment when you complete a basement renovation. As a first-time homebuyer, it is also a great way to make your house feel more like home.
You are creating a livable space and adding square footage. The renovation will also be a way to create value for your family by adding your personal touch and style to the home.
Finance Your Dream Basement Renovation Today!
Whether you are looking to complete an extensive basement renovation or a small home improvement project, there are many great ways to safely and efficiently create your dream basement!
Start looking at the extent of the project and see if it is possible to cut down on the cost of the project by doing some of the labor yourself. If you are still stuck on how to finance your home renovation just speak to a specialist.