According to Remodeling Magazine, an average basement renovation has a 70% ROI. However, this will depend on how much money you spend. The average cost to renovate a basement will depend on how much work you want to put into this remodelling project based on your ultimate goal for the space.
Benefits of Finishing a Basement
Finishing a basement is a great way to transform an unused space into a beautiful area for entertaining friends and family. Some benefits of a finished basement include added space to the property without constructing an addition, added value, energy cost savings, and potential rental income.
- Added Versatile Space
- Extra Storage
- Added Value and Return on Investment
- Safety
- Zoning Restriction Work-Around
- Energy Cost Savings
- Potential for Rental Income
How Much Do Basement Renovations Cost?
Your basement renovation cost will depend heavily on a few key variables, the first being the size of the space in square feet. Because larger spaces will require more labour hours and materials, they will naturally cost more to complete. The average cost to finish a basement is $20 to $90 per square foot or $15,000 to $75,000 total, depending on the size and number of rooms. Renovating a basement with an open floor plan costs less than adding multiple bedrooms and bathrooms. Partially finishing a basement costs $2,500 to $20,000.
| No | Square Footage (sq. ft) | Cost Range ($) |
| 1 | 400-500 | 15,000 – 25,500 |
| 2 | 500-600 | 25,500 – 30,000 |
| 3 | 600-700 | 30,000 – 35,000 |
| 4 | 700-800 | 35,000 – 40,000 |
| 5 | 800-900 | 40,000 – 45,000 |
| 6 | 1000-1400 | 45,000 – 95,000 |
Basement Renovation Cost Factors
Several factors will affect the cost of finishing your basement, including:
- Material quality
- Labour and installation
- The size of your basement
- Condition of your basement
- Basement remodel job
- The complexity of the renovation design
- Scope: Basement Finishing vs. Remodel vs. Renovation
Cost to finish a basement room or partially finish
Partially finishing a basement costs $10,000 to $90,000, depending on the room type and size. Living rooms and kitchenettes are typically the most expensive additions
Basement finishing cost calculator
Basement finishing costs depend on the basement size, features, materials selected, and whether any structural changes take place.
| No | Factor | Average cost ($) |
| 1 | Waterproofing | 1,900 – 6,300 |
| 2 | HVAC | 5,000 – 11,000 |
| 3 | Electrical | 2,000 – 13,500 |
| 4 | Plumbing | 2,500 – 20,000 |
| 5 | Framing | 1,100 – 4,500 |
| 6 | Insulation | 600 – 4,600 |
| 7 | Drywall | 750 – 8,300 |
| 8 | Painting | 800 – 2,500 |
| 9 | Ceiling | 1,000 – 6,000 |
| 10 | Flooring | 1,000 – 36,000 |
| 11 | Egress window | 2,000 – 5,000 |
| 12 | Staircase | xxx – xxx |
| 13 | Door | 225 – 1,900 |
| 14 | Lighting | 100 – 650 |
Construction and labor costs
Labor costs for finishing a basement are typically $6 to $20 per square foot, $3,000 to $30,000 total, or 20% to 40% of total costs. Large structural changes require different specialists.
| No | Factor | Unit | Average cost ($) |
| 1 | Contractor | $ per hour | 50 – 250 |
| 2 | Architect | $ per hour | 100 – 300 |
| 3 | Structural engineer | $ per hour | 100 – 250 |
| 4 | Demolition | $ per square foot | 4 – 12 |
| 5 | Foundation / raising | $ per square foot | 5 – 40 |
| 6 | Permit | $ per case | 300 – 2000 |
How much does it cost to finish a basement in Canada?
Remodeling costs can vary dramatically based on factors such as your location, materials and basement square footage. It’s a good idea to get quotes from a few contractors in your area to get a better idea of your potential project cost. That said, the table below will give you an idea of the average cost of work involved in a basement remodel:
| No | Basement renovation step | Unit | Average price |
| 1 | Framing | $ per linear foot | 15 – 30 |
| 2 | Plumbing | $ per fixture | 1,500 – 15,000+ |
| 3 | Drywall Installation | $ per square foot | 1.5 – 3 |
| 4 | Drop ceiling | $ per square foot | 2 – 6 |
| 5 | Vinyl flooring | $ per square foot | 1 – 8 |
| 6 | Porcelain or ceramic tile flooring | $ per square foot | 5 – 20 |
| 7 | Engineered wood flooring | $ per square foot | 3 – 5 |
| 8 | Carpet flooring | $ per square foot | 7 – 12 |
| 9 | Painting | $ per square foot | 3 – 7 |
| 10 | Ceiling sheet paneling | $ per panel | 12 – 30 |
| 11 | Tongue and wood ceiling | $ per square foot | 1 – 3 |
| 12 | Electrical | $ per hour | 50 – 100 |
| 13 | Foundation repairs | $ per case | up to 10,000 |
| 14 | Waterproofing | $ per case | up to 7,000 |
