There’s a reason why basement renovations are some of the most popular construction projects out there. Not only do basement renovations affect the property value of your home, but they also have the power to make your life better by providing an additional area to enjoy comfort within your home.
However, just like any other major decision, you should take into consideration how much a basement renovation costs before you determine whether or not you can fit it into your budget. In this article, we will go over how much it costs on average to renovate a basement suite in Vancouver.
How Much Does it Cost to Fully Renovate a Basement in Vancouver?
Before we dive in, let’s answer your burning question first: how much does a basement renovation in Vancouver really cost, anyway? The answer, of course, is that it varies. However, most homeowners can expect to spend anywhere from $15,000 on the low end to $55,000 and beyond on the high end.
8 Factors that Affect the Cost of a Basement Renovation
When we say that the cost of a basement renovation varies, we mean that it can depend on a number of factors, such as:
1. Size Of Basement
The size of your basement suite will of course have an impact on the cost of your basement renovation. In some cases, you may choose to renovate only a portion of your basement to save costs, especially if you choose to section off part of your basement for storage purposes.
2. Cost of Building Permit
Of course, starting a full suite of basement renovation is not as simple as putting up drywall. Before you dive in, you need to get the appropriate Vancouver municipal permits, which each come with their own associated cost.
3. Features of Your Basement
Not all basement renovations are created equally. The cost of your basement renovation will depend on the number of features that you would like to add during your renovation. For example, if you would like to add a bathroom, there will be an additional cost associated with the plumbing installations. Other potential costs include the addition of wall partitions.
4. Foundation Inspection
It is recommended that you always accompany any basement renovation with a foundation inspection. Of course, the results of your foundation inspection will determine how much your basement renovation costs, as any issues that arise will have to be taken care of prior to the renovation.
5. The Amount of Labour Required
While it may be tempting to perform a basement renovation that is completely DIY, doing so would be a gargantuan undertaking. You are going to have to rely on the benefit of hired labor eventually—the extent of how much will affect the cost of your basement renovation.
6. The Choice of Finishes
Not all flooring and drywall options are created equally. For example, if you choose linoleum floors, you will be looking at a lower bottom line than if you opted for carpeting. Likewise, if you choose to install another special feature inside your basement, such as a custom cabinetry system, you will also be looking at additional costs.
7. Electrical Concerns
If you need to add new electrical sockets in your basement, this is another budgetary concern. This is especially true if you want to use your newly finished basement for an entertainment room or office space.
If you need your basement finished in a short timeframe, this may add a “rush fee” of sorts that will affect the overall costs of your basement finishing. This may be applicable to you if you are trying to finish a basement before putting your house on the market, for example.
Craftsmen Contracting are the Basement Renovation Experts
No matter what kind of basement renovation you’re after—whether it’s a matter of simply finishing the walls and floors or a matter of adding an entire basement suite—Vancouver home renovation company is here to make your dreams a reality. Get in touch with us today to receive a personalized estimate for your project.