Basement Renovation Cost

Basement Renovation Cost

Maximizing Your Space: A Comprehensive Guide to Basement Renovation Costs

The basement remains one of the most underutilized spaces in a private home. After completing basement renovations, the usable space of a private home can increase by 20-30%. It can be used for leisure activities, effective professional work, or as a second unit for rental purposes.

The cost of basement renovation depends on numerous factors, including the area of the space and the ideas to be implemented in the finished basement. Our company offers turnkey basement renovation, encompassing basement ceilings, basement walls, basement flooring, and basement finishing of any complexity.

Essential Basement Renovation Phases

Project Demo & Estimate

Before starting basement renovations, our specialist visits the client’s home for a preliminary estimate of the entire project’s cost. This free procedure includes a presentation of the company’s capabilities and a discussion of the clients’ ideas and wishes.

Compiling an estimate usually takes just 45-60 minutes. During this time, in addition to the company presentation and idea discussion, a 2D floor plan is created, a 3D basement sketch is developed, and a preliminary cost of the project is calculated. All that remains is to sign the contract and make an advance payment.

Basement Renovation Cost

Framing, Electrical, Plumbing

Before the main body of work begins, it’s often necessary to repair foundation cracks, which can occur even in not-so-old private homes, usually resulting from the foundation’s regular contact with water. It’s better to address these issues beforehand.

The basic project cost inevitably includes framing, assessed by the house’s area and the need to create separate rooms. It also encompasses electrical and plumbing work, which are usually calculated based on the number of points planned in the project.

Basement Renovation Cost

Drywall, Plastering

In calculating the cost of a basement renovation project, drywall installation on a wooden frame is also considered. The price increases with the number of walls in the space, especially when creating separate rooms for a bathroom, bedroom, home office, etc.

This also applies to plastering, the cost of which directly depends on the number of walls to be treated in the basement. As the number of rooms increases, so does the price of this type of work. Hence, open concept layouts with a common space are often used in basement planning.

Basement Renovation Cost

Sanding, Primer, Paint, Ceramic

In the final stage, sanding, priming, painting, ceramic, flooring, and other operations are performed. Their final cost can vary significantly, depending not only on the size of the space but also on the materials chosen for the finish of each room.

The entire basement renovation process typically takes about 2-3 weeks. However, timelines may extend when using a large number of custom elements or if additional permits are needed for a legal basement apartment and more. This also significantly impacts the price.

Basement Renovation Cost


Finished Basement Company offers turnkey basement renovation. Our team of experienced specialists will thoughtfully plan and execute a full basement renovation using the highest quality materials. Our main focus is achieving the highest results in basement renovations.

Personal-Use Basement vs Second Unit

Basement Renovation Cost

Creating a personal-use basement and a complete second unit for rental vary significantly in the total cost of implementation. Creating a legal basement apartment is more expensive due to additional drawings and permits, as well as the need for fire-resistant materials.

To create a second unit, it’s necessary to use fire rated drywall and fire rated doors. Furthermore, a legal basement apartment must also include a smoke detector. All these requirements lead to additional expenses, inevitably increasing the final cost of the basement renovation.

Basement Renovation Project Essentials

Open Concept Basement

In the planning stages of basement renovations, many prefer the open concept basement. On one hand, it allows for the most efficient use of available space. On the other hand, it helps reduce costs on drywall installation and other operations per square foot.

An open concept basement is often divided into separate functional areas, the purpose and features of which depend on specific needs. It can easily accommodate a home gym, a workspace, and even a home theater.

Basement Renovation Cost

3-Piece Basement Bathroom

An important room in any basement, regardless of its purpose, often becomes the 3-piece bathroom. This applies to both personal-use basements and legal basement apartments that can be fully rented out for additional monthly income.

A 3-piece bathroom includes a suitably sized vanity, toilet, and either a standard or custom shower room. If necessary, additional features such as a steam machine in the shower room or a full traditional or infrared sauna can also be implemented.

Basement Renovation Cost

Basement Furnace Room

The furnace room is a part of the basement, presented as a separate enclosed space, where a complete set of appliances necessary for the heating and air conditioning system of the entire house will be located. The finish of this room usually does not receive much attention.

To maximize the efficiency of this space, it can also be combined with a storage room, laundry room, and other functional spaces that may be required by homeowners in the basement after its renovation.

Basement Renovation Cost

Basement Stairs

Finishing the stairs is a necessary part of most basement renovation projects. They can be of various shapes: straight, L-shaped, or U-shaped. Usually, their initial design is predetermined by the builder and often cannot be changed during the renovation of a specific area.

Typically, treads and risers are made from the same laminate used for the rest of the basement floor. However, the nosing of each step is made from oak, which is much more practical for everyday use over a long period.

Basement Renovation Cost

Finished Basement offers turnkey basement renovation and can save you 2 or even 3 days of your time. Just 45 minutes spent in our 3000 sq ft showroom can help determine all the details of your upcoming basement renovation, including materials, type, and scope of services.

Basement Renovation Project Extras

Foundation Wall Cracks Repair

Before starting a basement renovation, it is very important to assess the condition of your unfinished basement. If there are foundation wall cracks, even if not in the most critical condition, it is imperative to address them. This helps avoid problems and the need for costly repairs in the foreseeable future.

The appearance of cracks in foundation walls can be caused by various reasons, such as continuous soil settlement, humidity, temperature fluctuations between seasons, growth of root systems from nearby plants, and even subtle seismic activity.

Basement Renovation Cost

Basement Modern Modular Bar

A useful additional element for a basement can be a modern bar. Our company has developed a special modular system that allows for easy and quick assembly of the bar from individual components. This not only enhances quality but also reduces cost.

With our modules, you can create not just a bar, but also a kitchenette or even a full kitchen. This is particularly useful and essential for a legal basement apartment that can be rented out for steady monthly additional income.

Basement Renovation Cost

Basement Home Office

Creating a full home office in the basement is an excellent idea for any professional activity, whether it involves office work that just needs a desk for a computer and papers, or something else.

The complexity of the home office that can be realized in the basement depends on both the availability of free space in this underutilized area of a private home and the needs of the customer. It can range from a dental clinic to a beauty salon, a workshop, or even a home music school.

Basement Renovation Cost

Basement Home Theater

If a finished basement is intended for personal use, it adds about 20-30% of usable space to a private home. It can be used for various professional tasks as well as regular leisure with family and friends.

In the basement, a living space can be created with a huge sofa, a feature wall with a built-in fireplace, and a large TV with a modern audio system. Alternatively, one can go further and create a separate room for a home theater with a projector, retractable screen, and several rows of comfortable recliners.

Basement Renovation Cost

Basement Bedroom

Creating a separate bedroom is also a great idea for a basement. It’s often situated in a space with a window, providing maximum natural light and allowing regular ventilation to keep the air fresh.

There are many situations where an additional bedroom is needed. It can serve as a room for friends, relatives, and other overnight guests, a permanent room for a nanny, or even an extra children’s room.

Basement Renovation Cost

Basement Home Spa

Indeed, a true home spa can be realized in the basement, making it one of the most underutilized spaces in a private home. A home spa can include a steam machine in the shower room, a traditional or infrared sauna, and other elements.

Of course, implementing all these additional ideas will influence the cost of the entire basement renovation project. That’s why it’s impossible to give a clear answer on the exact cost of basement finishing, as the final price depends on a multitude of different factors.

Basement Renovation Cost
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Trust your basement renovation to Finished Basement, a company that values its reputation and consistently ranks at the top in verified ratings. Our specialists will help you decide on the layout, material selection, minor repair details, and other optimal solutions.

Basement Renovation Projects Examples

Basement Finishing Barrie

Basement Finishing Barrie

All basement renovation projects carried out by our company are unique and distinct from one another. However, they all share common features, including a preliminary free consultation, a complimentary estimate before commencing work, and the utmost professionalism of our specialists who will transform any abstract ideas into a dream basement.

Basement Finishing Brantford

Basement Finishing Brantford

The process of each basement renovation is entirely unique. Firstly, it’s related to the shape and size of the basement, which can vary significantly from one project to another. Secondly, homeowners can have a variety of needs and desires for their private homes.

Basement Finishing Richmond Hill

Basement Finishing Richmond Hill

Our company offers worry-free basement renovations to homeowners in various areas of the Greater Toronto Area, and beyond. Each of our projects is absolutely unique, and the absolutely new basement that the homeowners in Richmond Hill acquired is a vivid confirmation of this.

Basement Finishing Vaughan

Basement Finishing Vaughan

Every basement renovation project undertaken by our company is highly individualized. This applies to Vaughan specifically, and also to the entire Greater Toronto Area and Ontario as a whole. Each project can encounter its unique unexpected issues, but for an experienced team of professionals, they won’t be an obstacle to a quality renovation in the most underrated space of one’s house.

Basement Finishing Milton

Basement Finishing Milton

Like any other, this project within the scope of Milton basement renovations is absolutely unique. It’s a quality basement project, which 100% reflects all the needs of the private homeowners — they remained completely satisfied with their new basements, filled with a plethora of interesting discoveries, comprehensive solutions, and maximally functional spaces.

Basement Finishing Aurora

Basement Finishing Aurora

Our company specializes in basement renovations throughout the Greater Toronto Area and beyond, covering a significant part of Ontario. Our experts, with years of experience, have successfully completed numerous projects, including basement finishing in Aurora and many other cities and regions.


Finished Basement guarantees that all work conducted in your home’s basement will comply with the Ontario Building Code (OBC). This reflects our company’s commitment to the highest quality and adherence to all industry standards without exception.

If installation defects are discovered during the 5-year warranty period, we will rectify them. Any substandard work will be redone at no additional cost. This guarantee underscores our unwavering desire to satisfy our clients’ needs.

Basement Renovation Cost FAQ

What are the benefits of basement renovation?

20–30% More Personal-Use Space. Implementing a basement renovation project significantly expands the space. It can be used as desired — from creating additional living space to establishing a home office in any form.

Additional Space for Night Guests. Expanding living space can include adding an extra bedroom for relatives, friends, and other guests. A basement bedroom often accommodates a permanent nanny for young children who require constant attention.

Legal Basement Apartment Income. Basement remodelling is often undertaken to transform an unused space into a continuous source of extra income. Considering the increasing rental costs in Ontario, a basement remodelling project can pay off quite quickly.

Total Real Estate Value Increasing. A basement renovation project inevitably raises the overall value of the house. After various basement upgrades, the property’s price can sometimes increase by up to 70%, quickly offsetting all expenditures.

How much does renovating a 1000 sq ft basement cost?

The cost of remodelling a basement depends on the extent of transformation of the current space, not just the total area. The cost is influenced by materials used, volume of work, location, and other factors.

The average basement renovation cost for a 1000 sq ft space usually consists of two figures. First, basic operations (framing, electrical, plumbing, etc.) for this area will be about C$50,000. Second, additional tasks for basement remodel should be considered.

Here are just a few examples of prices for various basement finishing tasks:

  • Sub Floor — from C$3.3 per square foot
  • Laminate Floor — from C$5.83 per square foot
  • Ceiling Soundproof Insulation — from C$1.15 per square foot
  • Wall Insulation — from C$2.59 per square foot
  • Ceramic Tile Installation — from C$3.85 per square foot

How to get the most accurate cost of basement renovation?

The best way is to contact Finished Basement and invite a company specialist for a consultation and preliminary cost estimation. After planning the space and discussing ideas to be implemented, they will provide an estimate with all the figures you are interested in.

Is it possible to finance basement finishing?


Finished Basement Company offers home equity loans that help you realize a basement renovation project of any complexity. You can get your dream basement for just C$150–300 bi-weekly, through a partnership with FinanceIt Canada Inc.

This applies to basements intended for personal use as well as basement apartments. A legal unit can be immediately rented out to generate income, covering the difference between the monthly loan payment and the high, ever-increasing rent. Learn more about basement renovation financing on our dedicated page.

Is it possible to convert an already finished basement into a legal second unit for rent?


Creating a second unit significantly differs in the materials required. For a second unit, fire-rated drywall, fire-rated doors, and other fire-resistant materials are needed. Moreover, a legal basement apartment also requires a smoke detector.

Moreover, creating a second unit for rent involves regular inspections by inspectors. They check the correctness of the legal basement apartment project at different stages to ensure its safety for tenants and homeowners.

What should be considered before starting basement renovations?

Before transforming an unfinished basement into a useful space, it’s important to assess its current condition and address all issues, including foundation cracks. Then, consider the purpose of the space, as a legal basement apartment differs significantly from a basement for personal use.

Next, contact Finished Basement and invite a specialist who will visit the site, take necessary measurements, create 2D and 3D plans, and provide a preliminary cost estimate of the entire project, which will be as close as possible to the final price of the basement renovation.

What common mistakes in basement renovation should be avoided?

There are several mistakes to avoid before starting a basement renovation. Some companies don’t inform their clients about these issues to reduce costs, making them difficult to address after the renovation is complete.

Problems that should be addressed in advance include insufficient or incorrect waterproofing, unaddressed foundation cracks, and poorly calculated lighting. A reliable contractor always pays primary attention to these issues to avoid such problems.

Why is it important to choose right company for your project?

Extensive Experience in Renovation. Finished Basement has been operating in Canada for over 27 years. The owner, with more than 40 years of renovation experience, oversees the quality of work at every stage. Most team members have been with the company for decades.

This experience allows the company to perform all tasks quickly and efficiently. A basement renovation project typically takes 2-3 weeks. The only factors that might delay the process are obtaining permits for a legal basement apartment or an abundance of custom elements in the project.

Large Showroom and Material Warehouse. Finished Basement is a One-Stop-Shop that can save you 2 to 3 days of your time. This is achievable thanks to our huge 3000 sq ft showroom, where 45 minutes are enough to decide all the details of the upcoming renovation.

As an importer of all renovation materials, we can offer the best prices to our clients. Moreover, everything needed for complete basement finishing is stored in our warehouses in Ontario, eliminating any wait for delivery from elsewhere.

Numerous Satisfied Clients in Ontario. Finished Basement is a team of professionals who value their reputation and consistently rank high on HomeStars and other verified ratings. They assist in determining the layout of the space and selecting materials, offering optimal solutions.

Finished Basement’s average rating on HomeStars is 9.8/10 (97% positive reviews), and its average rating on Google Maps reaches 4.8/5. The company values its clients, and many new clients start working with this trusted contractor based on the recommendations of previous clients.

Guarantee on All Work Performed. Finished Basement guarantees that all work will comply with the Ontario Building Code, OBC. This reflects the company’s consistent commitment to quality, adherence to industry standards, legislative requirements, and safety.

If any installation defects are discovered during the 5-year warranty period, the company commits to rectifying them. Any substandard work will be redone at no additional cost. This guarantee underscores our unwavering desire to satisfy all our clients’ needs.

How long will it take to complete a basement renovation project?

The implementation of a basement remodel project typically takes 2–3 weeks. This time frame is usually sufficient for all preliminary operations and final finishing. Exceptions may occur due to delays in obtaining documents for a legal basement apartment or the abundance of custom elements in the renovation.

Our company’s specialists, with years of experience, will thoughtfully plan and execute a full basement renovation using the most technologically advanced materials and the highest level of workmanship. Our main focus is achieving the highest quality results in any basement renovation project.