Cost for Basement Renovation

7/13/2020 at 1:21:35 PM

Hi Farah,

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7/13/2020 at 2:20:07 PM

Hi Farah,

Typically, finishing a basement is in the $75-$150/ square foot range.

Honestly, providing your own material is a false economy. That is because part of the contractors revenue stream is from the difference between what we pay for material (wholesale) and what you pay for material (retail).

This can be in the 15% range, but with no increase in cost to you.

If you take that 15% away, the contractor has to make it up elsewhere to maintain his margin, in this case, by a higher labour rate.

Does that make sense?

Thank you,

Jamie and Ron

7/13/2020 at 2:37:31 PM

Hi Farrah,

You should MOST certainly get an estimate from a qualified contractor - in fact get three at a minimum.

Quick answer: 5k to 8k depending on how many rooms, bulkheads, closets, doorways and a few other conditions.

A word of caution; if you're trying to save money by purchasing your own material, take into account that you will need about 80 sheets of drywall. Transporting these or having them delivered will be an extra charge. As an example, my cost for 4'x8' drywall is 10.93 + 10% markup + 13% tax + 100.00 delivery to the basement. This just gives you an idea. If you are able to beat this price; two things 1. Do it and 2. Please tell me your supplier.

Seriously though, most contractors will quote material and labour and should be transparent on costs (maybe markups are included in final cost).

Install labour for drywall is: 17.00 per sheet to hang, 30.00 per sheet to tape + all the corner beads and bulkheads. So if you do the easy math, about 5k to start.

Please get 3 estimates - itemized estimates with a section for material and a section for labour.

Good Luck,

Dan

10/23/2023 at 12:02:03 PM

The cost for labor only to install drywall, plaster, and paint a 700 square foot basement, when you provide the materials, typically averages around $2,500 to $3,500 for a basic renovation. Please note that prices can vary based on your location, the complexity of the work, and specific details of your project.