I have a 640 sq ft basement that I would like to finish. Wide open with 2 rooms, a 3 piece washroom and a laundry room. The floor will need to be broken to relocate the drain and plumbing. I would also like approx 25 pot lights. Drywall walls and ceiling. I have 13 steps down to basement. I would like oak treads installed.
My question is regarding budget. I have a budget of 15 to 20k however I have been told that this is not enough and I should be looking at approx 30k. I understand there are other variables which will come into play. But my thinking is $25 per sq ft is reasonable.
I would like a professional opinion.
$25 per square foot is a reasonable price to finish a basement as an open space. adding a bathroom and rooms will change that a bit. Also, the size of the basement affects the pricing per square foot. A larger space (1000+) can generally lower certain costs.
The cost will most certainly be greater then $25k if you plan on adding the elements you have listed. You should also consider before closing up the walls the following:
- Do you need to address any foundation issues?
- Do you need to address any moisture issues? Waterproof the basement?
- Do you have a waist water backflow preventer? If you don't, now is the time to install one
- Have you had your basement tested for Radon gas? This is found in almost all homes in Southern Ontario and is one of the leading causes of cancer. If you have not tested or would like to address this issue, now would be the time to have the basement floor (slab) depressurised
I would set $30k + HST aside for the project as a starting point and consider the quality of finishes. The greater the quality the more you will be spending per sq.ft.
Keystone Ridge Developments
The best thing you can do for yourself is contact a Design Builder. With a Designer's help, you will be able to plan out exactly how to spend your money.
I'm sure your market if different than Vancouver but out here we use a general benchmark of $100,000 per floor as a budgeting tool
Good luck with your project.
With prices of material spiking due to exchange rate 200 will give you a basic finished basement. Adding 3 piece bathroom plus 28 potlights AND oak staircase will cost you a finished basement between 25 -30k.
If anyone says they can build your basement as per your requirement for under 25k. they would not do a professional job and you will be left dealing with problems.
Hope this helps answer your question.
Wish you good luck.
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