My basement is 800-900 square feet and unfinished. I would like to finish it so I can rent it out and earn extra income so it would need to have a kitchenette, bathroom, and bedroom. How expensive do you think this renovation would be? I would like a modern and clean design with hardwood flooring. However, other finishes like the shower, toilet, tile in bathroom, counter-top in the kitchen, etc. can be basic and inexpensive.
I applaud you for providing more information than many do on this forum when seeking a price on a project but... how much counter space are you thinking for the kitchen? Is the space drywalled at all? Do you already have an exterior entrance? Does the the bedroom have an egress window? Is it 800 or 900 square feet or somewhere in between? Has the plumbing for the kitchen and bathroom been roughed in or do we need to do that? Why hardwood? I would recommend not using it in a rental suite. What about laundry? There are so many factors to know before anyone should answer your question on cost. I recognize that you want to know the cost as it is one of the important factors in deciding on a renovation.
Alair Homes Langley
Hi Maple Ridge,
I'm sure like most people whom ask questions through online forums, they don't want to have any kind of commitment or owe anyone anything to anyone till they make up their mind if they want to put forward the budget for their project.
Having said that my guess is most people just want a rough idea to see if going further forward would be worth it etc.
So, to answer your question with a broad an answer as the question. Some people say budget $ 50 to $ 60 a square foot. This kind of question has been asked a million times already. As a matter of fact I will save this response for the next time I can help somebody.
To add to the square foot costs I have quoted down as low as $ 28 a square foot, because of what was needed for the particular scope of work.
Hope this helps,
There are a number of things to consider when planing on constructing a basement rental apartment. The first thing, most zoning bylaws will require two separate entrances. You should consider that as part of your basement construction costs. Fire department and city could technically shut you down. The bathrooms? Do you need to open up the concrete and tie into the existing drains? electrical, the scope of the electrical could cost you anywhere between $3500-$6000. Do you need a bigger panel or even an updated panel? All to consider. This $8k-10k cost as mentioned by another contractor is nonsense. Your materials will run you at least $5-8k best case. I would say your in the 20k-35k if your going to it right and to code.
Just to add more details to the questions asked:
I do not mind having a different flooring besides hardwood
The basement is unfinished but there are rough ins for plumbing an sufficient electrical panel.
The space is somewhat dry walled, but it is in bad shape and needs to be completely redone.
I would the space to be a legal rental suite, so it must be in accordance to all by laws in Maple Ridge.
Thanks for your responses :)
Budget numbers you should be getting should follow approximatley $40/sqft for your open spaces. Then additional to add any other items that you have (ie. kitchen, bathroom, etc.).
Therefore your base price would be starting in the mid-30K plus kitchen, bath, etc.
I hope this helps.
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