Written by Peak Improvements in Edmonton.
Edmonton Insights: Cost of a Basement Renovation
Are you thinking of redoing your basement? Costs can range significantly as some Edmonton homeowners are working from the studs up and others are planning a simple upgrade of their current basement. In addition, addressing water damage or foundation issues can also impact the cost of a basement renovation. According to current basement renovation projects, the average cost is around $37,500, but can be as low as $20,000 with the sky as the limit.
Potential buyers do appreciate a renovated basement area for storage, entertainment and as an extra living space. This translates to a decent return for sellers with an average ROI of approximately 63 per cent. Know more about some factors that will influence the overall cost estimate given for a basement renovation before getting started.
Basement Size
Know that the square footage of the space will be a significant factor in a basement renovation. Those that may need to stay within a set budget may only want to renovate or finish part of a large basement area. Expect a faster turnaround and smaller estimate when choosing such a route.
Basement Layout
What is the proposed design of the renovated basement? Consider that the inclusion of a movie theater or wet bar can add to a home’s value but does come at an additional cost. Those adding bathrooms and bedrooms may see a higher return when it is time to put a home on the market. An experienced design firm can help homeowners configure their new basement to meet their specific needs.
Material Selection
Homeowners have plenty of options when it comes to finishing their basement, from more inexpensive materials to top-of-the-line. Personal preferences and expectations for more luxurious touches in some communities will result in a higher estimate. A complete basement finish incorporates elements such as insulation, ceilings, walls, flooring and lighting. When creating another room in the area, such as a bathroom, cabinetry, toilets, sinks, fixtures and countertops will all factor into the final cost. The good news is the amount of flexibility and variety for homeowners wanting to have an attractive and functional basement at an affordable price.
Electrical and Plumbing Needs
Most basement renovations need some wiring and plumbing work done. More extensive projects and those with a new or updated bathroom can make for higher costs. Homeowners planning to add a bathroom as part of their basement renovation can expect to allocate a good part of their budget to that area.
What Do You Need to Accomplish?
Take the time to walk through the important objectives for a basement remodeling project. Small upgrades to a basic basement configuration can make an area more comfortable and functional, satisfying the needs of some Edmonton homeowners. Even with basic basement renovations, the biggest expenses are flooring and wall coverings, plumbing and electricity and interior carpentry, but material selection can help reduce some costs. However, those living in certain communities may want to design a basement renovation to increase the homes value and to attract a specific type of home buyer. Working with a design build contractor can help homeowners get the most value from their basement renovation without going over a realistic budget.
Go to https://blog.peakimprovements.com/renovationfind to learn more
