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An unfinished basement is like a blank canvas—a dark, empty space full of transformational possibilities. Whether you’re looking to create a cozy entertainment room, a functional home office, or even a rental suite for additional income, basement renovations can significantly enhance your home’s value and usability.
At La-Z-Boy, while we specialize in high-quality furniture, we understand that furnishing a newly renovated basement is just as important as the renovation itself. If you’re planning to upgrade your basement, you may be wondering: How much does a basement renovation cost?
This article will break down the costs associated with basement renovations, including different project types, key cost factors, and how to make the most of your budget.
The cost of a basement renovation depends on the extent of work needed and the overall quality of materials and labor. Below is a breakdown of typical basement renovation costs based on project scope:
|
Project Type |
Estimated Cost |
|
Basic Basement Finishing |
$5,000 - $34,000 |
|
Professional Finishing |
$10,500 - $45,000 |
|
DIY Basement Remodel |
$4,200 - $21,000 |
|
Full Basement Remodel |
$20,200 - $48,000 |
A basic basement finishing project transforms an unfinished basement into a livable space by installing framing, insulation, drywall, flooring, and lighting. Costs can range from $5,000 to $48,000, depending on:
Many people ask themselves this great question when it is time to renovate a house. If you’re looking to reduce the amount of spending and have experience in DIY home renovating projects, subtracting labour services from your budget will greatly decrease your overall cost.
However, you could run into some troubles that you may not be well experienced in, which could cause some safety risks. If the renovation is out of your area of expertise, it might be safer to spend the extra money and hire a specialist.
Labour costs make up the majority of the project’s budget. In fact, hiring a general contractor for a basement renovation can cost up to $34,000 alone.
|
Basement Size |
DIY Cost |
Professional Cost |
|
Small (<700 sq. ft.) |
$5,500 |
$10,500 |
|
Medium (700 – 1,000 sq. ft.) |
$8,000 |
$15,000 |
|
Large (1,000+ sq. ft.) |
$15,000 |
$21,355+ |
The square footage of your basement directly impacts the cost of materials and labor. If your project involves adding walls, plumbing, electrical wiring, or insulation, expect higher costs due to increased complexity.
The size and layout of your basement directly impact renovation costs. Larger basements require more materials and labor, leading to higher expenses. Additionally, a simple open-concept design is more affordable than adding multiple rooms, which increases framing, drywall, and electrical costs.
Ceiling height is another cost factor. Many basements have low ceilings due to ductwork and beams, and raising them requires moving mechanical systems or lowering the floor. Before finalizing plans, consider how your basement’s existing structure, ventilation, and lighting will influence costs.
Adding custom features and upgrades can significantly increase costs. A wet bar or kitchenette requires plumbing and electrical work, with costs ranging from $6,000 to $20,000. Installing a bathroom can cost between $10,000 and $25,000, especially if new drainage lines are needed.
Other upgrades, such as built-in shelving, home theaters, and smart lighting, enhance functionality but add to the budget. If creating a rental suite, you may need separate entrances, egress windows, and legal permits. Prioritizing upgrades that add both function and resale value will help you maximize your investment.
Flooring plays a major role in both cost and durability. Carpet and vinyl are the most affordable options, while laminate offers a mix of style and affordability. Hardwood is the most expensive choice, but basements are prone to moisture, making engineered hardwood or water-resistant materials a better long-term investment.
Ceiling choices also impact costs. A drop ceiling is budget-friendly and provides easy access to plumbing and electrical systems but can reduce ceiling height. A drywall ceiling offers a seamless look but is more expensive and harder to modify if repairs are needed.
Most basement renovations require permits, particularly if you’re making changes to electrical wiring, plumbing, or structural elements. Permit costs range from $100 to $2,000, depending on your location and project scope.
It is important to note that, although skipping permits might save money upfront, it can lead to major fines or issues when selling your home.
Before renovating, ensure your foundation and drainage system are in good condition. There are many repair types, including:
|
Repair Type |
Cost Estimate |
|
Foundation Repair |
$30 - $100 per sq. ft. |
|
Waterproofing |
$2,000 - $7,000 |
|
Crack Sealing |
$500 - $2,500 |
It is important to note that waterproofing your basement before renovations can prevent costly damage in the future. Investing in proper drainage solutions can save you thousands over time.
At La-Z-Boy, we don’t provide renovation services, but we do help homeowners furnish their new basement spaces with stylish, high-quality furniture. La-Z-Boy has many furniture choices that would work well in a basement.
The table below shows the general price ranges of our products. To learn more about any of these products, take a look at our articles within the highlighted sections.
|
Furniture Type |
Price Range |
|
$1,000 - $2,500 |
|
|
$2,000 - $10,000 |
|
|
Entertainment Centers |
$1,000 - $4,500 |
|
$300 - $1,200 |
Purchasing basement furniture, whether from La-Z-Boy or another retailer, can be a significant investment due to various cost factors. Furniture financing offers a solution, allowing customers to pay off their purchases over time instead of upfront.
La-Z-Boy partners with Flexiti Financing, providing instant approval and easy monthly payments. Once approved, customers can shop and finance with Flexiti anytime.
Now that you have a better understanding of the cost of basement renovations, you’re now ready to invest in one of your own! With that being said, why not shop for one of our stores today?
Visit us at a local Ottawa, Gatineau & Kingston La-Z-Boy location to view our selection in person and take a sit test. You can also schedule an appointment online.
Our interior sales consultants are always eager to lend a helping hand. Take advantage of our interior design services to see how a sofa bed could fit in your home design.
To learn more about La-Z-Boy living room furniture, take a look at this comprehensive living room furniture buyer’s guide.
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