How much does a basement renovation cost in Vancouver?
Basement renovations come in two types – complete fit-out of a cold shell space to make it habitable or remolding of an existing habitable space. For clarity, remodeling refers to changing the layout of an existing space by either putting up new partition walls or making a space ‘bigger’ by tearing down existing partition walls.
Basements are renovated or remodeled to create habitable spaces for hosting, entertaining, fitness, or relaxing. Basement renovations and remodels are also a great, and less expensive option, for creating extra living space compared to a home addition. It is important to note though, that for appraisal purposes, square footage above ground, like additions, are valued more than the square footage of finished basements below ground. However, like many well-thought-out renovations, the cost of a basement renovation can not only be recouped when a house is sold, but it can also increase the value of a home’s potential selling price by up to 12.5% according to a survey by Royal Lepage Canada. Like most renovations and remodeling also, the cost of a basement renovation depends on the square footage and scope of work involved.
As a cost guide, current market pricing for a basement renovation cost in Vancouver can range anywhere from $30,000 up to $50,000 for a 500sq.ft basement area. This is for building out an open, cold, basement space into a habitable space such as for a basic den or ‘man cave’ with insulation, drywall, flooring, painting, lighting, and baseboard heating. Additional conveniences will cost extra.
Cost per square foot for basement renovations in Metro Vancouver
The above costs per square foot for bathroom renovations in Vancouver all depend on the scope of work and materials/products involved.
Keep in mind, however, that not all square feet are created equal, and the above numbers are just a guide. Building Permit requirements may also impose additional costs.
