What You Need To Know Before Starting a Basement Renovation

People do basement renovations for a number of reasons, a big one being to help increase the value of their home. Interested in some ideas for getting started with your basement renovation? We’ll list some here and give some tips on what to know ahead of time to set yourself up for success. 

Tips before getting started:

Before even beginning your renovations, there are a few steps to take ahead of time to ensure the process runs as smoothly as possible: 

1. Look for signs of moisture

2. Plan your layout

3. Seal exterior points of entry

4. Create a storage room

5. Stay within your budget guidelines

6. Choose the right flooring

7. Get a home inspection

8. Get your permits

9. Close your furnace

10. Proper insulation

11. Find your contractor 

How much does it cost?

A typical basement renovation can range anywhere between $20,000-35,000 and costs will vary by location. If you’re in Toronto, the cost could range between $25 and $50 per square foot. Some tasks will be necessary to finish off your basement and you’ll want to decide who will be in charge of performing these tasks, as that will also help to determine the overall cost of the renovation. You may be perfectly capable of painting the basement walls, but it’s wise to explore your options and see which contractors are best fit for which jobs. These tasks include framing, electrical, plumbing, drywall, painting, trimming and doors, flooring, and soundproofing the ceiling.

How long will the renovation take?

Basement renovations generally take 14-25 days.

Get started! 

There are a few projects specifically that will be sure to add some personality to your basement and help create a more liveable environment: 

• Build a home theatre

• Create a space for your office 

• Build a laundry room

• Kid’s game room

• Convert it to a rental property

• Soundproof your ceiling

• Add a bathroom basement 

• Install architectural lighting 

Inform your insurance advisor

Let your insurance advisor know that you’re preparing for a renovation. Renovations may increase the selling price of your home, but can also affect your premiums. Contact one of our Licensed Insurance Advisors to learn more.