Renovating a basement can add value and space to your home, but it’s important to understand the costs involved. This is especially important if you live in Vancouver where the cost of living is high. In this blog post, we’ll break down the average cost of renovating a basement in Vancouver and what factors impact the cost.
Did you know that the renovation cost for a basement is largely determined by its size? The larger your basement, the more expensive it will be to remodel. Small basement renovation projects, say 500 sq ft, can cost you around $30,000 to $50,000, But larger spaces can cost anywhere from $60,000 to $150,000 and above. The type of renovation you want will also affect costs.
Structural Changes Costs
If you plan on making structural changes like adding extra walls and ceiling height to give the space the look you want, that will raise the cost of renovation. On average, contracting a structural engineer to help you is an added cost of about $2,000 – $3,000 or more depending on the extent of the work. Also, if you want to relocate your plumbing and electrical systems, this could cost you additional $$.
Materials and Labour costs
The cost of materials and labour are also common factors that affect the cost of renovating your basement. For materials, you might consider the flooring, drywall, ceiling, electrical fixtures, and painting among others. Depending on your personal taste and choices, the cost of materials you select can range from $10,000 to $20,000 or more. The labour costs vary depending on the work involved, but one can budget an estimated average of $75- 150 per hour per worker.
Permits and Inspection Costs
Vancouver requires one to apply for permits before starting any renovation work, and the cost varies depending on the type of permit and scope of your renovation. A permit can range anywhere from $350- $3,000 or more. Also, when the renovation is complete, a local inspector will come to inspect the work for code compliance. These inspections will also cost you, averaging $500 – $1,200.
Final Clean-up Costs
After completing your basement renovation, you’ll need a cleaning company to do a thorough post-renovation cleanup. This final step makes sure all the debris is cleared up and your space is prepared and ready for use. Final clean-up costs will depend on the size of your renovated basement, and a company may charge you anywhere from $500 – $3,000.
Renovating your basement can be a great investment. However, the cost of a renovation can vary depending on factors such as size, materials chosen, and structural changes. In Vancouver, the cost of living is high, and the cost of renovating could be costly. As such, it’s important to plan your budget wisely, getting opinions from multiple contractors, so you get value for money. Remember that when renovating, it’s important to consider things like fire safety, structural integrity, and to get proper permits as the city of Vancouver has strict guidelines on renovations.