Renovating your unfinished basement might seem like an arduous task. However, at BCR Basements, we believe that a basement renovation doesn’t have to break the bank. Rather, it’s just a matter of cutting costs and budgeting.
Keep reading to find out our top budget-friendly tips for your dream basement renovation.
How To Budget Properly
To set your expectations, a basement remodel can cost the average homeowner between $5,000 and $100,000.
The cost of your remodel will depend on the size of your basement, the condition that it’s in and if you want it to be a separate dwelling area from your own.
To budget properly, you’ll need to determine the following:
- Is there a washroom in your basement? Do you require one? Consider plumbing and electrical.
- Do you require a kitchen/kitchenette? Consider plumbing, cabinetry and electrical.
- Is there flooring? Are you looking to replace it? Consider flooring costs.
- Are you looking to expand the foundation of your basement?
- Do you require additional rooms? Consider the cost of drywall, framing, ceiling and electrical.
Be sure to have a clear idea of what you want and then do your best to stick to the plan. Remodeling projects can go off the rails fairly quickly if one ignores the budget and time allotment. We suggest allotting about 10 to 15 percent of the budget for surprises and for any additions you’d like to add to the project.
Where Are The Best Places To Cut Costs?
Here are a few tips to keep costs down, but quality high:
- Consider keeping the space open-concept, as this can save thousands.
- Custom or luxury flooring and cabinetry can eat up the budget quickly. Save money by choosing well-made, standard-sized supplies that look similar to custom or luxury options. A great example of this is the use of drop ceilings, which use acrylic panelling to give the appearance of luxury materials and designs.
- Finally, consider your needs. If you need the space available soon, then by all means finish the project as soon as possible. If you only need flooring and other light renovation, there’s no need to break the bank on a luxury renovation.
Investing In The Essentials
On the whole, renovating your basement is a worthy investment. It can provide you with up to a 75 percent return.
A finished basement is attractive to prospective homeowners and will give you leverage in the competitive real estate market.
Here are some essential items we feel are worth the splurge:
- A minibar, wine cellar, or full bar. While perhaps not quite essential, this is a very attractive amenity to potential buyers and will be of great use to you and your family and friends during a game season or the holidays.
- High-quality ceiling insulation. This is key if you’ll be renting your basement out, as it will minimize noise for your tenants.
- Strategic lighting. Inviting, warm lighting is very attractive in basements, where natural light tends to be scarce.
- Quality flooring. The excess moisture risk in basements will eventually warp hardwood and laminate flooring. Consider materials like linoleum, ceramic, or vinyl, which will last longer.
BCR Basements Are Your Basement Renovation Experts. Call Us Today!
The Whitby-based team at BCR Basements knows that renovating your basement can be daunting, especially if you’re unfamiliar with renovations as a whole.
That’s why we make the process easy, with our thorough step-by-step consultation process and our Private Project Portal — where you can update and view relevant information about your home reno project in real-time.
We also feature a stunning gallery on our website to help give you some basement renovation ideas!
Give us a call at (647) 774-4589 or fill out our convenient contact form!