Basements are a rather underrated part of a home. Many just associate it with being a cold, damp space to keep all the extra stuff you keep tucked away in boxes. Yet, you would be surprised that a home with a basement has a lot of value.
A finished basement has an appraised value of 50% to 60% of the value of the main level square footage. That’s quite impressive! You can potentially add more value to your home by considering some basement development.
However, undertaking basement renovations or building a basement will cost you.
Learn how much it can cost to build a basement so that you can budget accordingly for it!
Cost Breakdown of Building a Basement
Building a basement is a costly endeavour -even more so when you don’t have one. Various factors can contribute to the overall price of building a basement. Consider these components if you’re considering any basement developments.
Foundation
Before any basement development begins, one important factor to consider is the costs associated with a foundation for the basement. For the basement to be built, you must do foundation underpinning or house lifting.
With underpinning, it involves adding depth to your current foundation. Meanwhile, house lifting temporarily separates your home’s structure from the foundation.
You can expect these to cost up to $50,000. However, the average price range typically would be around $30,000 to $70,000.
Electricity
During your basement development, you need to consider the cost of electricity – especially if you’re turning your basement into a suite. Typically, electricity is installed when the basement is merely framed since it’s better to do so before drywall is hung up.
On average, you can expect to pay $1,325 for electricity. Plus, an additional $1,100 for electrical outlets. In which case, depending on how you wish to have the basement laid out, it can determine how much electrical outlet you might need to pay.
Bathroom
Like electricity, you need to consider how much it would cost to include a bathroom if you’re turning it into a basement suite. Since it involves plumbing, it will be pricier since the bathroom must meet code standards.
Bathrooms can cost, on average, up to $15,000. These costs can increase when a new sewage ejector system is installed. What this does is that it’s used with a sewage system to help remove sewage. In which case, that can range between $720 to $1,350 on average.
Sump Pump
Another basement staple to consider is a sump pump. This component is particularly important since sump pumps work to collect water by redirecting it away from your house.
In turn, this prevents flooding from occurring and any water damage. For the sump pump itself, it costs between $50 to $400 on average. However, the average cost of installation is $1,200.
Heating
Basements have been known to be naturally cool. It makes sense since they’re below ground level. However, if you’re planning on having a basement suite, it’s important to have heating.
Usually, heating is incorporated when framing is done. Depending on how framing is done, it can reduce thermal bridging (thermal flow that occurs when materials that are poor insulators displace insulation) through the framing and maximise the insulated wall area. In the long run, it would be beneficial since it promotes energy efficiency.
However, the cost of framing would be $1,795, while getting any insulation can cost you, on average, $1,650.
Waterproofing
A basement is susceptible to moisture – which can be bad. It can become a breeding ground for mold and mildew when exposed to moisture.
In which case, it’s imperative during basement development for it to go through waterproofing. Waterproofing uses polymers and membranes to coat the exterior of the walls, installing a trench drain underground, or a combination of both methods.
You can expect waterproofing to cost, on average, up to $4,500.
Flooring
Lastly, basement development isn’t complete without proper flooring. Not everyone likes the feel of cold concrete – especially during colder months.
When considering the flooring cost, you need to consider how much it would be based on square footage and materials. The more spacious your basement is, the more it will cost. Naturally, some materials will be more expensive than others.
In which case, you can expect to pay between $1,500 to $4,500 for flooring.
Building a basement from scratch is, without a doubt, rather expensive when you understand how much goes into the construction of one. However, depending on how well done the job is, you can potentially increase your home’s value!
