A basement renovation is considered an effective and excellent way to increase the functionality of a home and to raise the property value of the home depending on the type of basement renovation project. There is a popular trend of basement renovation Edmonton. Alberta, Canada; where the homeowners can choose to transform the basements into a personal use basement or to generate additional cash flow by investing in a Rental Basement Suite.

 

Before you invest your hard earned money into a basement renovation project, there are some basic but crucial steps that you must consider before starting your project.

 

1. Time – Basement renovation can take anywhere from 1 month to 6 months depending on the type of basement renovation project. Typically a standard basement renovation with a decent builder quality materials; on average takes about 2.5 months to complete. We will explore in this blog regarding how long each basement renovation project takes, delays in construction, and tips on ensuring full on-time completion.
2. Cost – Just like the timeline of the project is important; cost to build a basement is just as equally important as the timeline to build your basement. It is crucial to plan a budget for your project that is in your budget and to be well informed clearly on the cost of your project. We will explore in this blog on how much each basement project costs, quality of material, and potential price increases.  

 

Estimated Time for Basement Renovation

 

The estimated duration of basement renovation depends on various factors such as size of the basement, and type of basement renovation project. Smaller basement size projects get completed early, but the extensive one will need additional time for completion. The following are the most common types of basement renovation and their timelines to finish.

 

1. 1. Regular Recreational Basement Renovation – Typically consists of 1 – 2 bedroom basement, with a finished 3 piece bathroom. This type of basement on average takes around 2.5 months complete with this sort of specification in the basement. This type of basement is meant to be used just to finish the space for an extra bedroom in the home to use.
       
   2. Mother in law Basement Suite – Typically consist of 1 – 2 bedroom mother in law suite, with a finished 3 piece bathroom, laundry, and a full kitchen for cooking. This type of basement takes 3 months to complete as it involves a full kitchen in the basement which adds 2 weeks to the time frame. The intended use for this basement is typically for extended family relatives to use or for the parents needing their own space. This type of basement contains everything a senior or extended family needs in order to be fully separate from the other floors of the home.
   3. Man Cave Basements – This type of basements contains bedroom, bathroom, wet bar, play area, and a movie theater. These types of basements are the types of basements where the homeowners are looking to build a massive home theater entertainment room, play room such as ice hockey or even virtual golf set up, and a personalized wet bar for attending guests looking to have an amazing night. These basements can take anywhere from 4 – 6 months as typically it is a very custom basement and requires a lot more planning before its built.
       
   4. Day Care Basements – This type of basement is meant to be used as a business for a homeowner. Typically people build a daycare basement to start a business where they can manage children for the day in the basement and is a popular trend for homeowners that want to do this sort of business. It contains the same elements of a basement such as bedroom, play room, wet bar, and bathroom but has some different regulations from a regular basement that must be met in order to have this sort of basement approved by the city. Typically this type of basement renovation takes about 3.5 months to complete.
       
   5. Rental Basement Suites – This is the most preferred type of basement renovation that most homeowners invest in for personal finance. This type of basement contains 1 – 2 bedrooms, full 3 piece bathroom, Full kitchen for cooking, Separate heating system, Sound insulation approved, a separate access from outside to the basement, and a doorbell for visitors to access. This type of basement’s  intended use is to generate monthly income for homeowners anywhere from $1300 / Month to $1600 Month. This type of build is met to make homeowners extra money every month and is considered the best return on investment in terms of property value. Typically this type of basement can take up to 4 months to complete but it is definitely the best return in investment.                                                                                                                             
   6. Partial Basement Renovation – This type of basement typically has minor alterations in the basement project. This can be something like painting, drywall, framing, electrical, and many other types of minor work. These types of project can take 1 day to complete or a couple weeks depending on the type of basement renovation. 

Factors That Affect Renovation Time

 

There are a lot of factors that can delay the completion time of your project. You have to keep these points in consideration before initiating the project. These are some of the things that can affect the overall Renovation timeline

 

Lack of Planning / Research – Before contacting any contractor for a quotation, it is important as a homeowner to have the basic planning and research prepared before a contractor arrives. Homeowners must clearly have in their mind as to what type of basement project you are looking to start, understand some of the bylaws when it comes to basement development, and understand the overall construction phase of the basement project. It is highly advised that all homeowners do research either on the internet or watch a video on youtube to get an overall image of a typical basement renovation project. 

 

Permits – All cities are governed by a local municipality and all cities have different rules for basement projects in order for it to be legally usable. A proper contractor will typically be able to apply for permits for the homeowners before construction begins. It is crucial to have permits applied for as soon as possible as some typically permits take 1 – 2 weeks timeline to complete but something can take up to 1 month if the city does not have proper information. 

 

Construction – Construction on average takes up to 2 months to complete from initial designing phase to the final painting touch ups of the basement project. Sometimes it can take up to 2.5 months to complete if the kitchen is being added into the basement and a full rental basement can take up to 4 months to complete. It is advised for homeowners to not make changes after the initial planning as changing the designs can delay the project and take much longer to complete. 

 

Weather conditions – In winter months, it typically takes 2 – 4 weeks longer to complete a basement due to the current weather condition. Cold days typically reduce the contractors working capabilities as it’s harder to work in winter than it is in the summer. Sub Trades also prefer to not work during a very cold day as they would prefer to stay home that day. Another common issue is the drying time of drywall taping and mudding stage in construction. As the plaster on the drywall needs heat to dry faster but due to cold weathers it takes longer to dry which adds a couple week delay in schedule. 

Read More:–How Much Does a Basement Renovation Cost?

Estimated Cost of Basement Renovation

 

Homeowners should have a clear-cut understanding about the cost of the basement renovation project they are planning to develop. The price of the project varies depending on the basement type and the size of the basement. We will explore here the common times of basements and their typical costs to build in Edmonton, Alberta, Canada. 

 

1. Regular Recreational Basement Renovation – Typical costs range from $40 – $50 per SF of basement floor or $22,000.00 starting price. This type of basement is the most common type of basement people choose to develop. This price range will include all material, labor, equipment and permits to complete. Typically it will provide 1 – 2 bedrooms, a full 3 piece bathroom, Living room, and a closed off furnace room. 
    
2. Mother in law Basement Suite – Typically costs around $50 – $60 per SF of basement floor or $30,000 starting price. This type of basement will get you the same items as the regular basement, but the added cost is due to kitchen addition and laundry room. It does not include appliances in price and typically a home owner buys its own appliances.
3. Man Cave Basements – This is one of the basements known as custom basements and typically is the most expensive basement project a homeowner could invest in. They start around $60 per SF and can go up to $100+ per SF. Some owners spend anywhere from $55,000 – $100,000 plus. It includes all elements of a regular basement and mother in law suite but has one of the top of the line material and finishing a basement could achieve. Certain things like the Theater room, Play room, Custom Wine room, Gym room, and many other things are typically the reason behind such a huge cost in construction.
    
4. Day Care Basements – This type of basement is similar to a mother in law suite but has a bit of added safety and bylaw requirements which makes the cost go up. These basements can cost anywhere from $55 to $65 per SF or $35,000 starting price. Egress windows, a proper evacuation plan, kids safety set up and wash station is the reason for the additional cost.
    
5. Rental Basement Suites – This type of basement is considered the best return of investment in terms of monthly rent and property value. This type of basements costs around $65 – $80 per SF or $40,000 starting price. This basement has all elements of the regular basement and mother in law but adds new requirements such as a separate heating system, Sound insulation, Solid fire rated doors, and full smoketight basement. This option is costly but brings a typical $1300 – $1600 a month additional in income for homeowners.
    

It is always advised for homeowners to collect several quotations from the contractors to compare the price and the details about the work. It is crucial to not select the wrong contractor just because the price is the most cheapest as it ends up costing homeowners a lot of money later down the road. 

Key Factors That Influence Renovation Costs

Apart from the visible major points, there are several key factors that influence the project’s completion. Homeowners must know which costs can influence the renovation costs. These are typically things that directly affect the cost of the basement project.

 

• Basement Size – Smaller Size costs less but larger basements costs more 
• Electrical / Plumbing / HVAC components – Standard major components cost almost the same but changes such as electrical changes, additional plumbing sinks, 4 piece bathrooms, and air conditioning in the basement can all influence the cost of the project.
• Material – If a homeowner is doing a selection based on a standard builder quality material; the price typically stays in budget. But some homeowners end up selecting high end material which ends up costing more than the initial budget. Things like carpet, subfloor, hardwood floor, infloor heating, high end electrical fixtures, finishing material can all make the cost out of budget. 

 

Final Take Away Thoughts: 

 

In order to ensure that your basement project is completed on time and on budget it is crucial for the homeowner to be well prepared. In this blog we talked about the common timeframe to complete each basement type and the costs for each basement type. We also explored common issues that influence both timeline and costs. The best way to be on timeline is to have proper planning and a correct contractor for the basement project. A contractor must be well knowledgeable and on budget. There are many contractors to do this sort of work but it is important to always do the proper research before investing the hard earned money as things could potentially get ugly in these sorts of projects. Get Basement renovation in Edmonton, Alberta @ your pocket budget and makes your dream house dreams true.