Basement Development Costs

We receive numerous calls a week from people that have one simple and legitimate question. They simply want to know roughly how much it would cost to develop their basement. While the question may seem simple to answer, there are so many major factors and a wide price range between different products that it is not.

Cost Calculations

There are a few different simple methods that we can use to roughly determine the cost of a basement development in Edmonton. There is one simple system that factors in matching the current homes finish with an equal level finish for the basement. By considering the current fair market value of your home, it is considered to be a quality investment around 10 percent of the value of the home. So if your home is valued at $400,000 it is fair to assume in order to develop your basement properly would cost around $40,000.

This basic calculation can be used to give clients a fairly good idea of what type of investment they will require to develop their basement. Square footage prices are always discussed but using this calculation focuses on good investment not simply square footage. When square footage is used there are large variations in the pricing based on the square footage. This is do to the fact that many fixed costs associated with developing your basement are the same regardless of how many square feet the basement is.

Example 1 - 1000 square foot basement with 3 piece bathroom. Bathroom costs $8,000 So the bathroom based on the basement footage adds $8.00 per square foot to the cost of the project.

Example 2 - 500 square foot basement with 3 piece bathroom. Bathroom still costs $8,000 So now since the bathroom costs the same but the basement is smaller the bathroom footage adds $16.00 per square foot to the cost of the project.

This example is obviously using approximate numbers but it is intended to help clients understand how square footage pricing can be deceiving. This scenario is repeated several times as there are several rather static costs when developing a basement. Drafting and permitting costs for example fluctuate very little based on square footage.

Essentially smaller footage basement developments have higher per square foot cost, however when cross referenced against the value of the home the number is accurate. This is one way that we can ensure our client is making a sound investment in their home. For more information on developing your basement or any other home renovation projects you had in mind give us a call today and we will gladly discus it with you.

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