How much will I pay for a basement development?
For basements under 1000 sq. ft an average price is $35/foot for complete development. For basements over 1000 sq. ft prices may range from $35-$55/foot, depending on level of finish and extra features such as wet bar, higher end cabinets and fixtures.
Costs may be lower if you are not including a bathroom in the development, or if you plan to do some of the finish work such as trim and painting on your own.
How long will it take?
A 600 to 1000 sq ft basement will take between 6 and 12 weeks to complete. This does not include the time it takes for permits to be approved through the building department.
Should I get a permit?
YES! Many homeowners do not understand that if you ever have damage to your home that originates in the basement it may not be covered by insurance if you did not have a permit for the development. It also ensures that the contractor builds your basement to meet the Alberta building code.
Is finishing my basement a good investment?
The average return on investment is 154%. If this is a major concern you should check with an experienced real estate professional, as your neighbourhood, current size of your home and current market conditions will have an impact on the answer.