BASEMENT RENOVATIONS

With a basement renovation project, you can enjoy an impressive 20–30% more personal-use space in your home. This expansion allows you to have the freedom to create additional living space or establish a home office tailored to your specific needs. Moreover, the added space can be versatile, serving as a haven for night guests. By adding an extra bedroom in the basement, you can accommodate relatives, friends, and even a permanent nanny for young children who require constant attention. But that’s not all – a basement renovation can also provide a lucrative opportunity. By transforming the unused basement into a legal basement apartment, you can tap into a continuous source of extra income. With the increasing rental costs in Ontario, this remodeling project can quickly pay off and provide a steady cash flow. Furthermore, a basement renovation can have a profound impact on the overall value of your property. After implementing various upgrades in the basement, the house's price can soar up to 70%, effortlessly offsetting all the expenditures incurred during the renovation. So not only do you gain extra space and potential income, but you also witness a significant increase in your real estate's value. It's a win-win situation that brings both personal and financial advantages to your doorstep.

The cost of remodeling a basement is not solely determined by the total area, but rather by the extent of the transformation of the existing space. Several factors, such as the materials used, volume of work, location, and others, influence the overall cost. Typically, the average cost of renovating a 1000 sq/ft basement involves two components. Firstly, the essential operations, including framing, electrical work, plumbing, and more, tend to amount to around C$50,000. However, it is important to also consider the additional tasks required for a basement remodel.

The implementation of a basement remodel project typically takes 2–3 weeks, but in certain cases, this time frame may be extended due to various factors. These factors can include delays in obtaining the necessary documents for the creation of a legal basement apartment or the inclusion of custom elements that require additional time and attention to detail. However, our company is well-equipped to handle any challenges that may arise during the renovation process. With our team of highly skilled specialists, who have years of experience in the field, we are able to thoughtfully plan and execute a full basement renovation using the most technologically advanced materials and the highest level of workmanship. Our main focus is always on achieving the highest quality results for our clients, regardless of the complexities involved in the project.

There are several mistakes to avoid before starting a basement renovation. Some companies don’t inform their clients about these issues to reduce costs, making them difficult to address after the renovation is complete.

Problems that should be addressed in advance include insufficient or incorrect waterproofing, unaddressed foundation cracks, and poorly calculated lighting. A reliable contractor always pays primary attention to these issues to avoid such problems.

Before transforming an unfinished basement into a useful space, it’s important to assess its current condition and address all issues, including foundation cracks. Then, consider the purpose of the space, as a legal basement apartment differs significantly from a basement for personal use.

Next, contact Finished Basement and invite a specialist who will visit the site, take necessary measurements, create 2D and 3D plans, and provide a preliminary cost estimate of the entire project, which will be as close as possible to the final price of the basement renovation.

No.

Creating a second unit significantly differs in the materials required. For a second unit, fire-rated drywall, fire-rated doors, and other fire-resistant materials are needed. Moreover, a legal basement apartment also requires a smoke detector.

Moreover, creating a second unit for rent involves regular inspections by inspectors. They check the correctness of the legal basement apartment project at different stages to ensure its safety for tenants and homeowners.

No, unfortunately, at this current time, Nicholas Collister Contracting does not have a financing program available for clients who are looking to undertake renovation projects.

While we understand that renovations can be a significant investment, our focus remains on providing exceptional construction services and delivering high-quality results.

However, we are always happy to work with clients to explore alternative options for financing their projects. We encourage interested individuals to reach out to our team to discuss potential solutions or to inquire about any future updates regarding our financing programs.

To get started, it would be best to contact Nicholas Collister Contracting and ask for a project assessment and estimated cost. By talking about your ideas and plans for the space, we can give you a realistic estimate with all the necessary details.