Adding a basement to your home is no simple feat. This option is rather pricey, as there are a lot of costly steps involved. House lifting costs roughly between $16,000 and $20,000, then the foundation can cost anywhere between $30,000 and $45,000, and finally, you’ll need to add the cost of finishing your basement which is roughly $55 per square foot – all depending on whether or not you’re to include a bathroom, kitchen, etc.
The overall cost of adding a basement can vary greatly. It can be as low as $30,000 but easily go above $150,000. Of course, if you already have a basement and are looking to expand it or have a crawlspace, costs will vary as underpinning processes will take place. Reviewing our basement renovation services can help you to understand the process.
It’s also important to note that not all houses are ideal for this kind of addition. Homes with wooden structures and lightweight exterior siding are much easier to work with compared to homes covered in masonry. Sometimes, homeowners decide to get a basement put in to create a rental apartment.
In such a case, an areaway (i.e. a separate entrance) needs to be included as well as plumbing, electrical, and more. For this kind of project, there are many rules and regulations to follow according to your region’s Building Code. It’s not as simple as finishing your basement. However, adding a rental space is sure to increase your building’s resale value.
Keep in mind that you’ll need to check with your city if such a project is feasible, that’s why we provide an engineer on-site consultation. The session will allow you to discuss your desire goals and alteration with professional engineers and know if it is feasible in your neighbourhood. Our Building Permit Services can save you a lot of time and money.
A turnkey storey addition can cost anywhere between $145 and $210 per square foot. This is one of the most popular home addition options for many reasons.
Firstly, you can expand your living space without taking up more space on your property. It also increases your home’s resale value significantly. Though, like any other home addition, you’ll need to check the rules and regulations by the City of Toronto. Usually, the work should take between 2-4 months. Read more about our home addition services.
In most cases, it is better to add an addition to your current home rather than purchasing a new property. Since the cost related to addiction can be much lower and also you can keep enjoying same neighbourhood.