The magnitude of the project and the material selection are the main factors that determine the cost of a basement renovation in the Niagara Region. The average cost of a basement renovation typically falls within the range of $40,000 to $100,000. This variation in cost is influenced by factors such as the size of the basement, the complexity of the project, the scope of work, and the materials chosen. For those aiming to create a legal basement suite, the average cost can extend to around $40,000 to $100,000 taking into account variables such as size, complexity, and material preferences. The other factors mentioned above are also important and should not be ignored. They may increase or reduce this average amount if chosen correctly. For instance, the cost of materials tends to go hand in hand with upgrades. The additional fixtures installed in the basement also play a major role in the overall amount. Considering each factor independently and collectively before working with a reputable contractor can help reduce the costs and keep the project within the set budget range.