Basement cost = excavation + concrete walls and slab + waterproofing + finishing, each priced by quantity. A 10 × 8 m basement 3 m deep with 250 mm walls needs about 325 m³ of digging, 38 m³ of concrete and 188 m² of waterproofing, and gives 71 m² of usable floor. At the example rates that is about 44,600, or 625 per m² of usable floor.
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Estimated basement cost
44,566
Excavation (324.58 m³)
4,869
Concrete (38.25 m³)
9,563
Waterproofing (188.0 m²)
3,760
Interior finishing (71.3 m²)
21,375
Other items
5,000
Usable floor area inside the walls
71.3 m²
Cost per m² of usable floor
625
Concrete: walls + slab
26.25 + 12.00 m³
Excavation (bank volume)
324.6 m³
Budget estimate from your rates. Ground water, rock, shoring and design fees can add a lot: get a site survey and quotes.
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Waterproofing = outside of the walls + floor = 2(L + W) × depth + L × W = 188.0 m²
Excavation: 324.58 m³ × 15.00 = 4,869
Concrete: 38.25 m³ × 250.00 = 9,563
Waterproofing: 188.00 m² × 20.00 = 3,760
Interior finishing: 71.25 m² × 300.00 = 21,375
Total = 39,566 + other 5,000 = 44,566
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Quantities for Common Sizes (3 m deep, 250 mm walls)
Outside size
Excavation
Concrete
Waterproofing
Usable floor
8 × 6 m
209 m³
27.5 m³
132 m²
41.3 m²
10 × 8 m
325 m³
38.3 m³
188 m²
71.3 m²
12 × 10 m
466 m³
50.3 m³
252 m²
109.3 m²
Frequently Asked Questions
How do I estimate the cost to build a basement?
Work out the quantities first (excavation, concrete for walls and floor, waterproofing and finishing area), then multiply each by a local rate. Quantities come from the size and depth; rates come from local contractors.
Why is the excavation bigger than the basement?
Builders dig a working space around the walls, usually 0.6 m (2 ft), to set up formwork and apply waterproofing. The digging also goes down to the bottom of the floor slab.
What makes a basement cost more?
Ground water, rock, a tight site that needs shoring, and deep basements. These can add more than the concrete itself, so a site survey comes first.
How much waterproofing does a basement need?
Cover the outside of the walls below ground and the floor: 2 × (length + width) × depth + length × width. A 10 × 8 m basement 3 m deep needs 188 m².
How is the cost per square foot worked out?
Total cost divided by the usable floor area inside the walls. Thick walls reduce the usable area, so the cost per m² or ft² is higher than for the same footprint above ground.
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