You could build a whole house for that much... I would get more prices.

Starting price in NJ for a basement is around $18 per SQFT for a basic complete basement, add additional 6-8k for a bathroom.

Just check your plumbing stub-outs, just designed 2 basements for a few customers and the builder provided them with stub-outs, but they didn't take time to lay the bathroom out... So the concrete floor has to be broken up again and pipes have to be placed in the right locations.

Good luck

Reducing any project--whether new construction or remodel--to a $/SF metric can be very misleading because the site-specific and project-specific costs can be vary a lot from one project to the next. Throw in any regional cost variations--especially urban vs. rural-- and you're in for a potential surprise.

With regard to your project, we simply don't know the scope or type of framing required, the waterproofing if any, the insulation required, if any, the HVAC, the floor finish, the scope of electrical work, the level of trim and finishes, etc.

You've already gotten two quotes at $70K +/- you could seek additional quotes to test the range in your local market. If the scope is well specified and the contractors are similar in their quality and the level of customer service they provide, you shouldn't see a whole lot of variation in the cost.

Best wishes for a successful project.

Around where I live it generally is $25-30,000 CAD to finish a 800-1,000 sq ft basement (that is to frame, drywall and paint, full bath, usually a wet bar, 1-2 bedrooms, maybe a gas fireplace. Does not really vary if walkout or not.

That is of course if all contracted out.

Many do it or parts of if on their own for $8-15,000 CAD depending on what parts they do or what finishing they choose.

Of course if you are looking at wood built ins, a theatre room, etc it starts getting costlier.

We had plumbing roughed in for bath, wet bar, and finished stairs with our builder but plan to do much of work on basement, minus the drywall hanging and finishing, on our own since there is no rush.

Thank you for the input. The 3rd quote came back at just over 40k. Not sure why we are getting such a huge price range. We are asking for the most basic basement- no extras in regards to finishes. We have a few more contractors to see this week that were recommended by some local residents.

Make sure that your GC has an actual architect involved, so that you get a layout that is functional and attractive. Its not a hard task, but you don't want the GC to try to design it himself. Once its all installed, you are stuck with it, so make sure it meets your needs and is something that will hold up in resale value. I have seen many budget reno's where a few minor changes would have made it a much better end product. An architect can usually also explain what types of features or changes would make a big cost difference.

Bruce