You are purchasing a new home with an unfinished basement or you have built a house with a basement. A finished basement has many advantages and a lot of people choose to finish their basement in order to add living space for their growing family, entertaining guests or as a hangout area.
No matter what the reason, basement remodeling is one of the most cost-effective ways to improve your home and is an excellent investment.
An addition to your home would cost you double. However, it’s really a good investment as a basement remodel fetches 80% to 90% of its investment cost at resale.
There are various factors that should be considered when we plan to renovate or fix the basement such as surface area of the basement, surface area of walls, paints, waterproofing and French drain that is build around the basement influence the cost to finish basement.
In addition to that interior designing, tiles and flooring, ceiling finishing, electric wiring, egress windows etc also tend to have a significant effect on the basement remodeling cost. Every basement remodel is different due to its size and a homeowner’s desired finish.
And don’t forget: You will need to obtain permits that meet the building codes in your area. After it is finished the basement will need to be inspected in order to recalculate your home’s value.
The average cost for a basement remodeling is between $25/sq ft and $30/sq ft if you have a contractor to complete the work for you. Generally, materials account for 25 to 30 % of the total cost. This means that the bulk of the cost for remodeling a basement, 70 to 75 %, comes from labor. If you do the job yourself, the cost will be between $7/sq ft and maximum $10/sq ft.
You can save a large sum of money by providing your own labor but anyway your final project cost will depend heavily on what design elements you include in your plan:
a) A half of bathroom – cost – $5,000; a full bathroom will cost you double.
b) A wet bar-cost- between $5,000 and $10,000
c) If you have converted a part of your basement into bedrooms, you will need egress windows or outdoors.
d) Flooring: The types of basement flooring you choose makes a big difference in the price you will pay (vinyl tiles-$1 to $5/sq ft or hardwood floors- $5 to $20/sq ft).
Of course, the cost of basement waterproofing (if it is necessary) will increase dramatically the cost of your basement project.
- It’s a good idea to add 20 percent to the basement finish cost you have in mind to allow for price fluctuations or unexpected expenses.
- If you prefer to hire a contractor: Get Free quotes from local basement remodeling contractors. Compare advice and pricing to find the right basement remodeling contractor for you.