If you are looking for additional living space but don’t want to move to a new home, finishing a basement is a great way to get there. Not only will you increase your square footage, but you’ll increase your home’s overall value.
As you start to plan, you may be wondering how much to budget. Your basement renovation cost can vary, depending on several factors. The first step will be determining what you want to do in your basement. What features are most important to you?
Average Basement Renovation Cost
On average, the cost to finish a basement is $25 to $50 per square foot. However, this cost can vary, depending on prices in the area where you live and what you want to have completed. Typically, homeowners spend around $30,000 on a basement remodel.
When you are trying to estimate cost, it helps to be aware of the factors that play a role in the cost. You can use online forums to see what other homeowners have paid for similar projects. You can also get an estimate from a contractor.
The larger your basement, the more it will cost to remodel. You’ll need more materials, such as flooring and drywall, to cover a larger basement. You may also have more electrical needs for a larger living space.
Your labor costs will also be higher with a bigger basement because it will take longer. The cost of labor can vary widely depending on where you live.
DIY vs. Hiring a Contractor
If you have some skills, you can save on labor by doing some of the work yourself. However, you should also be aware that this will likely make your project last longer since a contractor would probably have several people working on completing your project. Most people do not have a complete set of skills needed to finish a basement.
If you would like your finished basement to include a bathroom, this can drive up the cost significantly. Depending on the existing plumbing, extensive work may need to be done to add a bathroom. The same would be true for adding a full kitchen or wet bar.
If having these features are important to you but would add too much cost, you can also look at doing a rough-in for plumbing and finish these features in the future.
Do you want a hardwood floor or carpet? What type of lighting fixtures do you want in your finished basement? Are you going to do the painting yourself, or hire painters?
Your final finishes on your basement will also factor into the cost. Don’t forget to budget for any furniture you may want to add to your finished basement.
Talk to a Professional About Your Basement Renovation
If you are unsure how to proceed, talk to a professional! Contractors will often provide free estimates and can give you an idea of a timeline. If you have a specific budget in mind, they can also help you determine the most “bang for your buck” for your basement renovation cost.