Finished basement provides your house additional living space and usable square footage, but taking it from concrete and cobwebs to a comfy hangout spot may be more expensive than you plan.
On average,the cost to finish a basement and transform into a livable space varies from $6,500 to $18,500. Basement remodeling projects that aimed to replace or improve existing features are pricier – between $10,000 and $30,000.
Therefore, your basement finishing costs depend on their spectrum, size and the extensiveness of the improvements.
Finishing, remodeling or renovating: all terms describe a basement improvement project.It typically involves adding walls, floor, electricity and lighting.
The biggest expenses are flooring and wall coverings, making up approximately 15% of the total cost to finish a 1,200 square-foot basement. Plumbing and electricity comes up to 14%, interior carpentry account for nearly 10%. Remaining costs include insulation, drywall and interior.
Extra costs will vary depending on additional features like bathroom or wet bar, condition of your basement and the speed of project fulfilment.
Discover what influences on the cost to finish your basement and how to keep expenses under control.
– Plan your project.
The way you will use your finished basement dictates how extensive improvements need to be.
– Set a budget
Make a list of necessary features with your contractor. Separate realistic improvements from the upgrades that will only bust your budget. Do not spend more than 15% of home’s value unless you are sure you will live in the house for more than five years.
– Think about ROI
Will a finished basement help you rent or sell the house in future? Finished basements with a bathroom, bar area and living space can have a positive impact on home’s marketability, adding nearly 70% of its cost in improved resale value.
– Find the right pro like House Renovations company.Take the time to:
- request estimates from a few contractors
- verify their reviews and suggested materials
- ask for customers’ referrals
- make sure your potential contractor is properly bonded, licensed and insured
– Make your finished basement more affordable
1. Choose standard materials and fixtures, avoiding premium prices.
2. Leave open space. Dividing into separate rooms means paying for additional electrical wiring,studs, drywall and doors.
3. Leave your basement finishing to the experts, like House Renovations. A contractor would save money decreasing the risk of not understanding the building codes and having to redo or tear it out.