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Basement Refinishing Costs

Thinking about finishing your basement? It’s a great opportunity to increase the value of your home and add the extra living space you need. If you have an idea of what you want to do with the basement, put a plan together and call a certified contractor to help with the more critical parts of the job. Also, have you put a budget together? If so, you are off to a good start, but if not, consider the following:

Basement Ideas will get the imagination going. Once you have hit an idea, make something of a plan, while considering the amount of space available to you.

Call a contractor that is qualified for the work, and put a budget together. Typically, basement finishing costs 50% of the cost of a new addition, increasing the value of your home by as much as 97%. Sitting down with a contractor, you will want to go over some of the following:

  • Project management (subcontractors)
  • Design
  • Permits
  • Site preparation
  • Foundation work
  • Framing
  • Electrical/lighting
  • Heating/cooling
  • Interior/exterior surfaces
  • Floor finishing
  • Doors/windows
  • Cabinets, fixtures, appliances
  • Finishing work

Estimates will vary, depending upon the features and materials required. Generally speaking, an estimate will come to about $40-$60 per square foot, but could cost as much as $100 per square foot (Remodeling Online). Larger projects, say finishing the basement for a rental, will cost on the average $30,000 to $50,000 (OldHouseWeb.com).

Waterproofing and insulation is a top priority; remember, the basement is below ground. The U.S. Department of Energy gives a detailed overview with cost estimates for a wide range of options. Your local planning department should also have specific regulations on ceiling height, access doors, and ventilation. Building permits will vary in costs and need to be added to your budget.

Overall, the costs will depend on what you plan and can afford to do in this project. It will also depend on local pricing for materials, labor, and permits. Thus, think about what you want to accomplish in basement space, make a design plan and budget, and call a professional for an estimate. The outcome will be well worth it.

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