Basements are among the most adaptable rooms of your home. They can be used for extra storage, a second living area, a game or entertainment room, and about anything else you can think of! With so many alternatives, it can be tough to determine what you want and can afford for your basement redesign.
The cost of your basement makeover will be determined by the type of project and the associated expenses, which are detailed in this article, along with suggestions for getting the best return on your investment. And if you’re interested in working with a design-build remodeler.
How much does finishing a basement cost?
The cost of finishing a basement varies widely based on your location, the present state of your basement, the materials used, and any other facilities you want to include, such as a bathroom, bedroom, or cinema room. On average, homeowners pay between $22 and $50 per square foot when finishing their basement. If you wish to renovate your basement, you should budget between $20,000 and $45,000.
Keep in mind that this is only the average cost. If you want to add many specialty rooms, purchase high-quality flooring and fixtures, or renovate a large basement, you could end up paying $100,000 or more. With such a wide range of pricing for finishing a basement, you may be asking how you can afford it while staying within your budget. Here’s a list of the primary costs to expect, as well as other optional costs.
Basement Renovation Ideas
Your basement has the potential to be more than just an extra room on the lower level. As a homeowner, you can do:
- Update the fireplace: Changing your fireplace may entail replacing your current one, such as a gas fireplace, with a wood one. You can also repaint or modify the mantel to match a new style.
- Create a playroom: With a growing family, you can dedicate a space for youngsters to play. This may incorporate a tiny inside jungle gym or more comfortable chairs for the youngsters to relax on.
- Give the walls additional texture: The basement doesn’t have to be completely white. Some homeowners build some of their walls out of brick or wood to add style or a specific vibe.
- Set up a wet bar: If you frequently host and enjoy experimenting with drink recipes, you can have a bar equipped with a wine cooler, appropriate cabinets and tools for making the cocktails.
- Add more lighting: To keep the basement from appearing dreary and uninviting, consider installing pot lights and other attractive light fixtures.
Employing labor or a basement contractor
Hiring a reliable and high-quality basement contractor will most likely be one of your largest expenses. You may pay between $25 and $100 per hour for labor. The cost of hiring a contractor will vary depending on your area and the size of your job. For example, an estimate from a contractor in New York, NY is unlikely to be the same as one from Omaha, NE.
A common rule of thumb is to set aside around 20-35% of your budget for labor. To get a precise cost, contact a contractor for a personalized quote. Check to see how they charge; some include the cost of their labor in the project, while others charge per hour.
When hiring a basement contractor, Go Pro Construction recommends that you “thoroughly research and interview your general contractor.” They should treat you as a partner throughout the process, not only providing you with an all-inclusive budget up front, but also discussing choices with you at each stage of the project. Open communication will keep the project on track and within budget, reduce stress, and result in a project you will like.
Cost Factors That Are Required For Basement Renovation
Let us look more closely at the cost of finishing a basement. While the cost of each item will vary based on the general contractor, these estimates are reasonable. Whether you’re entirely renovating your basement or just updating it, the figures will apply.
Framing
Framing a basement is similar to creating a skeleton and requires thorough preparation. Wooden beams serve as the framework for insulation and electrical installation. If you’re doing the frame yourself, make sure you measure everything properly. Depending on the size of your basement, you may anticipate to spend between $1000 and $1500 on frame supplies and labor.
Plumbing
Plumbing is the network of pipes, drains, and faucets that supply water to a home while removing liquid waste. They are a substantial contributor to basement finishing costs, especially if you’re adding a kitchen or bathroom. Adding or removing pipes is a substantial undertaking that typically necessitates the assistance of professionals.
A kitchenette typically costs between $1000 and $5000, whereas a full-sized kitchen costs between $12,000 and $20,000. Meanwhile, a basement bathroom costs between $10,000 and $15,000. Depending on how elaborate you want, the project will cost between $10,000 and $35,000 for plumbing alone, but it will be less expensive if the room is designed with existing plumbing features.
Drywall
Indoor walls are constructed of plasterboard, a material that is divided into huge panels and screwed to the frame. They are installed in layers, and you can paint the final layer to match your aesthetic basement ideas. You may be able to complete this step on your own to save money. Plasterboard is a cheaper basement finishing option, costing about $1.50 per square foot. As a result, the cost of installing plasterboard throughout your basement will range between $2000 and $4000.
Insulation
Insulation covers the gaps between the timber frames and behind the plasterboard panels. You may choose numerous types of insulation to fit your budget. Insulation is an important step in Canada because winters can be extremely cold in some locations.
There are numerous types of insulation, with rigid and spray foam being the most affordable at approximately $1.40 to $2.20 per square foot. Fiberglass insulation is the most expensive, ranging from $1.80 to $3.50 per square foot. Overall, you should expect to pay between $2,000 and $8,000 for insulation, depending on the size of your basement and the type you select.
Ceilings
Although simple ceilings are most prevalent in homes, you can tie the design together by using an accent ceiling instead. Ceilings can also serve as functional elements, such as drop ceilings designed to conceal wiring or piping. You can select from a number of basement ceiling styles. Plain plasterboard will be your cheapest alternative because your ceilings will be an extension of your basement walls throughout installation. You will pay between $2 and $3 per square foot here. Drop ceilings, on the other hand, cost more, ranging from $2 to $5 per square foot. You may anticipate to pay between $900 and $2500 for your basement ceiling, with the upper end typically associated with drop ceilings.
Electrical Work
Your new basement will require a sufficient electric connection to power your lights and other equipment, which may necessitate the assistance of a professional to install new wiring. Unless you are altering the overhead lighting or adding additional outlets, you will most likely not require the services of an electrician. Hiring a licensed electrician to wire your basement is worthwhile since it eliminates potential safety issues. Wiring the entire basement will cost between $1000 and $2000, with hourly charges ranging from $65 to $85 per hour.
Flooring
Whether you need to replace your carpet or give your basement a more modern appearance, your flooring selection contributes to your goals. Carpet is often the most economical flooring option. Remember that basements tend to grow moist in basement conditions, which does not go well with carpeting.
To keep your carpet in good condition, consider investing in solid waterproofing and humidity management. Otherwise, tile or engineered wood flooring are equally popular options. They are more expensive than carpet floors, so plan accordingly.
Painting
Changing the color of the walls is one of the most basic and typical basement improvements. Although simple, altering the color, retouching the current one, or creating your own accent wall can make the space feel younger.
If you’ve painted before, you can buy paint and apply a few coats on the wall on your own. Whether you hire pros or do it yourself, painting your basement should cost between $320 and $700.
Waterproofing
One of the most crucial phases in house construction is to include a layer of protection against water damage. As houses age, the protective barrier may need to be reinforced to prevent degradation.
Depending on your basement’s current waterproofing state, you might pay anywhere from $1000 to $25,000 to achieve waterproofness. Water damage is common in practically all basements, therefore invest in quality materials to avoid severe wear in a short period of time.
Read More About – How to Remodel Bathroom on a Budget: A Step-by-Step Guide
Conclusion
In general, a basement renovation is an excellent way to raise the value of your property while also increasing your living space. With careful planning and execution, you can design a basement that is both functional and appealing. There is no single answer to the question of how much basement renovations cost. The cost of your project will vary depending on its size and scope, location, and supplies.
