One of the most common reasons that homeowners choose to renovate is so that they can increase the amount of living space in their homes. You can do this a couple of ways, by putting an addition on to your home, renovating the attic but the most common is to finish off the basement. If you’re contemplating finishing your basement but you’re wondering about the cost then you’re not alone. The average cost of a basement remodel can run you anywhere from $5,000 for a basic finish to more than $100,000 for a state of the art man cave with all of the bells and whistles. Let’s take a look at what you can expect to spend based on the type of remodel that you choose, bear in mind that none of this is written in stone and your costs can vary a great deal.
The Basic Finish
If you have a basement that has absolutely nothing in it and you want to turn it into a livable space then you will be doing a basic finish. This is actually easier and cheaper than renovating an existing space. For this you are going to have to frame in the walls, insulate, moisture proof, add in the ceiling and floors and install whatever electrical and plumbing that you need. To do most of the work yourself you will be looking at roughly $7,000, if you are planning on hiring a contractor to do the work for you then you can expect to pay upwards of $20,000. You can increase that budget if you plan on adding a downstairs bathroom to the space. This estimate is based on a home of 2,000 square feet.
A Full Remodel
If you have a basement that has already been finished but it looks like the set of That 70’s Show you may be ready to rip it all out and update the whole thing. If you want to change the layout and add spaces like a home office, playroom, rec room or an additional bedroom then you can expect to pay $20,000 – $30,000 for the whole project. You can save yourself some money by taking down the existing walls. If you need additional plumbing or an electrician to add some outlets then expect to pay a bit more.
A Finished System
There are companies that will use prefab walls and other parts to create a finished basement in no time flat. You don’t have to do any of the work yourself, it is quick and the work comes with warranties that your basement will stay warm and dry. The materials are proprietary and an installed system runs $40 – $50 per square foot. It can get pricey pretty quickly, if you have a 2,000 square foot home can cost you nearly a $100,000 to finish.
Renovating your basement isn’t a cheap endeavor but it is one of those projects that will payoff. One of the best investments you can make to increase the value of your home is to add to the living space. Basements give you the chance to add family rooms, bedrooms or a home office. Bear in mind that these estimates are just that, estimates. The actual cost can run higher especially if you need to hire in plumbers and electricians, it will all be worth it in the end.