Start your basement remodeling project with a solid financial plan.
An unfinished basement represents wasted space in small or cramped homes. A finished basement can provide extra living space for bedrooms, entertaining or family time. Before you hire a contractor to start your basement remodel, it's important to understand what costs are involved. To see if this project fits your budget, consider these average basement remodeling costs as well as the factors that affect them.
Average Total Cost
The average cost to finish a basement can vary dramatically based on region, layout and basement size. According to "Remodeling Magazine," the average cost to refinish a 600-square-foot basement as of 2008 was nearly $61,011. This cost includes adding an entertainment area, wet bar and bathroom to an unfinished basement.
Servicemagic.com estimates the average basement cost at $20,680, which includes adding such features as a bedroom, bathroom or family room in the average home.
Average Cost per Square Foot
For a more accurate idea of what your basement remodel will cost, it may be helpful to consider the average cost per square foot, rather than total average cost. According to This Old House, basement finishing jobs start at around $20 per square foot. This low cost applies to newer homes with basic wiring, piping and ductwork already in place. Bankrate.com estimates the cost per square foot at closer to $58. This higher cost applies to an older home, or one that requires extensive work to finish or remodel the basement.
Factors Affecting Cost
Many different factors impact basement remodeling costs. Basic work like wiring, plumbing and HVAC can increase your costs dramatically if they need to be installed or brought up to code. The finishes and materials you choose can also have an impact, with high-end luxury finishes increasing costs much more than basic materials. Your skill and time commitment to the project can also make a difference. By exercising some of your own basic DIY skills, you can cut labor costs and reduce the overall expense of your basement remodel.
Features
The features included in your basement remodel can vary based on how you want the finished space to function. Many basements require substantial waterproofing, sealing and insulating before any other work can begin. Next, contractors add electrical and mechanical equipment to light, heat and cool the space. The basement must be framed with wood or metal studs, then finished with drywall, paint and other materials. If you plan to use the space as a bedroom, most building codes require you to install an egress window, which can add dramatically to the cost of your project.
Considerations
When determining how much to spend to finish your basement, it's helpful to understand what percentage of these costs you're likely to recoup when you sell the home. According to the North America Military Financial Education Center, homeowners recoup 75.4 percent of basement remodeling costs on average. Bankrate.com suggests that this figure could be as high as 110 percent in hot real estate markets, but as low as 65 percent in quieter, slower housing markets.
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