Turning an unfinished basement into a finished one offering a lovely living space is a great idea. A decent basement remodeling or basement renovation can give you the perfect living space or storage in a few steps. Though homeowners are aware that a finished basement will increase the house’s resale value with a great return of investment value (ROI), basement remodel cost is still a big concern for many homeowners. 

In this post, we provide you with a rough estimate of a basement remodeling cost. Moreover, you will read about some factors that potentially affect the price. Finally, we are sharing some tips that might help you reduce the cost of basement remodeling.

Average Cost of Basement Remodel

According to Homeguide, basement remodeling cost per square foot is $32 to $47. So, for instance, remodeling a 500 square ft. basement will cost about $20,000, and a 1000 square ft. basement will cost $38,000 or so. However, bear in mind that though they are technically different things, the terms basement remodeling, basement renovation, and basement finishing can be used interchangeably. Thus they get more confusing when it comes to figuring out the costs. Let us make these terms clear before moving forward.

Finishing vs. Remodel vs. Renovation

As mentioned above, finishing a basement is different from remodeling or renovating a basement. Technically, we can say that concrete floors are quite common in unfinished basement types. Also, generally, there is no plumbing or insulation in such basements. Therefore, finishing a basement refers to turning an unfinished basement into a finished livable place with the required infrastructure and superstructure.

On the other hand, more and more people seek ways to boost the functionality and aesthetic of their already finished basement. In such cases, the extent of the new plan should be taken into consideration. For example, if the new design involves a total transformation like changing the outlay and structure of the area, then we can call it a basement remodeling. As for renovation, the idea is to keep the basic structure and function the same while changing or updating in a limited or slight manner. For example, painting the walls or installing new lighting fixtures are some common renovations.

Factors Affecting The Cost to Finish A Basement  

Some people suffice with an unfinished basement, and they just get their basement insulated and use it as extra storage in a simple way. Some others might need a partially finished basement, which generally has insulation, drywall, and some heating, cooling, or exercise equipment. The family can’t spend long hours in this type of basement but still, take some time for a short hangout there. If the plan is to have a finished basement, then it means the basement will be just like your living room, or bedroom with all the required utilities and infrastructure. 

For a fully finished basement, the average cost of basement remodel is not easy to estimate as there are many factors to be considered. Here is a list of factors you might consider when you want to figure out your basement remodel cost.

Labor

Labor is one of the most significant factors in basement remodel costs. Depending on the location, it can take up 30% of the overall cost. In urban areas with higher living costs, the labor will be much higher than in rural areas in which people can live with lower living costs.

Basement Size

As you might already assume the larger the area is, the higher the basement remodel cost becomes. Also, you should remember that if the basement is larger, homeowners usually tend to separate the area into smaller units like a bathroom, an office, a game room…etc. Divisions mean adding walls and more labor. 

Project Scope

Basement remodel cost is greatly based on the scope of the project. Creating an extra bedroom, for example, may not cost too much. But if you want to integrate a bathroom, it means you will need some plumbing work there. Depending on other ideas, you might need extra electrical and HVAC upgrades, which will push the cost up. 

Material Quality

In most cases, using cheaper materials will risk the longevity of the finishing or remodeling carried out in your basement. However, there may be still some ways to reduce the basement remodel cost depending on your priorities in the project. If you hire a good basement remodeling service, you can discuss the issue with them and get some basement remodeling ideas on a budget.

Permit And Inspections

In many places, you don’t need to get a permit for a simple basement renovation. However, if you plan to get a thorough basement remodeling service, you will need a permit from your local authorities. The cost of this permit varies depending on your location, the size of the basement, and the scope of the remodeling project. Also, remember that the local authorities generally go to your place at the end of the remodeling for inspection. Though the fee for the permit includes the inspection normally, you are still advised to ask them for the details of the procedures (permit and inspections) and payment.

Location

All the factors listed up until here are closely linked with the geographical location you reside. The overall cost of living in an area directly affects the remodeling services like material costs, labor, and even fees for official procedures. However, you should also note that the basement remodel cost isn’t affected by the location negatively. If you live in a place where access to high-quality material is easier, it can cut down on the price.

Compliance

Your geographical location is a background factor for many other factors determining the basement remodel cost, and compliance is no exception. In many states and cities, there are local building codes that your building should follow. Though the authorities consider some common points, there might be still some differences. For example, basement remodeling in Virginia might have some common codes across the state, yet there can be variations among different cities within the state. 

Basement remodeling contractors usually know the latest changes and regulations concerning the local compliance codes. Therefore, when it comes to choosing a contractor for your remodeling or finishing projects, try to find basement remodeling companies that can help you with the compliance issues best.

Basement Remodel Cost: Item Wise Estimation

Regardless of the basement design, almost all basement remodeling or finishing projects involve certain works such as electrical, plumbing, drywall, painting…etc. Here is a list of these items with estimation and conceptualization.

Electrical

Electrical work involves both materials and labor. Lighting for basement spaces or sounds system for a home theater is all related to the electrical in the basement. Therefore, it is not easy to determine before projecting your basement particularly. One thing you should never forget is that many local authorities don’t allow you to do the electrical work on your own. You will need to get a permit and inspection for your finishing or remodeling projects. 

Plumbing

If your basement remodel project involves sanitary spaces like a basement bathroom, a toilet, or a wet bar, plumbing is one of the first concerns you should have. Of course, the scope of the project is highly important. If it is a simple renovation, you can use the existing plumbing differently. But if your plan is finishing or remodeling a basement, then the cost will go up. Nonetheless, you can still discuss your complete project with the basement remodeler as it is sometimes possible to use the same plumbing for different purposes, which might help you save money.

Flooring

Unfinished basements are usually with concrete floors, only. Though it is still possible to make use of your basement with a concrete floor, it offers very limited functionality. Most basement finishing ideas require you to have proper basement flooring. If you already have suitable flooring for your finishing or remodeling project, then you can even skip this part in your cost estimations.

Drywall and Painting

As you might already know, you don’t have to build conventional walls to separate the living spaces in your basement. Drywalls are effective materials that you can use for the same purpose, and they are usually cost-effective in terms of the material and the labor. However, you should still consider painting the drywall. So, generally, you can’t avoid the cost of painting the basement.

Egress Window & Sump Pump

An egress window is an alternative escape route in case of an emergency such as a fire. It is supposed to follow an official code stated by the local authorities. The national average cost for it is around $4000.

Sump pumps are another emergency structure commonly considered at times of basement remodel. If you live in a place where the soil is prone to flooding, it is strongly advised to have one. Also, storing the water because of poor drainage or leaks is another remarkable function of sump pumps. The cost of a sump pump is around $600.

Conclusion

As you can see, there are many things to consider when it comes to basement remodel ideas and estimating a basement remodel cost. Visiting a local basement remodeler can help you a lot with making all the steps clear in your mind. You can also see some basement remodel pictures there, which might help you visualize your finished basement at the end of the procedure.