How Much Does a Basement Remodel Cost? (2023) – Bob Vila

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With the high cost of new construction, some homeowners are looking to their basements for additional living space. While the average cost of basement remodeling is about $21,541 nationwide, that figure varies widely depending on the quality of the materials used and the type of remodeling.

Still, finishing a basement is often a much more affordable way of expanding a homes living space than building a new addition to the house because the floors and walls are already in place. While some basement remodeling projects are in the DIY realm, many require the services of licensed contractors, and the final basement remodel cost will typically range from $30 to $75 per square foot.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

Many use the words remodel and renovate interchangeably. Still, remodeling typically involves changing the spaces layout or adding or replacing finish materials (installing new tile flooring, painting the walls, or replacing the panels in a drop ceiling). Remodeling is often a part of a basement makeover. Remodeling can also mean changing the purpose of the space, such as installing a kitchen in the basement, which is among the more pricey projects and could run as much as $30,000.

Renovation involves making some type of repairs. The most common basement renovation projects are the restorations necessary after a house suffers flood or fire damage. Renovating to correct water damage can run $1,200 to $5,100, while basement renovation cost after a fire can run anywhere from $3,000 to $33,000 just to repair smoke damage. Renovating doesnt change the spaces purpose; instead, it usually restores the area to like-new condition.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

The overall cost of a basement remodel averages $12,232 to $33,173, yet it can be as little as $4,000 on the low end and as much as $50,000 on the high end. Why so much price variation? The answer lies in the unique properties of basements, what condition theyre currently in, and the going rate of labor in the community.

Two of the main factors determining the cost to finish basement spaces are the basements size and current condition. A partial basement remodel of an area less than 700 square feet could run from $9,000 to $52,500, while the complete remodel of a basement with 4,000 square feet could top out around $300,000. A basement with leaks or moisture problems will cost more to remodel since waterproofing should be done first and could run as much as $7,000.

No two houses are alike, so no two basements are alike. This means that different subcontractors are necessary for various remodels. Hiring a designer could add $2,000 to $13,000 to the basement remodel cost, while a licensed electrician will typically charge between $500 and $2,500 to wire the basement. A plumbing subcontractor will typically charge between $400 and $1,800 to install new bathroom fixtures.

If the remodeling project includes adding walls and installing plumbing or wiring, the local building authority may require a permit before starting the project. Permit and inspection fees vary from community to community and may be a percentage of the projects estimated cost or a flat fee. Typical permit fees range from $100 to $2,000 or more, and the contractor will usually pull the permit and then include the cost in their charges.

The average cost to finish a basement depends on multiple factors. For example, when calculating an accurate estimate, a contractor must determine whether repairs should be done first and whether moisture issues are a concern.

If the basement has mold or water damage, cleanup could add anywhere from $1,200 to $5,100 to the overall cost of the basement remodel. If professional mold remediation is necessary and wallboard and flooring have to be replaced, the price could start around $10,000 and go up from there. On the flip side, a simple flooring replacement and a new coat of paint could cost less than $3,000.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

The difference between above-grade walls and basement walls is that basement walls directly contact the soil. This makes basements prone to moisture problems and leaking. Before finishing a basement, any moisture problems should be addressed. Waterproofing a basement will add an estimated $2,000 to $7,000 to the bill.

When it comes to basements, finishing means to transform the basement (no matter what shape its currently in) into a living space thats similar in quality to the above-ground living spaces. The cost to finish basement living spaces will vary based on all the factors covered, but a general estimate is between $30 and $75 per square foot.

Incorporating new rooms into a basement is standard for many remodeling projects. The cost will vary by the type of room and the quality of the materials and fixtures. Adding a bathroom ranges from $6,600 to $16,500, while adding a master suite can run as much as $25,000, especially if egress (escape) windows have to be installed. Other popular basement remodel projects include:

For many, the most significant benefit of finishing a basement is the increased family living space that can alleviate crowding on the main floors. A finished basement is also a selling point, and it makes a home more energy efficient as well.

Most remodeling projects are expensive, and remodeling a basement is no exception. Remodeling Magazine estimates that a basement remodels return on investment (ROI) averages about 70 percent. So, remodel with the intent of enjoying the space, not just for resale purposes.

A basement remodeling project offers the homeowner a range of living solutions. A basement with a separate entrance can become a rental apartment or provide additional family space. The project can include adding new bedrooms, a playroom, a recreation area with a bathroom, or a craft room. The basement can be one of the most versatile spaces in the home.

Finishing a basement often improves a homes energy efficiency. During remodeling, the basement is often insulateda project that typically adds around $500 to $1,500, depending on the size of the basement and the type of insulation. This reduces heat transfer through the main floor and, as a bonus, also reduces drafts. The result is a more energy-efficient house.

Homeowners can save a substantial amount of money by tackling remodeling projects, but the key is in knowing when to attempt DIY basement finishing and when its better left to the pros. A general rule is to call licensed professionals for new wiring projects. Electricians charge between $50 to $100 per hour for their services, and, in some communities, homeowners are not permitted to do their own electrical wiring.

While plumbing is less dangerous than wiring, it requires working knowledge of making plumbing connections, and faulty plumbing can leak, leading to significant water damage down the road.Some DIY tasks a homeowner can take on include clearing away trash, painting, and sometimes installing flooring.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

When DIY-ing some or all of a basement remodeling project isnt feasible, homeowners may still be able to save some money. Keep in mind that many costs are negotiable, and by compromising on materials, a basement remodel doesnt have to break the bank. The following tips can save money without sacrificing overall quality or the ability to enjoy the basement.

The oft-recommended advice is to get bids from a minimum of three contractors before choosing one to do the remodeling. While thats sage advice, ask the following questions to ensure the best contractor is selected for the job.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

Basement remodeling and renovating are expensive, but theyre investments in the home when done tastefully and with good workmanship. For those thinking about a basement remodeling project, some questions are likely.

On average, basement remodeling costs $30 to $75 per square foot, so the cost to remodel a 1,000-square-foot basement would range from $30,000 to $75,000, depending on the material and fixture costs.

At an average of $30 to $75 per square foot, remodeling a 1,200-square-foot basement would cost between $36,000 and $90,000.

Do plenty of research before starting to ensure youre getting what you want at a price you can afford. Because a basement remodel is an investment in the home, your lender may give you a home equity loan to pay for the project, and you can pay the loan back in installments.

The resale value of a house depends on many factors. In general, homeowners can recoup 70 percent of the cost of a basement remodel when they sell. For example, if the current house is valued at $250,000 and the homeowner spends $50,000 on the basement remodel, it would potentially increase the houses value by 70 percent of $50,000, which is $35,000. That would boost the homes valuewhen the project is completeto $285,000.

Adding bathrooms, home theaters, and wet bars are among the most expensive basement remodeling projects. Bathrooms cost an average of $6,000 to $15,000, and wet bars range from about $6,000 to $22,500. Home theaters can run as much as $300 per square foot.

Remodeling your basement?

Find local basement remodeling contractors in your area and get free, no-commitment estimates for your project today.

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How Much Does a Basement Remodel Cost? (2023) - Bob Vila