How to Calculate the Cost of Remodeling a Basement | Home …

In 2009-2010, the average midrange basement remodeling project cost $62,067 and generated a return on investment of 75.4 percent. Depending on the size and scope of your project, costs can be significantly more or less than this estimate, which included a wet bar, bathroom addition and laminate flooring, according to "Remodeling" magazine. Before you begin calculating your basement remodeling costs, evaluate your current financial situation thoroughly in order to determine how much you can set aside for your remodeling project.

Make a list of all the projects you plan to complete in your basement remodel, such as new flooring, cabinet installation, light fixture changes, and drop ceilings. If your basement is completely unfinished, don't forget to account for any radon testing, ventilation, and insulation costs.

List all equipment and supplies you will need for each project. Don't forget tools and basic construction materials.

Browse home improvement stores and internet sites and price each item on your list. You might want to make a spreadsheet with each item and slots for five to 10 different prices. This will allow you to accurately find the best prices for your project.

Meet with a remodeling consultant to discuss your proposed remodeling budget. Most consultants offer a free initial consultation, which should be enough to let you know if your calculations are realistic, says Mortgage News Daily.

Meet with general contractors if your basement remodel is a large-scale project. The California Contractors State License Board, CSLB, suggests obtaining at least three bids before you choose a contractor. Keep records of each bid for future reference.

Add up the total costs of remodeling materials and contractor costs to calculate the final cost of your basement remodeling project.

Nicole Crawford is a NASM-certified personal trainer, doula and pre/post-natal fitness specialist. She is studying to be a nutrition coach and RYT 200 yoga teacher. Nicole contributes regularly at Breaking Muscle and has also written for "Paleo Magazine," The Bump and Fit Bottomed Mamas.

Excerpt from:
How to Calculate the Cost of Remodeling a Basement | Home ...