As part of our very popular “Average Cost” series, we would like to address the question; “What is the average cost of a basement remodeling project?”
The average cost of a basement remodeling job can depend on a lot of things. The three biggest factors affecting the cost are the size of your basement, its present condition, and the desired finished product. While the average cost nationwide is $45,000, you could spend anything between $500 and $100,000 depending on what youâ€™re going for.
The current state of your basement can have a big impact on your final cost. All finished basements need moisture-control and insulation. If this has not already been taken care of, itâ€™s going to add to the cost. Installing plumbing and electrical wiring is another expense. Adding windows and extra lighting will up the cost as well. A basement that is partially finished may cost much less to complete than an entirely bare space.
Itâ€™s generally accepted that in newer homes, basement remodeling will cost on average $20-$25 per square foot, meaning around $30,000-$50,000 for a 1,500 to 2,000 square foot basement. Itâ€™s also possible to finish part of your basement and leave another part unfinished.
Converting a basement into a comfortable and legal renting unit usually costs between $30,000-$50,000 as a national average. This could mean adding bathrooms, kitchens, and windows if necessary.
What you want out of your basement is the ultimate factor in determining the final cost. You can finish the walls, ceilings, and floors to create usable added living space for as little as $1,000-$5,000. Itâ€™s additions such as bathrooms, wet bars, entertainment areas, elaborate moldings, heating, and additional wiring for lighting that can increase your price tremendously. Itâ€™s possible to spend upwards of $100,000 depending on the dream in mind. As with all home improvement projects, the more elaborate the plan, the higher the price tag.