Entries Tagged as 'basement remodeling cost'

The Average Cost of a Basement Remodeling Job

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 you’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, it’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.

It’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. It’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. It’s additions such as bathrooms, wet bars, entertainment areas, elaborate moldings, heating, and additional wiring for lighting that can increase your price tremendously. It’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.

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Basement Remodeling: How to Determine the Best Use of your Basement Space

The basement is usually the last space to be remodeled in a home. And, by the time most homeowners get to this space, they may be bursting with ideas or fresh out of them. Following is a basement remodeling checklist. It will not only help you define how to use the space, but keep you within budget once your plans are defined.

What Are Your Family’s Needs: Before tackling a basement remodeling project, clearly outline your family’s wants and needs. Do you need a playroom for the kids; a workout room for the whole family; or an office for a home business start up?

Many approach the basement with a “want list” in mind. But in order to make sure you’re not just wasting money, you should take into account how you all actually live as a family. This way, you’ll get the most bang for your remodeling buck!

How Long Will You Be in the Home: This is a question every homeowner should ask before tackling a basement remodeling project. Consider this: Remodeling Magazine’s 2008-09 Cost vs. Value Report puts the average cost of a full basement remodel with wet bar and bathroom addition at $61,011…

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