In Basement Remodeling by Adam Jensen / Updated: April 7, 2021
One of the biggest hang-ups people have when it comes to remodeling their basement is the cost to finish a basement.
It is such a hindrance that people don’t finish the project or don’t start altogether.
The average cost to finish a basement starts around $30,000 and could cost over $200,000. At Finished Basement Plus, we are committed to helping you make this mountain of an issue manageable. We do this by working with you to design a space that works with your needs as well as your budget, we also offer financing options for your project.
A Finished Basement Starts with the Foundation
You don’t start building a house by looking at the decor first (at least we hope you don’t). You have to start with your foundation. Your floors, walls, and even your ceiling are essential for remodeling any part of your home but especially your basement.
Before you even start your basement project, the first thing you need to consider is your project’s legalities. Depending on your location, you will need to obtain permits before you can start any remodeling projects. The national average for building permits is around $1,259. The last thing you want to do is to be half-way through your journey and have to worry about an inspector coming to remind you of your permits or, worse having to pay a fine! A few minutes of research plus a phone call could save you tons of money later on the overall cost to finish your basement.
The first thing you have to think about regarding basement finishing costs is the size of the basement. Typically, smaller spaces require less work due to less space and may cost less due to the size. However, larger basements will require more materials and, therefore, cost more.
The next thing you want to consider regarding the price to finish your basement is if this will be a job in which you will require a contractor’s services, or will you strap on that tool belt and go the DIY route.
Perhaps, a combination of the two will be better. Just remember there are pros and cons to both. With a basement contractor, you will have to look at different estimates and look at testimonials to see if you will have good work.
With the DIY route, you could save a lot of money; however, a simple mistake can lead to higher costs down the road without a professional and a warranty.
The next thing you get to look into is the building part. From the water-proofing to the insulation, walling, flooring, and ceiling, you will want to choose the best materials possible.
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Remember: Your building project will always go better when you have a better foundation.
Finished Basement Plus has excellent options for walls and basement insulation that could eliminate many problems for you.
After that, you have to determine the type of space you want and decide on electrical and plumbing placement in each basement area.
Basement Features: Must-Haves vs Nice-to-Haves
After solidifying your foundation, you can now start with the actual building and suiting of your space. When building with a budget in mind, you have to quickly differentiate the necessities or “must-haves” from the luxuries or “nice to have.”
For example, if you are building a laundry room, you will need a washer and dryer. However, having an industrial-style washer and dryer with a large steamer may not be the best option for you financially or spatially.
The first thing you will want to consider is the design and layout of your space (why it is essential to plan for your plumbing and electrical costs early on). You get to plan out where you want to place certain items and if you “need” a specific item if something is more of a “luxury” that you could do without either temporarily or permanently.
For example, if you are creating an apartment in your basement, you must consider things such as cabinets and countertops. The average cost for these can be between $3-5k each or more. With this in mind, the countertops’ material may not be as high of a priority as having cabinet space. Therefore, those decisions become easy to make early on to reduce your basement remodel cost.
Specialty Spaces & Customization
Once you have done all you need to do to reduce your basement remodel cost, you can now get to the fun stuff! After you have confirmed your layout, how you will place everything, and what necessities you need in the space, you can now get to the more fun stuff!
You can now start to look into customizing your space more to your tastes and desires. Instead of just a simple family room, you can see how to convert that new space into your game-day paradise when the big game is on.
You can incorporate more luxury into your space with more space in your budget. You can have more comfortable chairs and include that wet bar or bar cart. You can spend more time on the decor because you made the right savings choices in the beginning.
Frequently Asked Questions about Finishing Your Basement
How much value does a finished basement add?
Finishing your basement adds value as soon as you get started with the foundation. Finishing your basement will help decrease your energy costs by reducing the amount of heat in the winter and cool air in the summer needed to maintain a comfortable environment in your home.
It is also an investment in your health. Unfinished basements are known to have leaks and pool water that harbor mold and bacteria that could make you sick.
Finishing your basement also increases your home’s market value if you decide to sell at a later date.
Is finishing a basement a good investment?
YES! Finishing your basement is an excellent investment. Even if you decide to finish your basement to create more storage space for your family, eliminating the costs you would have otherwise placed in a storage facility or for damages and loss to your belongings.
You can also create another room in your basement, including a laundry room or a place for entertaining guests.
How can I pay for finishing my basement?
When looking at finishing your basement, there are some options for you. Besides budgeting and saving up for the project yourself, you could apply for personal loans or even look at your mortgage options.
The key is to examine all of your options and make good choices when your project starts to reduce your overall cost to finish your basement. With proper planning at the beginning, there are opportunities for plenty of savings throughout the process.
With many basements starting as unfinished, there will be an increase in cost as opposed to people that are simply remodeling a basement or just making cosmetic changes. However, at Finished Basement Plus, we are committed to helping you make the best choices to fit your situation and give you the results that suit your tastes and desires. Contact us today to book a consultation so we can get started!