Basement finishing cost is nearly 50 percent lesser than external home renovation. Before calculating total basement finishing cost you should consider these points. Whether you have to finish your incomplete basement or start from the scratch, you can do it yourself. If you are not good at handy work then you may need some worker or only a professional can do this task. Basement theme that is whether it is going to be a bedroom or bathroom or kitchen matters a lot. If you are good at handy work then you can easily remodel your basement. This saves your money. According to a 2023 survey an estimated cost to finish a basement is around $55,000. The majority of basement finishing cost is labor wages whereas materials cost is only 20- 25%. It is also worth noticing that basement finishing cost increases by 7% per year. It also depends upon your location as every where market price differs for everything.
Factors which includes in basement finishing cost are:
- Equipments to be installed
- Geographical location of your house.
- A contractor takes approximately $60 per square foot to finish a basement and $29 to $39 for a basic set up. So when you do it yourself then cut this amount from the total expenditure.
- For 1924 square feet basement, re finishing cost is around $55,000 which includes labor wages and other expenditure.
Basement theme matters
- Bathroom is the most desirable theme and it adds $4,500 approximately to a finished basement room. Kitchen and bathroom provides the best returns.
- Wet bar is the most expensive basement theme. You have to spend around $3500 to get a basic wet bar in your basement. This excludes construction cost. It also depends on what you want to keep in your wet bar. One disadvantage on basement wet bar investment is that you do not get proper return on its resale.
- If you plan for a basement bedroom then egress windows are must. They are the emergency doors to move out in case of fire break-out. A rough estimate of an egress window installation is $700 to $1000. It also depends on the location of installation.
Construction cost for finishing a basement
This differs with every basement theme. So, whenever you decide to remodel your basement kick start with these points to get the exact basement finishing cost.
- Measure your basement area. So that you can get an exact knowledge of your basement area. This makes easier for you to calculate the amount of material you need for your basement that is tiles, carpet, paint, etc.
- Make a rough list of items you need in your basement construction which suits your basement perfectly. Your list must include furniture, electronic appliances, etc. This list may change when you research the items and their cost.
- Research thoroughly on each and every construction item so that you make the most comfortable basement and that too in a cost effective manner.
- Prefer best hardware store rather than the nearest to shop your basement construction products. They help you out in getting the most suitable and affordable item for your basement.
- Calculating all the amounts gives you an estimate construction cost for finishing a basement.
Cost effective ways to finish a basement
- Before start working upon basement finishing work consult a contractor to check the water leakage and moisture amount in your basement. Doing this initially saves lots of your money. Ensure proper waterproofing in your basement before remodeling it.
- Some economical choices are: Linoleum tiles, carpeting on concrete flooring, painting the ceiling rather than installing secondary ceiling and painting the floor.
- Skip insulation. Framing the wall with lumber can save huge amount of money.
- Plan your basement design as such to save money.
Let me tell you that a professionally finished basement adds value to your property. So if you are concerned about expenditure then be sure about the return you get. Consider the basement finishing cost as an investment. Another idea is to rent a properly finished basement to get profit for all your investment as basement finishing cost.
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