On average, finishing a basement will set you back $68,490. You may be thinking, “HOLY COW! There’s no way I can afford that!”, but let me put it this way for you: according to Remodeling Magazine’s Cost vs. Value calculations, you’ll recoup an average of 70.4% of your costs when you sell, doesn’t seem overwhelming now, does it?
There are five big factors that affect the cost of a basement remodel.
- How big is your basement? The finished square feet of your basement affects almost every cost related to basement finishing from framing to drywall. It’s probably the biggest factor in determining the cost of a basement.
- Cost of labor will vary depending on the location that you live. For example New York, is almost double the price of a remodel that takes place in Tennessee. You can always elect to do it yourself.
- Want an extra bathroom? An extra bathroom can help your family function just a little bit smoother. Add about 5k to your cost for a regular full bathroom. Add extra for the luxurious amenities.
- Have an extra exit? Is there another way out besides the stairs? If not you’ll have to build one and that means expensive guys with backhoes digging up your yard and breaking up part of your basement wall.
- Getting rid of the cement floor? Flooring options can add a grand or two depending on what you get.
How to save on the cost of a basement remodel.
- You do the painting – Grab your painting clothes, and get busy. Doing your own painting is not only cost saving, but you can also get the whole family involved.
- Do your own trim-work – Installing your own trim or molding could save you about $500 toward the cost of your basement.
- Be your own general contractor – You can save thousands just by doing most of the work yourself, and bribing the family for free labor won’t hurt either.
- Remodel in the winter – There are so many benefits for completing this remodeling project in the winter, especially if you’re not doing the work. From good prices and contractor scheduling, winter is a great time for completing your basement.
Need an extra hand in finishing? Contact us today!