Discover the average cost to finish a basement and transform your underground space into a beautiful and functional living area. Get expert insights and tips on budgeting for your basement renovation project from this guide.
Building a room in your basement is both practical and useful. It helps maximize the space in the property while also adding to its value. When you have a properly finished basement, you are sure to gain something back from your investment.
Determining the prices and rates involved in this project is essential. Determining whether or not to hire professionals is another factor to consider before making that important decision.
Remodeling a Basement versus Finishing a Basement
Remodeling and finishing may seem very similar, especially for newbie homeowners. Yet, there is a big difference between the two. Remodeling a basement means renovating an existing room that is already in use. It is a space you already inhabit; it just needs some innovation and retouches. Remodeling a basement may involve adding or removing walls, reorganizing its layout, or even gutting the entire space.
On the contrary, basement finishing is about upgrading an area that is not yet available for occupancy. This type of basement lacks drywall, insulation, plumbing, and finished flooring. In simple words, it is a raw area. The price, too, is different between remodeling and finishing.
Average Cost to Finish a Basement
The average cost for each process differs. Remodeling a finished basement costs an average of $20,200, with each project cost ranging from $4,200 to $45,000. However, finishing a basement requires an average cost of $18,400 or a cost of $2,800 to $34,500. This may also vary if you are starting from scratch where the foundation work is included.
Factors to Consider
Making a close estimate of the cost of finishing a basement depends on a variety of factors. Some of them are the following:
1. Labor Cost
Plan the labor to be 10 to 25% of the overall cost of this project. The actual amount usually depends on the geographic location of the property. Urban areas oftentimes charge higher than rural areas because of the higher cost of living.
2. Building Permits
Arranging for a building permit may cost an average of $1,350. Yet, the location, basement size, and the scope of the project may also have an effect on the price. Basement finishing projects that require plumbing, electrical work, and other repairs to make it livable are reasons for you to get hold of a permit before the start of the project. In any case, such as selling the property or applying for insurance, having the necessary permit is always the best move. Otherwise, you run the risk of getting a stop-work order, which can hinder your progress.
3. Basement Size
From $7 to $23 per square foot, a finished basement may have an average cost of $25 per square foot. This may be based on the quality of materials used, the labor fees, and the purpose of the space. Adding separate areas into the basement that requires building walls or partitions usually drives up the cost of the project as well.
4. Project Scope
This includes all the renovations that must be performed, like adding a bathroom, kitchen, or wet bar to the basement. At the same time, if it needs additional lighting, ceiling fans, and light switches, extra electrical work may be needed, too.
5. Geographic Location
As mentioned earlier, the location of the property will generally have an impact on the price of the project. For example, the national average to finish a basement may be up to $18,395. The geographic location of your home may also affect the quality and type of materials, as well as how accessible those are for your contractor to find.
6. Material Quality
While using low-cost materials may relieve you from using expensive materials, it may, on the other hand, compromise the integrity and longevity of the work and may only result in more expenses. Proper communication with your contractor will ensure that you are cutting costs on the right items. In addition, they are well aware of the best brands in the brand that may be both inexpensive and durable.
7. Compliance
Complying with the local building codes is an important concern in this type of project. One thing to consider is the electrical system in the home, which must be able to handle the additional demand for electric current and should be strong enough. In case it is not up for the increase in amperage, you might need to upgrade it or install a subpanel for your safety. All these and more should be in your contractor’s mind to guarantee that your project is safe and compliant.
Other considerations include:
· Electrical
· Plumbing
· Flooring
· Drywall and Painting
· Waterproofing
· Framing and Insulation
· Ceiling
· Damage and Repair
· Hazardous Material Inspection and Removal
· Luxurious Additions and Enhancements
Excellent Basement Finishing Services
Finding a reliable contractor to hire for your basement finishing can be a stressful experience, especially if you have to worry about everything on your own. Newton Basement Finishing has the friendly and dedicated experts you need to speak with for the best basement finishing service in town. We’ll help you achieve the basement finish you’ve always wanted.
We are equipped with proper training and skills as well as with the necessary tools and equipment to make this project a successful one. Throughout our years of service, we’ve effectively provided our customers with excellent basement designs, basement finishing, remodeling, and renovation services, as well as basement bathrooms and bedroom services, basement built-ins, bars, wine cellars, and man caves. All these services and more are available for very affordable rates when you choose us.
Whether it’s a big or small basement finishing project, we’ve got your back. Get in touch with us by calling 617-744-4133.
