A finished basement adds value to your home, as well as helping you take advantage of extra space you already have instead of having to move to a larger home or build an addition.
As an economical and fun home improvement option, one of your most essential tasks is figuring out your budget and what you can get for the amount of money you have to invest in this project.
Average Finished Basement Costs
Not surprisingly, every basement is different and choices you make for your basement will have the biggest impact on your overall costs. According to HGTV, a basic makeover for your basement renovation may cost between $10,000 and $27,000. This large cost spread makes budgeting for your finished basement somewhat complex.
You may consider looking at the Cost vs. Value data from the magazine "remodeling." Regional data for the Rocky Mountain region and states like Idaho, Nevada, and Utah suggest that the average job cost for a basement remodel was $61,303. This number was based upon the "midrange" cost for a remodel of a 20 by 30 foot entertaining area.
Further, the number included a bar area with various small appliances, a finished bathroom, and a main room with features like recessed lighting and a snap-together laminate flooring system. Bathrooms and basic kitchen features are a common part of comprehensive finished basement projects.
Features That May Increase the Budget
Like any major home improvement project, finishing a basement sometimes comes with unforeseen circumstances and added costs. Your basement finishing contractor is a great ally in the budgeting process as he or she can help you estimate your budget properly to accommodate the "what ifs" of your project.
However, there are some issues that may increase the cost dramatically. For example, This Old House reveals that building codes usually have a minimum height required for a basement.
"Many codes call for 7 to 7½ feet of clearance. If you don't have that height, you may be able to dig out and lower the concrete floor, but it's a complex, pricey job. Ask your contractor if moving ducts and pipes might solve the problem."
Top Costs Associated with Finished Basements
Some features cost more than others, but many basements have the same costs like bathrooms and egress windows. According to the blogger of "I Finished My Basement," there are a handful of common factors that most basement finishing budgets must accommodate.
- Labor costs
- Bathroom costs
- Egress needs
After budgeting those major features, other factors come into play, such as the purpose of the space and whether it might act as an extra bedroom and living space or whether it will be used as an area for entertaining. Appliances, electronics, and furniture also impact the budget.
Budget-Friendly Basement Options
An essential task in getting your basement finished is finding a reputable contractor who also offers affordable rates. Just as you might look for a primary care physician, you'll want to speak with a few different contractors to find the one that will suit your project best.
In addition to making sure your contractor is bonded and insured, and can provide references from past happy customers, it can also pay to "go with your gut." According to Popular Mechanics:
"A contractor could be in your home and around your family for days, weeks, or even months while changing the way your house looks and functions. So if you don't like a contractor for any reason, don't hire him or her."
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