The average cost to finish a basement ranges between $6,000 to $19,000 approximately. This price can vary a lot, depending on your geographical location, quality of materials used, and labor charges.
In the real estate market, a finished basement can add substantial value to your home. Your ROI from a basement finishing or remodeling project can be up to 70% of the total cost incurred.
You can finish a basement to suit your requirements — which includes converting it into an in-law suite, a bathroom, a wet bar or pool table, or simply increasing its functionality.
Basement Refinishing Vs Basement Remodeling
The process of basement finishing means taking up a totally unfinished space and then converting it into a functional living space by adding framing, sheetrock, and other required elements. And if you did not know already, this process is often much cheaper than an all-inclusive finished basement remodel. Why? It is always costlier to demolish and remodel than to simply start any home improvement project from scratch.
A basement finishing job includes the following tasks — framing, mechanical installations, installing walls and ceiling, finishing floors, painting, and wallpapering. As we already mentioned, a basic finishing project ranges from $6,000 to $19,000. However, if you have a larger area, the costs may be much higher.
This process involves taking up an already finished basement and then converting it into an altogether different space. The approximate cost of a basement remodel can range anywhere between $10,000 and $30,000, varying according to labor and material costs. Tasks involved in basement renovations include — the demolition of existing walls, upgrades to wiring and addition of HVAC systems, plumbing, etc.
A remodel generally takes place after a basement has been finished. However, if you remodel your new, unfinished basement, then you can save quite a substantial amount of money.
Breakdown of the Various Factors that Determine the Average Cost to Finish a Basement
Your basement finishing cost will depend on the following major factors:
The average cost to finish a basement of dimensions less than 700 square feet ranges from $5,000 to $15,000, for sizes between 700 to 1,000 square feet, the price ranges from $8,000 to $18,500, and for sizes bigger than 1,000 square feet, the price ranges from $15,000 to $35,000.
These are just the basic-level costs. Your final price will include ceiling, flooring, and other features as well.
The process of framing involves installing wood frames and studs to create a boundary for the remodeled space. The primary material costs involved here are the charges for wood and other related hardware. The average cost ranges from $1 – $2 per square foot.
The primary function of drywall is to attach to the frame and secure the base for walls and the ceiling. Standard drywall panels will usually cost $10 to $20. However, this price can again vary, depending on the special features included on the drywall, its thickness, and the accessories required to install it.
Next comes the floor. Once you have laid down your flooring surface, you can decide on the type of flooring material. Standard carpet floors may cost you around $1,500 to $2,000, wood may cost between $4,000 to $5000, tiles can range from $1,500 to $2,000, and vinyl may be priced between $300 to $500.
When you touch the electricals or plumping of any space, you will require permits. If you fail to secure the proper permits, your remodeled or finishing tasks can be removed. And you will end up paying more in the long run. Even insurance companies don’t accept claims without the presence of a valid permit. So make sure to get one. It will cost you approximately $40 – $60.
Before finishing your basement, check the foundation. If your foundation is worn out and damaged, you might need to raise it up — a job which requires expert professionals and which might cost you up to $10,000. Also, consider waterproofing, which can cost you anything between $300 to $500.
Purpose of the Basement
You might be finishing your basement for several purposes — to convert it into a bathroom, game room, workspace, or half bathroom. The final purpose for which you will use the room also affects the average cost to finish a basement. For example, if you are converting it into a full bathroom, expect to pay anything between $10,000 to $15,000. Again, if you wish to transform the basement into a playroom, you will need to install plenty of kid-friendly features. If it’s supposed to be an entertainment room, consider the cost of adding a home theater, seating arrangement, and a TV.
A finished basement adds value to your home, with return on investment reaching up to 70% of the costs incurred in the project. Prospective home buyers usually give preference to a home with a basement and may even increase their offer if they find that the basement has been recently finished or remodeled. A basement finishing project enhances the value of your property, without you having to spend thousands on an extensive remodel. Therefore, check your budget and limitations and analyze if this project is profitable for you. And then take a call.