How much will a basement renovation cost?
The answer depends on the size of the room you’re renovating plus other mitigating factors. You should think of the project in terms of square footage. How much space are you renovating, and how much is already finished? Do you need to frame and wall the basement? Is there flooring, or do you need to install some? There’s no straightforward answer to this question.
What does it cost?
If you want a ballpark range, $33-$50 per square foot is a good estimate of the cost of finishing a basement. This figure will increase if you want a bathroom, as you’ll pay more to run pipes for the plumbing. The national average for basement remodeling is $65,442, but there are two caveats. The first is that you can make quality changes for 10 percent of that amount if you’re working with a tight budget.
The second is that basement remodeling is one of the best ways to improve your home’s resale value. You’ll recoup almost 73 percent of your investment when you sell your home. Square footage is one of the most important factors in buying a home, so boosting your basement increases your home’s total worth.
In areas where basements are prevalent, however, you won’t add as much to your resale value. Conversely, in regions of the country where basements are rare, you’ll add as much as 93 percent, returning almost every dollar you invest in the project.
How much more does it cost to complete an unfinished basement?
You might actually pay less than if you already have a finished basement. An unfinished living space doesn’t require demolition to complete, which saves you man hours plus the cost of material removal.
The most cost-effective projects involve partially finished basements, because everything is already framed and walled. So, a partially finished basement costs the least, an unfinished basement costs roughly a thousand dollars more, and a completely finished basement requires another thousand dollars, give or take, depending on where you live and the scale of the project.
How long will a basement remodel take?
Assuming you don’t pick any materials that require delayed shipping, this type of renovation is one of the simplest to predict. Finishing a basement should take between six and 10 weeks. Updating an already finished basement will only take a few days longer for the demolition.
Should I add a bathroom?
Because it costs more, your reluctance is understandable. However, when your home lists on real estate sites, agents will reduce the information to the basics, which are number of bedrooms and bathrooms. Adding a half or full bath enhances your property’s listing appeal, so it’s worth the money.
Renovating your basement is simply smart business. You’re adding to your quality of life while you live there. When you’re ready to sell, you’ll get much of your investment back.