Finishing your basement can add more value to your home. Much more, it can increase the functionality of your home. A finished basement can be converted into just any kind of living space such as a bedroom, entertainment room, and the like. However, before you get this kind of project started, get to know the costs involved in finishing a basement first.
Typical Cost Of Finishing A Basement
The typical cost of finishing a basement is $25 to $50 per square foot.
Included In The Price Of Finishing A Basement
This price includes the following:
- heat and air
Factors That Affect The Price Of Finishing A Basement
Size. The size of your basement can greatly affect the overall cost of the project. Expect to spend little on a small basement since you need fewer materials and less time for the contractors to finish the job.
Contractor. Hiring a professional contractor to do the project is more expensive as compared to doing the project yourself. In DIY projects, the cost of finishing a basement can be cut in half as there are only the materials you have to pay for. Moreover, it must be noted that contractors price their services differently. Hence, your choice of contractor can affect the cost of finishing a basement as well.
Type of finish. What do you want the basement to be? The kind of room you want to transform your basement into will have a lot to say to the overall cost of the project. For instance, a basement bathroom can cost around $4,000 to $6,000 while a home theater can start from $2,500 to $15,000.
Existing structure. The condition of your basement prior to finishing it can greatly affect the cost of the project as well. Say for example if the structure has existing pipes and drain already for a bathroom, the cost of the project can be lowered. On the other hand, if your home’s healing and cooling system cannot accommodate the new structure, this can be an added cost.
Materials. Your choice of materials can also have an impact on the cost of finishing a basement. Choosing high quality materials over standard ones will mean higher costs.
Adding finishing touches on the finished basement is an added cost for the project. DIY insulation can cost around $200 while professional insulation can cost double. Moreover, painting the walls will also be an added cost.
If you want to add a bathroom for your basement room on top of the overall project, this can be an added expense of an average of $3,500.
Getting the necessary building permits may also add up to the cost of finishing a basement.
Tips Before You Decide To Finish A Basement
Get the necessary building permits prior to starting the project. Take note that it is essential to ensure that your project will meet local building codes from ceiling heights, fire codes, ventilation to electrical loads.
Decide whether you need to do the project yourself or hire a contractor for it. For DIY projects, you need to make sure you can handle the job safely and successfully. Take note that finishing a basement requires complicated jobs such as waterproofing and wiring. If you doubt your capacity doing the project, it is better to hire a contractor even if it means spending double.
Find a credible and reliable contractor to do the job for you. Contact various contractors and ask for project estimates.
Double check the inclusions in the contract before signing up a deal with a contractor. Make sure that all essentials in finishing a basement are included. Also, check for hidden fees or additional charges so you don’t have to face future surprises.