Basement Remodeling Costs

Basement remodeling is a great way to add living space to your home, which in turn will drive up your house’s value.  Basements are remodeled for many reasons.  Sometimes, the family needs to add a bedroom to a home.  Other likely projects include a home theater, a basement bar, or a “man cave” which can essentially be a combination of these two.  Basements are usually the same square footage as the first story of the home.  So, from a value standpoint, by remodeling the basement of a one story house, notwithstanding basement remodeling cost, one can double the living space and dramatically affect the resale value of the home.

Average Basement Remodel Cost

Nationwide, the average cost of remodeling a basement ranges from $50,000 to $80,000.  The basement remodeling cost depends on how extensive the remodeling project is going to be.  For example, simply finishing an unfinished basement will cost a lot less than installing electricity, plumbing, and air conditioning vents to create a fully livable space.

Some people will spend $50,000 to create a space in their home that they can then rent out in order to recoup some of the cost of basement remodeling, and perhaps even turn a small profit in the long run.  Do it yourselfers can do this project for a lot less, if they have the talent and patience.  It should cost about $5000 to waterproof the walls and carpet the floor to create a basic livable space.  Because basements are under the ground, moisture control is an important component of this project.  Local zoning and planning regulations must be taken into account as well, and permits might need to be applied for and granted before construction may begin.  Professional contractors will take care of this step for you in most instances as part of the overall basement remodeling cost.

Basement Remodeling Contractors

Because this is a large project, take your time in choosing just the right contractor to do the work.  You are going to be paying them a lot of money, so it is important to do your homework before taking on this primary component of basic basement remodeling costs.  Make sure you check their references.  Don’t just look at the list they give you.  You need to make a couple of phone calls to get a good idea of what kind of work the contractor can do.  If you are not sure where to start, you can contact the National Association of Home Builders to get referrals for contractors in your area.  Make sure any contractor you hire is licensed and bonded fully.  It is also a good idea to check with the Better Business Bureau to see if any complaints have been lodged against the company you are considering.  The best way to make sure you do not pay too much is to take estimates from several contractors and compare them as to the services they will offer, the plans they have for your remodel, and the basement remodeling costs to you.

Basement Remodeling Software

For the do it yourself types trying to save on the cost of basement remodeling, there is basement remodeling software available.  Some of this software can be downloaded directly to your computer.  These applications will have a number of basement remodeling plans that you can choose from, and they will also offer you the opportunity to create your own plan. The software also has basement remodeling tips built in to guide you along during your project.

Design software has really changed the way people remodel their homes.  With 3D technology, this software allows you to see exactly what your basement will look like before you start the project, complete with added furniture and fixtures.  The software is fully customizable, or you can start off with a preloaded template.  This software is easy and fun to use and you do not even have to be able to draw to use it effectively.

Basement Remodeling Ideas

There are many ideas and plans to choose from.  Some small basement remodeling ideas simply include creating an air conditioned living space to raise the value of the home.  Other ideas can be to create a living area that can be rented out, complete with a small kitchen, bathroom, and an entrance that is separate from the main home.  Home theaters and home gyms are other projects to be considered that would not necessarily include the added basement remodeling cost of installing plumbing.  Make sure that whichever project you choose is one you will thoroughly enjoy.  Although a remodeled basement adds value to the home, it only adds an amount equal to about 70% of the cost of the project.  Adding a rentable living space will add more than that, and the rental income will make up the difference.

The key to an economically successful remodel is the estimate. A basement remodeling cost estimate should be free.  Make sure to get at least three estimates to consider before making a final decision.  This is going to be a big an expensive project, but it can be economical if it is planned correctly.