Home improvement projects can be costly, but one project that is often worth the investment is remodeling your basement. Basements offer a lot of potential for additional living space, and they can be customized to fit your specific needs. If you’re thinking about remodeling your basement, it’s important to estimate the cost accurately so you know what to expect. There are several factors that will influence the basement remodel cost, so let’s take a look at each one.
The Layout Of The Basement
Before you do any remodeling, you’ll need to make sure your basement is structurally sound and has all the required permits for a home improvement project. Once that’s out of the way, you can start breaking down how much it will cost to remodel a basement. The layout of your basement will have a direct impact on what types of improvements are going to be possible. If the layout is awkward or doesn’t offer much opportunity for expansion, then there may not be as much value in renovating as if your basement was laid out more effectively.
Size Of Your Home
Generally speaking, the larger your house is, the more expensive it will be to complete a basement remodel. This is for a couple of reasons. The larger the house, the more potential area there will be to renovate. The larger your home also means that if you want to add additional rooms, those rooms will likely need to be large as well in order to accommodate their intended use. For example, adding bedrooms or a media room would require much more space than installing a home gym or office.
Existing Features Of The Basement
Most basements are finished and decorated at some level when they’re originally built. If yours was and you decide it’s time for an update, then expect the cost of remodeling your basement to go up accordingly because higher-quality materials and finishes will need to be used throughout the project. On the other hand, if there are visible pipes and exposed walls, you may be able to get away with a cheaper basement remodel because these surfaces can be insulated and covered up very easily.
Electrical And Plumbing Upgrades
If your home was built before 1990 or you’re planning on installing new electrical work or plumbing in the basement, expect the cost of your basement renovation to go up accordingly. Basements were not typically considered living spaces when homes were first being constructed, so most did not include wiring for electricity or plumbing hookups ready for renovations. These updates can make a huge difference in whether or not a basement is desirable enough to convert into a livable space. If you don’t plan on moving major appliances down there (like a washer or dryer), then the price shouldn’t skyrocket. It may be cheaper to run power lines and install plumbing after all other renovations are complete for this reason.
Your Region’s Average Basement Remodel Cost Per Square Foot
Although your budget will ultimately dictate which projects get done, it can be helpful to know how much other homeowners in your area have spent on their basement remodels. Once you’ve chosen a contractor, they should be able to provide you with an estimate based on the size of your home and what your project entails. At our company, we’ve found that most homeowners spend between $50 and $100 per square foot when adding new living space in their basements, but there is some regional variation depending on how much it costs to complete basement projects in your area.
If you’re thinking about adding living space in the basement of your home, then you should expect to spend between $50 and $100 per square foot on average. This price range will include all associated expenses such as construction materials, labor, and permits. However, there is regional variation depending on where you live and what it costs contractors in your area to complete a project like this. We’ve found that homeowners spend between $50 and $100 per square foot when adding new living space in their basements, but if you’d like an estimate for your project, give us a call – we’re happy to help!