The average cost to finish a basement is roughly $20,000, however depending on the size and layout of the space, this cost may range from a few thousand dollars to as much as $80,000. The coating of concrete and cleaning of cobwebs could seem as simple tasks. Do It Yourself tasks, however the support of qualified specialists is essential to build livable and appraisable square footage. The waterproofing, egress windows, and even ceiling height all have an impact on the rate of return on your basement investment.
IMPORTANT NOTE: As a secondary effect of the COVID-19 pandemic, there was a severe labor shortage in the first half of 2021. This has led to an extraordinary increase in demand for construction work and supplies. As a result, the costs of the materials could be higher than those specified in this article, and lead times for the labor as well as the materials could be longer than usual.
|TYPE OF COST||COST|
The overall cost will depend on the state of the land and the existing structure, as is the case with the vast majority of home renovation projects. Before you begin creating your budget, take a look at this breakdown of the costs related to remodeling the basement.
When you finish a basement, you must work on the plumbing and electrical systems. If you want to add a bathroom or bar, these systems normally need approval from the local building authority. It's likely that your basement will also undergo a safety inspection. For the approximate $1,600 cost of all the necessary permits and inspections, lay aside some money.
The cost of labor will make up about 40% or more of the entire cost of reconstructing your basement, unless you want to do the work yourself. It is strongly advised that you hire a general contractor to help you manage the job. Always compare prices and shop around to get the ideal balance between pricing and quality.
You'll likely need the following extra categories of contractors to finish your basement:
|TYPE OF WORK||COST|
|Waterproofing||$1,900 - $6,500|
|Sump pump||$600 - $1,600|
|Egress window||$1,000 - $7,000|
|Framing||$700 - $1,400|
|Stairs and railings||$2,000 - $7,000|
|Electrical, lighting fixtures and outlets||$3,000 - $12,000|
|Plumbing and fixtures||$2,500 - $15,000|
|Insulation||$1,500 - $4,000|
|Drywall||$1,000 - $3,000|
|Paint||$1,250 - $3,500|
|Flooring||$2,000 - $12,000|
|Furniture||$1,000 - $30,000|
One of the most expensive parts of this job is waterproofing your basement, which is expected to cost around $4,500. Your basement water removal bill could reach $10,000 if it has been flooded or storm-damaged. Waterproofing the space will also help shield it from the potentially harmful and pricey mold and mildew removal.
The starting price for drywall ceilings is normally around $1,600, or $2 per square foot. For music lovers or basement bands, acoustic ceiling tiles should be an investment because they typically cost $4 per square foot. Drop ceiling costs typically vary from $3.50 to $4.30 per square foot. This makes it possible for easy access to the building's HVAC and electrical systems.
It will cost you about $2,000 to install drywall in your basement, but it will transform it from a cold, lifeless concrete block into a warm, inviting living space. Construction businesses frequently include the installation costs in the price of the around $15 per panel. To keep the basement at a suitable temperature, it's critical to waterproof and insulate the space under the drywall.
It normally costs between $3,000 and $5,000 to install flooring when finishing a basement, although the price can vary greatly based on the type of flooring, the design, and the quantity needed. To prevent the buildup of humidity and moisture, the flooring in the basement must either be moisture-resistant or waterproof. Find out more about the various flooring options so you can decide which one, while staying within your budget, will work best for your basement.
Epoxy has become a well-liked option in recent years for use as a waterproof flooring material in basements and garages. It costs from $3 to $7 per square foot and takes one to three days to pour and cure. The end product could have a striking custom color or be made to look like marble.
Your plans for a finished basement will incur an extra expense of between $10,000 and $30,000 if a bathroom is included. The large range of costs is a result of the variable costs involved, including the required linear feet of plumbing pipes, the plumbers' labor costs, the extremely variable cost of toilets, showers, and bathtubs, as well as moisture-wicking ventilation and waterproofing.
The cost of renovating a basement bedroom is often far lower than that of a bathroom. The cost of converting a basement into a bedroom will only be affected by the dividing walls, storage, flooring, lighting, paint, and furniture that you choose if the basement already has an egress window.