Basements don’t have to be the dark place we keep seeing in movies. A good looking basement can boost your property’s value, but it also increases the living square footage of your home.
Basements can become a cozy guestroom, your man cave where you can watch the game and drink a beer in peace, a playroom for the little ones, or even your own gym!
If you’re planning to finish your basement but your main concern is the total cost, here we’ll talk about how much does it cost to finish a basement so you can make the right choice for your home!
The ROI Of A Remodeled Basement
Remodeling ROI is calculated by estimating the increase in price range you can expect to qualify for when selling your home based on the remodeling project undertaken. Since we’re talking about a basement remodel, let’s see an example.
According to a study from Cost vs. Value Report, a basement remodel is quite the remodeling project. It has a potential ROI of 70%. As a side note, a bathroom remodel has a potential ROI of 68%. So, if remodeling your basement yields an ROI of 70%, you can expect to get $700 back for every $1,000 spent.
What Does It Mean For You?
The higher the return of any remodeling project, the lower the effective cost of the project.
If you recoup 70% of the costs incurred in finishing your basement, that means your project will actually cost you only 30% of the total cost. Although you’ll still spend the money, you are guaranteed that upon selling your home, you’ll get to sell it for more because of the remodel.
To make your basement remodeling even more attractive, consider financing options or even the possible tax benefit of making your basement a home office!
The Cost To Remodel A Basement
Since you have so much flexibility when remodeling and finishing basements, the total cost will vary from really pocket change to an immense investment. Transforming a basement to a laundry room might not be as expensive as transforming it into a gym or a fully equipped living space.
A partial remodel of a basement with less than 700 square feet could run anywhere from $10k to $50k, depending on what are you planning with it. However, a complete remodel of a 4,000 square feet basement could even reach $300k. Of course, this would be a fully equipped basement with upscale finishes, upgrades, and appliances.
Point is, depending on the scope of work and your preferences, you can make sure your basement finishing project will be well within your budget. And if you’re worried about not breaking the bank but not sacrificing quality either, our experts from Lakeview Remodels will bring the most cost-effective solutions to your particular space, and get you the best basement possible!
What Goes Into A Basement Renovation?
Subcontractors and Labor
No home is the same, and definitely no basement either. Some basements are plain spaces that only need a new flooring and paint job, while others are dungeons where dust, insects, and water are running the place.
Naturally, for every type of remodel you’ll need different experts. A designer could add between $2k and $10k to your remodel cost. Licensed electricians will be anywhere from $500 to $2.5k, while plumbers will charge between $400 and $2k.
Carpenters will charge per square foot. Therefore, you’ll have to budget for cabinets per square foot, flooring per square foot, and furniture per square foot.
We’re making it super easy to remodel your basement, which is why we work with experts in all trades required to fully transform your space. We have our own designers, plumbers, electricians, and builders, ready to take on your project right now!
If the basement project involves putting up basement walls and installing plumbing or wiring, the local authorities may need a permit before starting.
Permits and inspections charges vary across jurisdictions, and they might be based on a percentage of the project’s anticipated cost, on how many square foot the space has, or it might be flat fee. Permit costs range from $100 to $2,000 or more. At Lakeview Remodels, we’re taking care of all paperwork and permits, so you won’t have to waste time going back and forth with the city building department.
Cleanup and Repair
For basements with mold, water damage, or other damage, add between $1k to $5k for cleanup.
Sometimes, professional mold treatment is required and wallboard and flooring have to be replaced. They charge per square foot, so the larger the extent of the damage, the higher the price. On average, the price starts at $10k and goes up.
If, however, you’ll just need a LVP basement flooring and a coat of paint on the walls, that could cost as low as $3k.
Waterproofing is a serious factor you’ll need to account for in a basement remodel. If your basement extents underneath your bathroom and kitchen, this is a must. It’s also a must if you have all the water pipes running through your basement (many houses do).
Waterproofing a basement is also determined per square foot. It usually costs between $2k and $7k, again, depending on the size of your basement and the scope of work.
The finished basement is the actual transformation of your basement. If you’re only adding a TV, a couch, and some cabinets, the cost won’t be so high. However, if you’re planning to build your own gym, along with a basement bathroom with a shower, a place to make your milkshakes, storage cabinets, and a couch to relax, the price will quickly go up.
For example, the basement finishing costs for adding a bathroom ranges from $6,6k to $16,5k, while adding a master suite can run as much as $25k if you’re also getting an egress window. A home gym will be around $500 to $15k.
Your basement remodel costs will most likely be calculated per square foot, so the key takeaway is that the larger your project is, the higher the final cost it’ll be.
It’s true that basement remodels can cost a fortune, especially if it’s a space that’s been long forgotten. Waterproofing, cleanups, demolition, and finishes can all add up and when you’re seeing the final quote, you could get demoralized.
Which is why we’re making sure you’re getting the best remodel at the best price possible. The value it’ll bring to your home will be unmeasurable, and you’ll enjoy a brand new living space in your home.
Besides, an old dungeon can’t remain like that if you’re planning to live a fulfilled life in your home. Things need to change and accommodate your growing family and changing needs.
With Lakeview Remodels, you’ll get a professional newly finished basement remodel in Knoxville, TN with a simple and straightforward process that puts you at the front and center of our work. We aim to minimize the stress and anxieties of starting your remodel, and we’ll go over and beyond to ensure that happens.
Call us today or request your free quote to take the first step toward a well-deserved upgrade!