Did you buy a smaller home?
Some homeowners who have downsized from their present homes are happy with their decision. However, some have regrets, especially with having less space. They’re at a loss with having less room for guests and deciding whether to dispose of some of their belongings or be more creative with storage.
Now, if you have a small home with a basement, you may be able to solve some of those space issues by renovating or remodeling. That said, if you’re wondering, “How much does it cost to renovate a basement?” here’s what you need to know.
Finishing vs. Remodeling a Basement
Before we talk about how much you need to spend renovating a basement, it helps to understand the difference between finishing and remodeling a basement.
Finishing a basement means the space is currently not livable. Maybe it doesn’t have insulation, lacks plumbing, or the floor isn’t finished. Meanwhile, basement remodeling involves renovating an already finished space.
The average cost for basement finishing is over $18,000, while remodeling can set you back around $20,000.
So How Much Does It Cost to Renovate a Basement?
Now that you know the average costs of finishing and remodeling a basement, let’s get down to the factors that have the biggest effect on your basement renovation project.
The first is basement size. Of course, the bigger the square footage, the more it will cost to renovate. Next is its current condition.
If your basement has leaks or moisture issues, it will cost more to remodel, given that you need to waterproof it first. That may cost as much as $7,000.
Other Factors to Consider When Renovating a Basement
Besides size and moisture issues, basement design is another factor that could add to your basement renovation costs. A designer can help you make the most of your basement layout, but they could charge anywhere between $2,000 and $13,000.
Then there’s electrical work, which is a must if your goal is to rent out your basement. You can research basement apartment renovations to know more about turning your basement into a rental property.
Other costs to consider include permit and inspection fees, which will be included in your contractor’s final bill, and cleanup and repair. The latter applies to basements that need mold remediation, as well as new flooring.
Bonus: Some Basement Renovation Tips That Can Help You Save Money
Are you worried you won’t have enough money for basement renovation?
A beautiful basement is still possible even if you’re on a budget. Try to see how other homeowners finished or remodeled their basements. Check out trade shows and go through home design blogs.
Once you have a design that fits your budget, hire a reliable contractor. Stick to your plan and avoid changes since these will add more to your costs. You can also save money by opting for affordable but durable materials.
Lastly, see if an open basement plan will suit your needs. You’ll save a lot on your total bill if you don’t need to pay for additional wiring.
All About That Base-Ment, No Trouble
Did you crunch the numbers and already have the answer to, “how much does it cost to renovate a basement?”
If you’re ready to proceed with your basement renovation project, that’s great. However, if you still need more advice to help save costs, you may check our other posts.
We also have home improvement articles that may interest you, so feel free to browse our site for more related content.
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