Published on July 21st, 2023
Any home improvement project can be exciting when pursued without any compelling reason.
While the cost factor is critical, you may still be willing to spend all your energy on it. Some corners can be your favorite.
For instance, you can change your bathroom’s look and feel to refresh your bath time.
The new color, décor, and fixtures define all nooks and crannies. Plus, it’s also a good step to avoid moisture and dampness issues in the bathroom.
Likewise, kitchen upgrades can be attractive because they make your daily chores enjoyable and easy. You can implement them in a few spots and still reap optimum benefits.
Imagine you came across modern apron sink styles in a store. You can add one to your kitchen to elevate its appearance and utility.
Another part of the house that may draw your attention is the basement. If you finish this area, it will become an additional living area for your home.
At the same time, this project can offer 70% ROI. But this can be an expensive undertaking, varying from USD $2800-34k.
The estimated national average is USD $18, 398. A basement with unfinished concrete flooring and bare ductwork can cost USD $25 per sq ft on par to convert into a comfortable cocoon.
Typically, you can expect this to vary from USD $7-23. However, the final amount depends on multiple factors, such as materials, total square footage, labor rates, etc.
Labor charges usually form 20% of your project cost. When you hire a contractor for this work, they will tell you the total labor charges instead of an hourly rate.
During the consultation, you must inquire about this calculation in detail. Also, get quotes from different agencies before finalizing anyone.
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What Is The Difference Between Finishing, Revamping, And Renovating A Basement?
Although often used interchangeably, renovation, remodel, and finished mean different things.
An unfinished basement will be without insulation, drywall, and plumbing. You need to add them to make this space inhabitable.
It needs more than concrete floors and walls. Once you provide everything, the basement will look like other parts of your home.
Remodeling work happens on a finished basement to transform it entirely. It will change its design and structure by removing or adding walls, functionality, layout, etc.
You would need a permit for this work. So, you can imagine remodeling your finished basement to make it suitable for a specific purpose.
Conversely, renovation is more about updating its look through a fresh coat of paint, new flooring, modern lighting, etc.
Types Of Basement Finishing Projects
When working on your basement, you should make it waterproof. It can cost around USD $4500.
It will increase your expense if you have to deal with drainage repair. You can add USD $2850 additionally.
Avoiding this work can be a mistake as the area will be vulnerable to mildew and mold problems due to water leakage.
It will also risk your house’s foundation health by creating cracks. The other requirement can be adding a drain and sump pump.
A sump pump deals with water pooling problems caused by leaks, insufficient drainage, etc. The sump pump will be necessary if you live in a flooding-prone area.
Usually, this costs around USD $575. Before starting with this, inspect your foundation to remedy any underlying damage. Foundation repair agencies usually charge USD $5k for this job.
Another critical area is electrical wiring. On average, this can be USD $1325 worth of a project.
Certain municipalities require hiring professional electricians for this work. They can charge anywhere from USD $75-500 for each electrical receptacle installation.
You pay less if you add multiple switches and outlets. Add the permit cost to ensure the electrical work meets building standards.
Then, you would also want to install plumbing appliances if you build a bathroom, kitchen, or laundry room.
Such requirements can cost around USD $450-1k per fixture. Suppose you decide to include a bathroom in your finished basement. It can make you spend around USD $8-15k.
If you build a ceiling with drywall, it will take around USD $1700. Finishing the basement with flooring can be worth USD $1500-4500 on average.
You can also count on the choice of flooring material to affect your budget. For instance, hardwood costs USD $22 per sq ft, laminate USD $3-11 per sq ft, etc.
You can control your expense by staining or painting the old concrete floor instead of adding new flooring material.
Then painting will also be a part of this overall project. The average cost for this work can be around USD $1800.
You can rent a paint sprayer for around USD $100 daily if you do it yourself. Professionals would charge something from USD $300-500.
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The Legitimate Reasons To Finish The Basement
Leaving it like that will be wasting potentially valuable space. You can leverage its versatility by making it livable.
Imagine it to be your hobby room, bedroom, home office, laundry room, playroom, and so on.
Then, you always want more storage space, no matter how much your main floor accommodates your needs.
You can only rely on something other than an unfinished basement to protect your belongings while stored.
Water damage is a considerable risk. When you build this space, you create a safe environment for your valuable household contents.
On a serious note, an unfinished basement with walls and flooring can be susceptible to radon gas leak risks.
Damp and unpleasant odors can also invite pests and mold issues. You can get rid of all these headaches by working on this part.
No matter how big a house you own, it eventually leaves you feeling that a little more square footage would have been better.
Since home expansion requires permits and faces zoning restrictions, too, finishing your basement can be the best way to extend the existing living space.
You may still need licenses and inspections for some work, but those will be manageable.
Hire a trustworthy and knowledgeable contractor to make your basement project affordable and efficient. They will guide you about everything from end to end.