Basement remodeling requires a combination of steps. It’s a big project made up of many parts. A total refinish includes installing floors, walls, ceilings, electrical and plumbing. Budgeting a basement remodel sounds complicated. The best way to estimate your basement remodeling cost is to consider each part of the project. Here are the main factors of cost for refinishing a basement.
Size
Like any home improvement job, the total square footage of space plays a big role in the price. Before you get started, think about how much of the basement you want to refinish. Areas around HVAC systems and plumbing units need open space. It’s best to leave these utility spaces raw and unblocked. The size of your remodel determines the amount of materials needed. Additionally, it also affects how long the job will take the contractor to finish. Bigger jobs always take longer and cost more because of increased labor hours.
Materials
With a project as big as basement remodeling, possibilities are endless. There are many choices for the home owner to make. Selections include type of flooring, type of ceiling, wall material, and lighting. Big box stores offer plenty of inexpensive solutions. On the other hand, designers and specialty shops carry a wide variety of custom and premium options. Consider the quality of material you choose for each part of the project. Material makes up a big chunk of the budget.
Electricity
All refinished basements need light. Unless you plan on turning the space into a dark room, you’ll want over head lighting. Other electrical additions like sockets and cable or internet capability are also common fixtures. This means the job calls for an electrician. Make sure to factor the electrician’s work into your budget. Consider how you plan on using the new space to determine which options work best for your vision.
Plumbing
While basements do not require bathrooms, they are an added convenience. If the space allows, an extra bathroom increases the property value. In this case, you’ll need to also contract a plumber to hook up the water of the toilet and sink. The addition of plumbing increases the budget by a few thousand dollars.
Statistics
Now that you know which factors to think about when designing your budget, let’s look at what the norm is. Unfortunately, with so many variables, the range of cost is so big. Easy basement remodels of smaller spaces can cost as little as 5,000. Complete remodels of larger basements with plumbing and electrical run up to $60,000. According to Home Advisor, the average home owner spends between $13,000 and $32,000 for basement remodeling. We suggest choosing a price in the range you are most comfortable and setting it as your budget. Click here for 5 Fun Basement Remodeling Ideas
