How Much Will It Cost to Finish My Basement?

How Much Will it Cost to Finish My Basement?

Finishing a basement is an excellent way to create more living space in a home and flexible space in our homes has become more important than ever. During the pandemic, homeowners with finished basements were able to use the space for home offices, homeschooling children, at-home gyms, fan caves, and more. A finished basement can provide up to a 70 percent return on investment and be an asset to potential homebuyers, but how much does it cost to finish a basement?

Finishing a Basement and Remodeling a Basement are two very different projects

Before we dive in, there is an important distinction to be made. Many people will use the words “finished,” ”remodel,” and “renovation” interchangeably, these words do not mean the same thing.

An unfinished basement is an area that’s not livable. It typically lacks plumbing, drywall, and insulation, and it usually has concrete flooring. Finished basements are defined as move-in ready, and they will look as complete as the other areas of your home.

A remodel takes a finished basement and guts it for a total transformation. Usually, a remodel will alter the design and the structure of the space. A remodel will involve adding or getting rid of walls and changing the functionality of the area or the layout of the room. Basement remodeling almost always requires a permit but typically doesn’t require structural changes. A renovation doesn’t change the purpose of the space, but it will update the room’s look. A renovation commonly involves painting, installing new flooring, or changing out lighting fixtures.

Factors to Consider

To assess the cost of your own finished basement, you’ll need to consider the following categories, although your needs could vary:

Permits: All basement finishes and most basement remodeling projects require permitting. If a contractor says that a permit is not required or asks the homeowner to pull the permit, this is a major red flag! Also, the cost of the permit can vary greatly depending on where you live. Some jurisdictions include a use tax on the permit. They will charge your city’s sale tax for half the valuation of the project. For instance, a $100K basement with a city tax of 8%, the use tax fee would be $4,000.
Framing: The cost of framing depends on the number of rooms your finished basement will have and the amount of soffiting required to cover beams and ducts.
Insulation: Insulation costs depends on whether you builder installed it. Most newer houses don’t require additional insulation. However, if your house is more than 10 years, some building jurisdictions will require additional insulation to meet an R19 Rating. The most common type of insulation used in basements finished is fiberglass batt insulation.
Drywall: To obtain a finished look, you will, of course, need to purchase and install drywall. Supply chain issues related to the pandemic have caused the price of drywall to increase exponentially.
Flooring: Costs will be based on whether you plan to finish the concrete or use alternate flooring like carpet, hardwood, vinyl, or laminate.
Waterproofing: Water leaks are a relevant consideration for any homeowner with a basement and costs to waterproof will vary depending on the style and structure of your property. But you’ll want to be sure to protect the space from being damaged by water, especially after investing in a finished basement. Waterproofing work might include installing sump pumps and drains.
Lighting installation: Upgrading the lighting or installing lighting is often another feature of a basement finishing project.

As you can see, there are many factors to consider when finishing your basement. When you hire a professional basement finishing contractor you’re hiring their experience, knowledge, and skill to complete your project in a timely, cost-effective manner.

Hiring a contractor that specializes in basement finishing has tremendous advantages over doing it yourself. See what Timberstone Remodeling can do for your project!