Basement remodeling will cost between $10,681 and $27,516 although it is possible to do a remodel for as little as $5,000 or as much as $40,000 for the top of the line remodels. The average cost to home owners is around $19,099. Additionally, one can expect to spend between $10 and $35 per square foot depending on the changes being made.
Finishing the basement will cost around $3,000 from beginning to end and is a separate project from that of modeling.
Remodeling a basement comes with a potential to give ROI as well as adding to living spaces. Indeed, remodeling your basement is one of the most valuable home renovations you can consider this season according to the National Association of Realtors. The average basement remodel project will also increase the resale value of your home.
You can increase the functionality of your basement by installing a bathroom although it will obviously add some costs to your basement renovation. Here are some of the cost factors to consider when doing a basement renovation:
- Plumbing: In this case, you might need to consider hiring a plumber and buying some more materials to ensure the bathroom is connected to water supply and sewage lines and this will also assist to open up walls to access the necessary areas. It will increase basement remodeling costs though.
- Permits: You are supposed to get approval for anything that is built and changed during the renovation. Fees in this case could range between $100 and $3,000.
- Inspections: It is necessary to ensure that all the plumbing and electrical installation are done correctly. This might help avert problems and accidents now and in the future. The entire project will cost around $6,000 and $15,000 and if the basement is finished but no plumbing is done, you will be paying between $200 – $500 to hire a plumber.
It is possible to decrease the costs by installing a powder room in the basement and plumbing is not needed for a bathtub or shower, for this case. This will end up reducing both costs and time of installation.
- Framing: This becomes necessary when you want to separate a large room into several elements. This will affect the costing for such a renovation.
Such a renovation may include some demolition and cleaning of existing walls. Of course, the project becomes more expensive the more the walls are needed for framing. You might also find it worth to soundproof a room, which will cost you between $1,000 and $3,000. You might also need to add more costs if the new space exceeds the old space in size.
Installing electrical work or fixtures might need a specialized, professional and licensed electrician and the cost can range between $50 and $100 per hour.
- Drywall and ceiling: You will need to apply a drywall before a room can be finished and you need to consider a number of things before doing it. These things include material costs of between $10-$20/panel. You can get drywall panels that come in various shapes depending on what you need. A standard 8′ by 4′ panel will cost you between $10 and $20 depending on how think it is (between 1/4 inch and 5/8 inches). You need to also consider the installation cost that ranges around $1.50 sq. ft. and most homeowners will spend around $1.50 per square foot for their drywall installation.
The cost will, however, depend on the professional you have chosen and the area in which the drywall will be installed. The cost of the drywall finish and texture will be around $50/panel and will depend on a person’s needs. The cost may increase, for instance to around $50 per 8×4 panel, if you want to texture your drywall or add a sound dampening texture to it.
Drywall verses drop ceiling is another consideration. You can choose to go with a drywall or with a drop ceiling instead. The cost, design and access are some factors to consider.