Accounting for variables such as square footage, materials, electrical and plumbing, the average basement remodel ranges from $11,034 and $29,226. Some cost as little as $5,000, with top of the line remodels costing over $40,000. The average cost to homeowners is $20,126. Expect to spend between $10 and $35 per square foot depending on the changes made.
In addition to floors and walls, upgrading your basement ceiling is another option to consider. Finishing your basement creates a new room in your home and a part of any room is the ceiling. While it’s cheaper to leave the ceiling the way it is, many basements have exposed wiring and duct work that service the home above. In certain cases, leaving all this exposed may be the better option, but for others, upgrading the ceiling could be the right choice. Understand that any addition to the room will up the overall price, so be sure to make the right choice for the space and your wallet.
Basements are typically about one third of the entire home’s available space, 600 to 800 sq. ft. in the average home. And while some basements have been finished to create more living area, the majority of these spaces are used as makeshift laundry rooms, home offices, and storage repositories for everything from spare freezers to pantries, paints, and paperwork. In other words, most basements are underused.
The cost of a basement remodel can vary, but in most cases, this project won’t be cheap. What you put into your basement remodel is what you will get out of it, so that initial payment can turn into a terrific return on investment. The average basement remodel will increase your home’s resale value. Next to kitchen and bathrooms, basements are ranked as one of the most valuable home renovations.
Carpet use to be the gold standard for basement flooring. Its soft and homey texture blended perfectly in basement remodels across the country. Furthermore, according to our flooring cost estimator, carpet is cheaper than both tile and hardwood flooring. However, carpet has lost recognition over the years and when it comes to flooding, no flooring option is more expensive to fix than carpet.
Basement remodeling can be stressful, and understandably so. But the styling aspect will provide some much-needed fun. Seeing your newly finished basement take shape as the flooring is installed and the walls painted will be exciting and there is no feeling like seeing it come to life as furniture is put into place and light fixtures are installed.