On average, basement renovation costs $15,000, with most homeowners spending between $10,000 and $25,000. This data is based on actual project costs as reported by HomeAdvisor members.
Remodeling your basement is a big job potentially involving many different parts: moving or building walls, installing floors and window coverings, and furnishing. While it is difficult to predict the exact cost, there are general factors to consider before starting the project that will give an average estimated cost.
The square footage of your basement is a large factor. Some homeowners only remodel part of their basements to curb total remodeling costs. Any project with a large square footage will have higher estimates as it means more materials and longer construction time.
For a basement remodel, you'll have to consider walls, ceilings, flooring, lighting, and insulation. If you're adding a bathroom, then you'll deal with installing countertops, cabinets, a toilet and even a shower or bathtub. All of these options mean various price ranges, depending on the types of materials selected. It's important to figure out your budget and then choose the most important aspects to focus on for the remodel.
Your basement will likely need to be fitted with additional wires to support more lights and electronics. You will need to hire a licensed electrician if you plan to install additional overhead light fixtures, outlets and other components that require additional wiring.
If you're adding a bathroom, then you'll need to hire a licensed plumber to install the necessary elements. The more you decide to install in your bathroom, the higher the whole basement cost estimate will be. Adding a shower or bathtub might be necessary if you plan to use the basement as a guest suite. Otherwise a half bath may be perfect if the basement is used as a living or family room space.
Adding a bedroom or another living space to your home might cost you a lot by the end, but you will see a return on your investment when you go to resell your home. Having another room adds value to the house, which means someone will pay more for your home when it comes time to put it on the market.
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