Looking for additional space in your home? Before go scouting for a new home or make a decision of undertaking a room addition project, you should head to the basement. Renovate the basement to suit your requirements because it is cheaper than other options. The best part about basement renovation is that you do not have to part ways with the beautiful landscape of your home.
Made a Decision? Let’s think ‘Money’ now!
Now, the exact cost of the basement renovation project depends on your requirements. The cost will vary if you choose to build a fully-functional kitchen and bathroom in the basement. Also, the cost can change from one basement renovation contractor to another. It doesn’t mean that you should think about finance only when the contractor provides you with a detailed estimate. Here are a few things that you should consider:
Cost of Finished Basement – The Breakdown
In EFC, the cost of finishing a basement is somewhere in the range of $35-$40. So, if the area of the basement is 1000 square feet, you will be paying at least $35,000. It will include labor costs, material costs as well as design fees. Remember that higher the basement area, lower will be the cost of its renovation. So, if you have a basement with area more than 1000 square feet, you will be able to negotiate with the basement renovation contractor and reduce the cost to $25-$30 per square feet.
The price can reduce if you decide on a simple basement renovation that includes frames, furniture, fixture, etc. A simple basement renovation project without extensive plumbing can run between $10,000 and $25000.
A Detailed Cost Estimate to help you make a Better Choice
>>The basic finishing of the bathroom is included in the cost of the project. But, if you require a bathroom in the basement built from scratch, add $5000 to the total cost of the basement renovation project.
>>A kitchen in the basement will at least be $10,000.
>>Thinking of building a fireplace in your man-cave? It will be $5000 minimum.
>>If the stairs leading to the basement are small, add $2000 for new stairs.
How to lower the Basement Renovation Cost?
Requirements – Present and Future
If you are converting the basement into a rental property, it is best to have to have a separate entrance for the basement. It will give you privacy from your tenants. In such a situation, you need to spend money on bathroom and kitchen as well. On the other hand, if you are planning to use the basement as an entertainment, consider installing a home theatre system.
It is best to plan the requirement of the basement for the next 10 years. It will help you to put money in renovations that will deliver higher ROI.
Hire a Reputed Basement Renovation Contractor
Being your own contractor will help you to save money. But, if you commit any mistake, you will have to redo the entire project and it will cost you more. So, it is best to hire a reputed basement renovation contractor. Remember that things such as underpinning the basement and building a kitchen area require expertise. On the other hand, if you are looking to give a quick painting makeover to the basement area, consider doing it on your own to save money.
Renovating the basement and giving it a new look will enable you to increase the living space in your home. It is a costly affair but if you make wise decisions, the returns will be high.