Basement Finishing Costs

What you should Figure on for Basement Finishing Costs

Christopher Smith

What does it cost to finish your basement and add that extra living space you’ve been dreaming of? A lot depends on the size of your basement, the condition it’s in, and what type of living spaces you want to create. For example, if your basement floor and walls are concrete and in relatively good shape, the job won’t be nearly as costly as if you have an old cellar with a dirt floor. In a fairly new home, basement finishing has been estimated to cost about $20 to $25 per square foot which translates into $30,000 to $50,000 to finish an area of between 1500 and 2000 square feet. Of course, the fancier you want to make your new living space, the more it’s going to cost. It isn’t unheard of for a basement remodel to cost $100,000 or more.

If you have the budget for it, the sky’s the limit when fixing up a basement into living space. You can add drywall to walls and ceiling, carpeting or hardwoods to floors, and such extras as a wet bar, an exercise room, and a full bath. The ideal situation would be to be able to call in professionals, tell them what you want, and have them go ahead and create the space for you. However, most of us have financial limitations and need to find ways to cut corners and bring expenses down. Although basement finishing costs may seem high, keep in mind that adding a new addition to your home would be even more expensive.

Doing the work yourself can make a world of difference in determining basement finishing costs. If you can paint the walls with a waterproofing compound, add paneling, a drop ceiling, and put down carpet remnants as flooring, you can probably do the job for around $5000. However, most basement remodelers aren’t going to be satisfied with just those basic renovations. While this type of remodel will give you additional living space, it isn’t going to be very comfortable. In addition, it doesn’t provide for an extra bathroom so that when you’re entertaining your guests won’t need to traipse through your house to use the facilities.