Average Basement Finishing Costs

 

Conversion of unfinished space into a finished comfortable living area is one of the most efficient methods to add real value to your property, according to real estate specialists. This is one of the few house renovations that not only cover the expenses of the work but may also create more value than what you spend on it.

The basement, in every house, is a prime target for this sort of home renovation project because it frequently provides a tantalizing expanse of space to remodel in any way you choose. However, the costs of such an endeavor can differ dramatically based on how you go about it and what features you want to include.

Although you may finish a minimal finish job for $6,000 or $7,000 if you’re handy and can perform most of the labor yourself. However, spending $100,000 on a renovation project with all the trimmings is also simple so it’s something to consider. A large, 3,000 square foot basement professionally built and finished may cost upwards of $150,000 at the top end.

Although the cost of a basement remodels is difficult to establish, it’s not clear what makes up an “average” one.

According to a recent “Cost vs. Value” research, the average cost of a mid-range basement conversion project was around $22,000 to $46,000. These figures are based on general contractors (GCs) that are hiring subcontractors to carry out various duties.

However, a similar poll showed that the average cost for professional installation is around $47,000 with a range of $3,700 to $150,000. Basements alone cost $20,000 on top of the average.

An, from 2021 meanwhile found that typical DIY basement makeovers run from $10,000 to $15,000.

The takeaway is it can vary wildly based on the scope of work, types of contractors hired, cost of materials, etc.

The Simple Basement Finishing Option

The phrase “complete basement remodeling” refers to converting a completely unfinished basement into a finished living area by adding the framing, wallboard, and other components. Many people are shocked to learn that this is in fact a more cost-effective alternative than renovating an already

completed basement. This is because it costs more to demolish and rebuild than it does to simply add to the existing space.

In this scenario, a contractor will typically charge around $2,000 to remove old walls and install new, thicker ones that can support greater weight loads. A drywall professional will take care of hanging the Sheetrock that is then taped and sanded before painting, which costs between $650 and $1,400.

Of course, this is not the only step involved in finishing a basement. If you want to be sure contractors will tackle all areas of the project including the installation of insulation, flooring, lighting, and so forth – expect to pay more.

Wallpaper removal from a basement includes framing, running any necessary machinery, installing wall, ceiling, and floor coverings, and painting or papering the space. On average, a simple job costs between $6,500 and $20,000 if you hire a carpenter to assist; however, prices for larger areas can go much higher. If you want to convert part of your current bathroom into a new one or add any other unique components, these expenses must be calculated separately.

A refinish job may include some or all of the following:

  • Covering walls and insulating stud cavities.
  • If rooms will be used as sleeping spaces, you’ll need to frame the egress windows.
  • Hanging drywall and finishing it.
  • Upgrading electrical service for light and receptacle outlets.
  • New duct-work is routed through existing duct-work with boxing.
  • Installing a ceiling that is finished.

On a slab floor, carrying out any moisture-proofing work is necessary.

Adding a bathroom causes some significant plumbing work.

The Complete Basement Remodel

This phrase refers to a renovation project that entails changing the layout of a basement area that is currently finished, as well as completing the finishing work. This sort of remodeling job costs between $20,000 and $30,000 for basic labor and materials expenditures, not including any add-ons. It may involve generating playrooms, recreational rooms, etc.

Tearing out and demolishing a part of a basement ceiling, for instance, simply to add the new space in the higher area adds an additional cost to this project when you factor in demolition fees – which can range from $1,500 and $3,500.

If you’re okay with tearing down existing walls before hiring specialists to finish the job, you might save up to $2,000 on the total cost.

Basement remodeling usually entails some electrical and HVAC upgrades as part of the basic price. Adding new plumbing, such as when a new bathroom or wet bar is built, will increase the basic cost.

A basement remodels with a suite is often referred to as the “dormer-style” basement. It’s not uncommon for it to cost anywhere from $20,000 to $60,000 for this degree of work.

The Complete System Option

A “Full System” project implies that you will have prefabricated wall panels and other components installed by specialists. The problem with this approach is that because the materials for basement finishing systems are exclusively available to franchised installers who use unique materials and place a high premium on moisture control, you won’t be able to do any of the work yourself. This is especially true if your basement doesn’t have any soffits or other suitable ventilation to aid airflow.

You’ll pay roughly $20,000 in total through the process, which includes all major components if you’re willing to give up an extra $8,000 for the cost of putting in a high-performance system. The materials and labor cost $15,500.

The cost of all materials and equipment required for a basement finishing project is between $4,000 and $9,000. These prices include:

  • Duct-work for heating and air conditioning systems.
  • Materials such as nails, screws, and other fasteners.
  • Exterior grade plywood.
  • Formica or any other type of countertops, paint, soffits, and vapor barriers.
  • HVAC equipment for heating and air conditioning.
  • Insulation materials to reduce energy costs.
  • Standard electrical wiring components.

The only items you’ll have to purchase yourself are bathroom fixtures, tile or carpet flooring material, kitchen equipment, and lighting fixtures.

This is typically one of the most expensive basement renovation alternatives, but it is also one of the simplest.

Overall, as a renovation contractor company, you can expect prices to vary based on location and company. Expect the average basement finishing cost to range between $10,000 and $25,000. Remember, this price does not include any of the major materials you’ll need like tile, carpeting, or counter-tops.

If you’d like to know more about the average basement renovation costs make sure you work directly with a local contracting company to help you through the entire process.