A finished basement can significantly increase your home’s value, but exactly how much of a return on investment does it yield? It is important to understand the factors that affect the cost of a basement finish if you are interested in conducting a tentative cost analysis of how much finishing your basement will cost. Of course, the best way to determine the cost is to schedule a consultation with a basement remodeling contractor, who can provide you with an accurate quote and timeline for the project.
The Main Factors That Affect The Cost Of A Basement Finish
The three main factors that affect the cost of finishing your basement are the size (in square feet), the extent of the renovations that are desired or necessary and the materials and labor that are used. By gaining more information about these three factors, you can formulate a better idea of the likely overall cost.
Added Square Footage
Of course, the larger your basement the more the finish will likely be. This is not always the case, however, as there are many factors that affect the price. Nevertheless, the more square footage your basement is the more it is likely to cost, particularly if you plan to finish the entire basement. It is important to determine your square footage and the number of rooms and bathrooms you plan to add when conducting a cost analysis.
How Extensive The Renovations Are
The current condition of your basement plays a major role in the overall cost, along with how extensive your home remodeling plans are. For example, building a home theatre inside your basement is more costly than adding an extra bedroom. If your basement needs special preparations (i.e. treatment for water damage, etc.), then these can significantly impact the overall cost as well.
The Materials And Labor Needed
The materials and labor you need for the renovation also play a big role in determining the overall cost. While opting for less expensive material may be a great way to save money, higher quality materials can have a larger impact on the value of your home and the overall quality of your basement in general. The labor plays a large role in the overall cost to finish a basement as well.
Throughout the project, various contractors and subcontractors will be necessary, such as electricians and plumbers.
Additional Costs To Consider For A Basement Finish
Of course, many obstacles can present themselves during a basement finish, so limiting your cost analysis to only the three factors above will not give you the most accurate estimate. Among other potential additional costs for a basement finish, you may also have to budget for permits, waterproofing the basement, making flooring decisions and the installation of drywall and insulation.
It is imperative to ensure your home basement is up to code. This may require receiving certain permits for the project. The specific permits you need depend on the area you live in, local and state laws and your specific renovation goals. You also must have an egress (exit way) for any bedrooms that you have in your basement. It is important to consider and plan ahead for the costs it takes to get your home basement up to code before beginning any construction.
Every basement is unique. Determining how much work your basement needs to ensure it is properly waterproofed is important during your cost analysis. This is an essential step not to skip as a basement that is not properly waterproofed may not be covered by your insurance provider if water damage were to occur, especially if you are without a flood insurance policy. The waterproofing process involves ensuring there are no leaks. You can ensure proper plumbing work and the security of the exterior of the basement.
Material Of Flooring
The quality of your floor will, of course, dictate the cost of your basement finish. If you are trying to save money, then choosing carpet may be your best option. If you want the highest quality flooring possible, a type of hardwood floor could be a better solution.
Fixtures And Doors
The lighting, doors and other essentials to a basement also dictate the cost. You will also need to factor into your budget the cost for drywall and insulation. While these costs may seem insignificant, they can quickly add up during the project if they are not budgeted for in advance.
Get In Touch With The Pros At Monumental Contractors
Would you like to know how much finishing your basement will cost? If so, then reach out to our team at Monumental Contractors today. We can provide you with a quote for your project and answer any additional questions you may have. Here at Monumental Contractors, we take pride in helping our clients within our local communities achieve the basement of their dreams.