Lots of people remodel their homes, adding value to their property while also tapping into amenities. One popular remodeling project is finishing a basement. Often, unfinished basements offer a blank space and basement remodels can add living space and value to your home.
Basements are rather pricey to build. In fact, for unfinished basements, the average cost to build a basement is about $33 per square foot.
Finishing a basement costs between $30 and $100 per square foot. The average basement ceiling cost is typically between $1 to $6 per square foot. However, more complex jobs can cost quite a bit more.
Meanwhile, the average cost to build a bedroom in a basement is typically between $80 to $200 per square foot. The average cost of finishing the basement with a bathroom is often even more because bathrooms are expensive to install. This is especially true if you want to install a basement shower or bathtub.
If your basement is already finished by you want to remodel it, you might end up spending a lot removing walls, flooring, ceilings, and more.
As you can see, remodeling or finishing your basement can cost a lot of money. That said, basement remodeling can increase your home’s value.
According to a recent survey, almost two thirds of homeowners are planning on renovating. One of the most common home renovations projects will be a full basement remodel. Many homes have basements that are not usable. They are dark, cold, and musty. With the right basement remodeling, however, these basements can be turned into functional living spaces.
Plan out your basement remodel
Before you hire a general contractor and begin your home remodeling renovations, make sure you plan out your basement remodel. Create a blueprint of the current basement space and then draw in any intended changes. When you interview potential basement contractors, you will want to go over these designs with them. They will provide you with quotes, recommendations, and possibly an updated blueprint design. Once you have secured your contractor and agreed on a final blueprint design, it is time to begin the basement remodel.
Purchase your materials
Your general contractor might be responsible for purchasing materials. If this is the case, then you don?t have to worry about this step. However, some homeowners choose to purchase their own materials, so they can avoid the markups. Ordering materials in bulk can get you discounts on the materials that you need. Also, if you are able to order the materials through your contracting company, you can sometimes get a contractor discount. The best way to complete this process is to make a list of all the materials that you will need.
Get to work
You have a contractor. You have your materials. Now it is time to get to work. You can cut the costs of contractor fees by completing smaller projects yourself, like painting or installing flooring. Just make sure this work is agreed upon in your prior contract. Never do work that the contract is assigned to do. You might require inspections after the home remodeling renovations are completed and depending on the project, it might have to be completed by a licensed contractor. Be prepared for any problems along the way. You might have to increase your budget for any unexpected surprises.
Do a final walk through
After the basement remodel is complete, but before you sign off on the work, make sure you do a final walk through of the new basement space. Bring the contract and the blueprint with you to make comparisons. If you sign off on the work and then notice a problem later, the contracting company does not necessarily have to correct it. Make sure all of the home remodeling renovations are what you expected. If you took out a loan for the project, you will also want to schedule your inspection. An inspection gives you a more detailed report of the work and gives you a better idea of the amount of increased value you can expect from the home remodeling renovations.
Enjoy your new space
Remodeling an unused basement can be very advantageous to a homeowner. It can increase the amount of living space, while also giving additional storage space. According to the 2016 U.S. Houzz and Home Survey, over one quarter of custom built homes (29%) included a gaming and entertainment room. Additionally, according to the same survey, over two thirds of homeowners on Houzz (68%) plan to include a recreational area in their newly built custom home. Adding in a recreational or entertainment room is the perfect project to plan for your basement remodel.
A lot of basements are used as extra storage space. They are dusty and filled with weird smells. Instead of closing off your basement door and forgetting about it until the next time you need something out of storage, consider remodeling it into a space that you can use. You can use the additional space for entertaining, storage, or any other purpose you desire.