Once you decide you want to take advantage of your basement, the next step is to get a budget in line to make it happen. Just how much does it cost to remodel and finish a basement? The costs are difficult to estimate in terms of overall dollars and cents. In short, the larger the space, the more expensive the process will be. Add to that the overall differences in the type and amount of work to be done in such spaces and you’ll be scratching your head wondering what it really will cost. Nevertheless, there are some factors that can help you to make the decision to invest or not to do so.

What’s the Average Cost?

According to one source, the national average basement remodeling costs was $64,500. That is for a space that is about 20 by 30 feet. The remodeling for it includes the additions or completions of a storage area, a living area, and an added bathroom. However, this national average does not, necessarily, provide a clear estimate as to what you can expect to pay. The reasons why are clear.

  • Basement size varies significantly from one location to the next. Even just a small difference in square footage makes a big difference in the overall budget.
  • It’s critical to consider what needs to be done first. For example, changes to plumbing and electrical, not to mention heating and air conditioning add to the costs. If these are already in place and no repairs are needed, then the costs will be significantly lower.
  • Does it need waterproofing? Depending on the type and level of waterproofing the basement needs, this can add to the costs as well. Again this is a factor that is going to change significantly from one location to the next.
  • And, what you plan to do in that space matters. Adding a bathroom or a kitchen is much more expensive than adding a living area with few features.

Keeping all of this in mind, what can you expect from a quote? It’s best to work closely with your professional to get the pricing down. Before you make the decision to move forward, know that you can often get an estimate before the work gets started.

What About the Value?

While you are putting this investment into your home, you likely hope it will increase the value of your home. Chances are good it will. Depending on the condition and what your market dictates, you could see a return of between 70 and 80 percent on your investment into your basement refinishing. There are other instances when you may see more or less. Again, the quality of work, what type of work you do, and the overall market all play a role in this value decision.

You’ll likely still find outstanding value in making the move in finishing your basement. There are plenty of ways to keep costs affordable and to improve the return on your investment, too. The key is to do the job well to ensure you get the results you want.