Designed basements are now a popular way to create some added space in one’s home. However, you need to make it resourceful and well-planned keeping in mind your budget. Hence, a cost estimate for finishing a basement is the first step to your plans.
If you hire a designer, architect or interior decorator to do the job, the cost and time will depend on the company he or she represents. Small companies will charge less but take longer to do the job, while bigger and reputed firms will ensure speedy work at high cost. It will cost more if the company specializes in customized basement plans.
Design wise, the more basic the basement plans the less the cost. Some research about basement finish can help track key areas where you can minimize costs. To that extent, you can create a complete sketch of the entire basement, as it exists now and how you would want it to be.
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The 2005 Cost vs. Value Report of the Remodeling Magazine states the national average cost estimate for finishing a basement to be just over $51000 and a return of 90.1% of the renovating expenses at resale. While in a 2004, Remodeling Magazine Cost vs. Value Report, it has been stated that the average cost per square foot to finish a basement is less than half that to construct an addition.
More generally, you could peg the estimate at $27-$50 per square foot, including the finishing of a bedroom, bathroom, boiler area as well as your living space. However, be sure that this estimate will vary depending upon the features and materials you choose to finish the basement.
Structurally the cost estimate for finishing a basement will depend on the following factors:
Basement size:
500 Square Feet with standard finish: $15500 to $18500 (including bathroom).
1000 square feet with basic finish: $26000 to $29000.
1000 Square feet with added facilities: $30000 to $35000.
1000 Square feet with specialized facilities: $41000 to $100000.
Bathrooms: The bathrooms costs are highest per square foot. Hence, the smaller the basement the more the cost per square foot if you have a bathroom, as the estimate must apply to the entire square footage cost. It is vice versa for large spaces over 1500 sq. ft. Moreover, advanced bathroom fittings can cost anything between $1000 and $8000.
Paint: Your choice of paint will also affect the cost estimate for finishing a basement. Waterproof painting for instance will cost you more. In addition, the choice of paint will also determine the play of light in the rest of the basement. You need to choose colors that will add warmth, sense of space and brightness to the basement area.
Flooring: The type of flooring will also determine your expenses. The most popular, tile or wood flooring generally costs between $1000 and $7000
Lighting: Effective illumination is extremely important in a basement, since it receives less daylight below the ground. Additional lighting generally costs between $200 and $2000.
Exclusive facilities such as solid surface counter tops, wet bars, fireplaces, home theaters, architectural add-ons, steam baths, sauna, etc, can collectively cost about $2000 to $3000. A wet bar can be estimated at $2000 to $7500, while a home theater at $2500 to $15000.
Special window provisions are also necessary and the more the windows the better it is for letting daylight in to get rid of the dingy feeling in a basement. Window set-ups can cost around $250 to $2000.
Moreover, there will be additional costs to get a permit for renovating a basement according to the building code in your area. You need to get the basement inspected for compliance with the code so that you do not get into any legal problems if you sell your property in future. This apart, there are separate permits and inspections for plumbing, electrical, mechanical and fireplace compliance and they too add to the cost estimate for finishing a basement.
by Manuel Kupka
