Basements can be a great way to add extra living space and value to your home, but many homeowners are hesitant to take on a basement renovation project because of the cost. The truth is, the cost of renovating a basement varies widely and is not a one-size-fits-all solution.
That being said, homeowners should feel comfortable financing a finished basement before the project even starts. Here at Best Quality Builders, we want to make any home project feel as exciting as possible!
Today on the blog, we will discuss the most common factors that impact how much your finished basement will cost and tips for how to keep the cost down.
Factors That Affect The Cost Of A Finished Basement
The beauty of finishing a basement is the customization available. It truly can be whatever space you’d like! However, there are two basic factors that are crucial to every basement renovation, and impact the cost the most: size and current condition.
Size Of Your Basement
One of the biggest factors that affects the cost of a basement renovation is the size of the space. Simply put, the larger your basement, the more it will cost to renovate. This is because larger spaces require more materials, more labor, and more time to complete. If you’re looking to create a full living space in your basement, with multiple rooms and amenities like a bathroom and kitchenette, the cost can add up quickly.
Before the size of your basement feels too daunting, remember the potential added value a larger basement will bring to your home. If you consider selling in the future, larger finished basements are appealing to potential buyers. Most important of all, this additional space will create a more functional and comfortable living space in your home.
Current Condition Of Your Basement
The current condition of your basement, or if it’s a new build, makes it more difficult to create a blanket finished basement cost.
In the case of an existing home, an unfinished basement may require more structural repairs or waterproofing before a renovation can begin. This can add significantly to the overall cost of your project, but addressing these issues ensures your new space is safe and comfortable. For a new build, it’s important to ensure the basement is structurally sound and meets building codes to avoid any issues down the line.
No matter the starting point, we ensure the current condition up to your basement results in the finished product you’ve always dreamed of.
What Are The Benefits To A Finished Basement?
Finished basements are not just a great way to add extra living space to your home, but it really helps increase the future selling value. Over the years of starting new build projects, a finished basement has been one of our top requested wish-list items. This is no coincidence! More than ever, finished basements are becoming a must-have in Chicago, due to the additional space it provides without having to buy a larger piece of land.
If your pre-built home already includes a finished basement, we can guarantee buyers will find your home more attractive, making the value increase significantly.
So How Much Does A Finished Basement Cost?
Now that we’ve discussed the most important factors that contribute to the overall cost of a finished basement, we want to answer the question: how much does a finished basement cost?
From our past projects, we can estimate the average finished basement cost is between $40 to $70 a square foot, totaling a renovation between $10,000 and $30,000. Of course, every renovation varies widely and tends to fluctuate as more amenities are added on.
If you’re looking to create a full living space, you can expect to spend on the upper end of the average. On the other hand, if you want to add some finishing touches, like paint and new flooring, your costs will likely be lower.
How To Keep Costs Down
We make it our priority at Best Quality Builders to work with you to create a space you love, while still keeping a budget in mind. Here are some tips we use to help keep your costs down without sacrificing the quality or amenities of your renovation:
Tip 1: Plan ahead. Once we sit down together and create a detailed plan, it allows for additional time to identify any potential issues and avoid costly changes.
Tip 2: Be open to using different materials. Through all our years building and renovating spaces, we have found compromises can be made for materials that still look great, but provide more flexibility in a budget.
Tip 3: Consider a phased renovation. If you can’t afford to do everything at once, consider breaking your renovation up into smaller phases. This will allow you to spread out the costs and tackle the most important items first.
Tip 4: Avoid major structural changes. While new builds have more flexibility in initial design plans, changing the layout of a pre-existing basement will be very expensive. Plus, a lot of the fun of renovation comes with working creatively in a space.
Finished basements are a particular specialty of ours, especially with their growing popularity in the Chicago area. By choosing Best Quality Builders, we can help make this renovation process as stress-free and inexpensive as possible. Interested in the idea of finishing your basement, but aren’t sure if it’s feasible for your home? Please don’t hesitate to get in touch with us to help begin your finished basement project will confidence.
