Finishing the basement of your home can be an excellent consideration to think about. It is an essential project to homeowners who need with the aim of expanding their house’s living space and also increases the value of their home alike. However, when planning such renovations, the budget comes in as a point of view at large. The cost of finishing a basement depends much on certain factors and majorly how elaborate it’s needed to be. Below are factors affecting the cost of finishing a basement.
Factors Affecting the Cost of Basement Finishing
Basement finishing costs are mostly affected by factors such as material costs, general rates by hired contractors, labour costs, square footage, and the work scope. For instance, you will get a contractor somewhere charging averagely around $ 30 per square foot. The quoted price is typically a clear reflection of the type of materials used for the project and all the finishes that the homeowner would have considered to apply.
For individual projects, homeowners should expect to get charged lower for the broader project scope. What does this mean? Homeowners who plan to add a basement bathroom to their homes will pay less than those who hire the same contractors for other projects like electrical wiring, flooring, and the entire basement project. Below is detailed information on the factors affecting the price of finishing a basement.
Square Footage
The square basement footage is among the top factors that determine the cost of this project. All project components, including the materials used, amount of time to be spent to complete the project, skilled labour required, and permits at large, are much considered by contractors. These are the details employed to create a quote of the price they will charge per square foot and include everything that should be done. Costs per square foot might also increase when working on small basements since the amount of work will always remain high. The company hired will also generally charge a certain fee to cover costs of doing business, labour, and mainly the materials they will use. There is no exact estimate you should agree upon until a contractor entirely inspects the project.
Bathrooms
The cost of finishing a basement increases in case a bathroom is expected to be added. A lot of factors here also help in determining the general costs for the entire project. Some of the elements are whether the plumbing lines are already in place or installed at that time. The grade of fixtures for the project and selected materials also contribute to determining the costs for the project. Averagely, a new bathroom addition can cost up to $ 15,000 or even more. Standard full bathroom comprising of installed shower can cost you about $ 5,000. However, this cost can be lower if the project is rolled in the entire larger basement finishing project instead of dealing with just a standalone project of adding a bathroom to the already finished basement.
Electrical work
For this project, a professional electrician can safely install all the required basement electrical systems where a basement has been done. Averagely, the cost is about $ 180 in doing basic electrical projects of moving two outlets and installing a third in any exposed wall without drywall. However, the costs charged per item can go down in case more outlets and switches are expected to be installed in the basement.
For projects that are deemed to increase the energy capacity of a home-like, for instance, the home theatres, contractors will charge about $ 3,500 to complete the project. Most contractors also do replacement to breakers, install new electrical lines, and secure the required licenses and permits. However, the general costs can be lower than the average stated amount when the project is rolled into a larger finishing project instead of doing just the electrical works alone.
Flooring
Finishing a basement is also significantly affected by the choice of flooring a homeowner wishes to use. If the least expensive flooring option is chosen for the project, know right that this might stain existing concrete. If you hire a professional to help in installing carpet, tile, or vinyl flooring, expect the cost to be more than what you expected.
Water and drainage pipes are necessary when planning to install a basement bathroom, a laundry room, or even the kitchen. In case there are no plumbing lines installed before in the basement, your professionals can safely install the systems, and automatically the costs for the entire project will go high automatically.
Repairs and damage
It’s a good idea to address any damage in the basement before starting the entire finishing project. However, this will also top to costs already at hand. Additionally, if professionals discover other problems like, for instance, water damage, any structural concern and evidence of termite infestation, expect a shift in the set timeline, and this will also increase costs.
Materials
This is a factor that can’t be left without explained under this project as it plays a role in determining the costs of finishing a basement at large. Usually, homeowners should expect to be charged higher prices from a high-end basement completed from materials straight from a remodelling magazine than that from contractor grade fixtures.
Egress windows
The international building codes recommend installing exit windows at the time of transforming your bare basement into sleeping quarters or livable space. This is a must-have for entries in case of emergencies. Adding such entries require professionals doing an excavation of the land and reframing part of the exterior walls according to the necessary building codes. This will result in an overall increase in project costs.
The Average Cost of Basement Finishing
Averagely, these range between $ 25 and $ 50 in every square foot. However, the prices can depend on the extensive nature of the renovation that will be done, labour, and materials you will use. The factors above can help you make an appropriate approximation of what you need to have at hand in your finishing project to complete. Finishing a basement is a worthy doing project to maintain the value of your home.