If you want to improve your home’s value, remodeling your basement is a good start. First, you can capitalize on the existing space. At the same time, you avoid increasing your home’s overall cost per square foot. However, this renovation still comes with its associated costs. Let’s find out what they are in this post.
Costs of Doing Basement Renovation Explained
Consider these main expenditure categories to get an accurate budget for your basement renovation.
Design and Planning
Before you even start the renovation process, a considerable amount of time and sometimes money will go into planning and design. Hiring a professional architect or designer could cost between $1,000 to $5,000. The cost will vary based on the complexity of your design. If you decide to DIY this aspect, you could save money, but it will require time.
The very first thing you’ll need to do is clear out any items stored in your basement. This might involve temporary storage solutions, which can set you back at least $100 to $500.
Before any renovation can start, ensure the basement has no existing water issues. Basement moisture can lead to mold growth and structural damage over time. Avoid this if you don’t want to turn your investment into a money pit. Set aside a budget for a professional inspection. If minor repairs are needed, like sealing cracks, this could add another $200 to $500 to your budget.
If your basement has moisture issues, a dehumidifier is an excellent investment to prepare the space for renovation. A decent dehumidifier can cost between $150 and $300 and is worth the investment to protect the new walls, flooring, and furniture you’ll be adding.
Structural work is often the most complex and expensive basement renovation project. Making changes to the structure of your home is not something to take lightly. It requires careful planning, professional help, and, quite often, a sizable budget. Get a rough idea of the materials you will use.
Adding walls can create more functional zones in your basement, such as a separate living area or bedroom. Constructing new non-load-bearing walls can cost between $1,000 to $3,000. Depending on the complexity and materials, adding load-bearing walls would cost significantly more, around $3,000 to $10,000. You can use a stone calculator in tons if you need a sizeable amount for your structural rework.
You could be looking at a total ranging from $5,000 to $15,000 for the structural work phase of your basement renovation. Consult professionals for precise estimates and to ensure the work is up to code.
The utility aspect of a basement renovation is where functionality meets safety. Properly installed or upgraded utilities will ensure that your basement is aesthetically pleasing and a comfortable, functional, and safe space.
Ensure that the electrical system can handle the new additions to your basement. This includes new lighting, power outlets, and potentially other electrical features like a home theater system. Electrical work, which involves adding new outlets and light fixtures, can cost between $800 to $2,000.
Plumbing will be a significant consideration if your basement renovation includes adding a bathroom or a kitchenette. Even without those additions, you may need to consider drainage or sump pumps. A straightforward plumbing job may cost between $1,000 to $4,000.
Maintaining a comfortable temperature in your basement is essential for usability. You may need to extend your home’s existing HVAC system or add a new one just for the basement. The cost can vary based on the project’s scope, ranging from $1,000 for a simple extension work to $5,000 or more for installing a separate system.
Wall and Flooring
Choosing the right walls and flooring impacts the look and feel of your renovated basement. Bare drywall and paint could run between $1,000 to $3,000, and flooring can range from $1,500 to $4,500, based on the material chosen.
Last but not least, the little details can add up. These finishing touches could add an extra $2,000 to $10,000 to your renovation budget.
Renovating your basement is an excellent investment but can dent your pocket. Understanding these costs allows you to set a realistic budget and timeline for your basement project.
Budget for professional help or allocate time for DIY planning.
Set aside money for clearing and treating the basement.
Consider the cost of any significant structural changes, including permits.
Budget for electrical, plumbing, and HVAC work.
Remember to consider the costs associated with walls and flooring.
Small details can add up, so plan for them in your budget.