How Much Does It Cost To Finish A Basement [Renovation & Remodeling]

How much does it cost to renovate a 1000 sq ft basement? Here is how much to remodel a basement.

Basement renovation or remodeling involves several different approaches which largely depend on what your objectives are. Renovation projects can be simple or complex, with such having a direct bearing on project costs.

Here is how much to renovate a basement.

How Much Does It Cost To Finish A Basement?

Your basement remodeling plan doesn’t have to be fraught with guesses. Specific cost-related information goes a long way in helping with proper budgeting.

It’s proper to have a budget that exceeds the expected cost of the project to prevent any surprises.

With this said, let’s have a look at the different cost aspects of basement remodeling.

So, how much does this procedure cost? This is what we’re most interested in.

  • What Are your Basement Renovation Needs?

Basement renovation entails a whole lot of processes that may include framing to create different or additional rooms.

Other possible approaches may include fixing basement drainage, installing egress windows, installing or replacing a sump pump, or raising a foundation.

Homeowners may also wish to reface cabinets, repair cabinets, fix countertops, install new flooring or seal a basement foundation, etc. Any of these repair or renovation procedures may be targeted.

Now, it’s logical that costs will mostly vary depending on the type of renovation job being performed. You’ll need to read on for cost details.

How Much To Finish A Basement

This section covers a wide range of cost details spanning varying basement renovation procedures.

First off, you’ll have to decide your preferred approach. Speaking of approaches, there are two basic types; DIY, and calling a professional or basement contractor.

For DIY’ers, the DIY approach tends to be the best option. However, not everyone wants to get their hands dirty. This is where calling for professional help tends to be the easiest way out.

  • Basement finishing cost breakdown

In terms of costs, DIY basement renovation is the cheaper of the two approaches. This is because labor is borne by the DIY’er.

To fully understand renovation costs, will need to look at such in terms of size, DIY Vs professional costs, material expenses, water leaks, foundations, and permits. They offer a deeper understanding of how much cost is incurred.

Let’s briefly consider each as follows;

i. Basement Size

Basement size is one of the central considerations when it comes to renovation costs.

Here, per square foot billing method or strategy is adopted. The larger your basement is, the more costly renovation will be. Now, basements can generally be categorized under small, average, and larger sizes.

Here, we will be looking at the average basement finishing cost per sq ft.

A small basement will be one measuring less than 700 sq. ft. The average cost of renovating this basement size will be around $10,500. Averagely sized basements measure around 700 sq. ft. to 1,000 sq. ft.

As expected, such a basement size will attract a higher renovation fee. Contractors are likely to charge you around $15,000 for the procedure.

Large basements are those measuring 1,000 sq. ft. and up. Expect to attract significantly higher renovation costs with average costs of around $25,000.

All of the costs provided apply to projects performed by a professional or basement contractor.

ii. Renovation Approach

What’s your preferred basement renovation approach? We earlier said there are two main approaches; the DIY, and professional approaches. So, how do these differ?

DIY approaches are comprised of renovation jobs performed by homeowners themselves. This eliminates significant costs related to labor.

In other words, the DIY approach to basement renovation costs less compared to those performed by professionals or basement contractors.

To provide you with further insight, you’ll have to consider such costs relative to the size. Renovating a small basement (less than 700 sq. ft.) using the DIY approach will cost approximately $5,500.

Average basements measuring between 700 and 1,000 sq. ft. will cost a DIY’er around $8,000 to renovate.

For a large basement (1,000 sq. ft. and above), the cost of DIY renovation will be around $15,000. These costs when compared to figures given for professional renovation approaches tend to be lower.

Of course, the professional approach requires calling a basement contractor to perform or carry out whatever type of fixes or remodeling you want.

iii. Material Expenses

Before quotes are ever issued, all cost-related aspects of the project are included. Of vital importance are the materials used for the basement renovation job.

The type of renovation or remodeling work to be done will influence the materials used. So, one renovation project will mostly differ from the next in terms of cost.

In simple terms, every basement renovation project is treated uniquely.

To give you an idea of the costs involved, materials such as ceilings and drywalls will cost an average of $1,700, and $1,900 (per sq. ft), respectively. The cost for flooring will range from $1,500 to $4,500.

Another basement renovation material that may be needed includes framing. Framing costs around $1,800 on average. This translates to around $7 to $16 per linear foot.

iv. Water Leaks

Basement renovation costs may include fixing water leaks.

It’s common knowledge that moisture issues are common in basements due to their below-ground position. As such, a renovation job may include having water leaks fixed through waterproofing.

The cost of waterproofing a basement may range from $2,300 to $7,300. This is only for minor waterproofing jobs as costs may shoot up with significant waterproofing.

v. Foundations

Some types of basement renovations may require fixing the foundations.

It’s best to first have foundations closely checked or inspected to determine whether fixes will be needed before proceeding with basement renovation. Issues with foundations will likely impact renovation costs significantly.

A foundation that’s found to be faulty may incur a repair fee of around $10,000. This hikes the cost of the total project by a lot. It’s worth the effort to have a foundation fixed before anything else.

vi. Permits

Permits are a major requirement for basement renovation jobs. These are mostly demanded when factors like plumbing or electrical jobs are put into consideration.

Obtaining such permits will cost anywhere from $100 to $2,000 depending on the type. With such permits obtained, you’re in the clear to proceed with the project.

A deeper understanding of basement renovation costs requires looking at all the factors mentioned. These are crucial to your budgeting needs as a homeowner.

It’s also important to seek the help of a professional when estimating the costs.

For the purpose of comparison, ask for multiple estimates on finishing a basement.

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