Cold, dark, damp, uninviting. Do these words describe your basement? If so, there is hope for the space! An unfinished basement is like a blank canvas for an artist. There are endless possibilities for the space and it is up to you to decide how you want it to look and feel. You can add an extra bedroom, playroom for kids, home theater, or a simple gathering space to entertain and relax. A finished basement provides you and your family with added value for your daily lives, and it also creates additional value when you sell. The addition of a finished basement to a home listing will help your property sell faster and for more money. With all of this in mind, there is the upfront cost of remodeling your basement. But, how much does it cost to finish a basement? This article will help explain the costs.
How much does it cost to finish a basement?
Every home renovation project has multiple variables that determine the cost – home location, local material costs, current state of the project area, and features of the project. For basements, the possibilities are rather endless for the scope of the project. A home theater renovation and a kid’s playroom are going to cost dramatically different. On average, Pittsburghers spend between $20-$50 per square foot when finishing their basement. This equates to around $20,000-$50,000 for the average Pittsburgh home.
High-end furniture, extravagant lighting, especially flooring, and customized rooms will drastically change that average pricing. It is possible to spend upwards of $100,000 on a basement renovation if you dream big. With such a wide range in pricing for a finished basement, you are probably asking yourself what the cost breakdown is for common projects. Here is what to expect for materials:
- Labor = $25-$80 per hour
- Framing = $5-$15 per foot
- Finished Walls = $5-$9 per square foot
- Flooring = $1-$25 per square foot
- Electric = $200-$4,500
- Furniture = $300-$5,500
Basement Contractor Labor Cost
The cost of hiring a contractor will be your biggest cost. However, it pays to hire a good contractor. A trusted and high-quality contractor can help save costs and give you peace of mind to know the project is being done correctly. Generally, 20-40% of your budget will cover labor costs. A good contractor will come out, walk through your project, and give you a customized quote.
Basement Remodeling Projects
Basement Framing
Basements are often overlooked areas when it comes to homebuilding. A basement will be built thinking about function rather than function the majority of the time. This leaves concrete walls and an unappealing atmosphere. In order to liven up the space, homeowners often turn to drywalling, which requires framing to be added. The estimated cost to frame your basement with lumber is about $5-$16 per linear foot. The majority of framing jobs can be done with lumber of several qualities, but load-bearing walls should use steel.
Finished Basement Walls and Ceiling
After framing your basement, the next steps include adding insulation, installing drywall, and adding a coat of paint. Drywall costs about $2 per square foot and insulation is about the same. Paint prices vary depending on the type and quality.
Waterproofing
If your basement floor is concrete, you’re going to need to waterproof it. This will help keep moisture out and protect your basement from flooding. A contractor will patch any cracks and holes in your foundation and then apply a water sealant to the whole floor. Cheap sealant costs about $2 per square foot while more durable sealants run about $9 per square foot. Don’t think this is an expense you can skip out on. The last thing you want in your newly remodeled basement is flooding and moisture damage.
When finishing your basement’s ceiling, it is important to consider cost, appearance, and functionality. The barebones nature of a basement’s ceiling gives homeowners a wide range of options they wouldn’t typically consider in other parts of their home. Painted rafters, wood planks, painted pipes and beams, decorative tile, and drop ceilings are all options. The most common basement ceiling type is a drop ceiling, which costs around $5 per square foot.
Basement Flooring
Before installing your flooring of choice, a contractor will likely need to install subflooring to your basement. Subflooring costs between $2-$8 per square foot. Subflooring has several purposes. It serves as a barrier between your foundation and choice of primary flooring, which acts as a moisture blocker and heat insulator. Subflooring also supports the installation of your basement flooring. It allows for carpet, tile, and hardwood to be installed in your basement.
Flooring prices depend on the type of flooring you want. Options range from as little as $1 per square foot to $30 per square foot.
Basement Lighting and Electrical
If you plan on making your basement a livable space, you will likely need to install more lighting which requires electrical work. Basements are often built with inadequate lighting for most people’s uses. The bare minimum is installed at the time of build and costs are cut. Adding lighting and electrical outlets can cost as little as $200 and upwards of $3,500 depending on your current electrical situation and desired lighting needs.
Do you plan on making major appliance changes to your basement? Moving the laundry room and adding a second kitchen are common basement projects. These kinds of high-electricity rooms need to be planned in advance and should be coordinated with your contractor. They will discuss the required outlets and electrical work needed to make those projects a reality.
HVAC
Basements are not always well-ventilated with appropriate heating and cooling. In order to keep your basement comfortable all year round, a proper HVAC system needs to be in place. Your existing system may be able to accommodate the space, but this will require an inspection from your contractor. Small and older systems may be inadequate and an additional unit or upgraded unit may be required. Additionally, ductwork may need to be installed to properly run heat and cool air to the basement.
A new HVAC system will cost between $3,500-$12,000. This includes the ductwork necessary to carry air and heat. Additionally, the added space will increase your utility bills.
Basement Bathroom
Adding a bathroom to your basement is no small project. Framing, installing walls, electrical and plumbing work, amenities, and other touches need to be considered. A bare minimum bathroom installation will cost you around $3,000 but more realistically, the project will be between $5,000 and $20,000. Factors such as existing plumbing, framing, electrical, and size will all affect this pricing drastically.
Specialty Rooms
A basement is a blank canvas for many homes. The most common basement renovations intend to add common areas to the home, places where families will gather, guests will be entertained, and kids will play. However, they don’t always need to be just common areas.
Specialty rooms such as home gyms, movie theaters, wine cellars, game rooms, and man caves are great ways to take a basement to the next level. There is no limit to what these rooms will cost, so work with a general contractor to understand what is realistic with your dream and budget.
Does finishing your basement improve home value?
If you are like most homeowners, you are probably thinking about the future of your home and the future of your family. While home renovations are great for the present, will your choices help sell your home in the future? A finished basement will likely be a good investment and improve your home’s value. An additional bedroom, bathroom, kitchen, and more livable square footage are all great selling points when it comes time to sell your home. Homebuyers want a home that fully utilizes its space within the four walls. The addition of a functional basement is desirable.
