As a leading basement remodeling company in Connecticut, we’re often asked how much a basement renovation costs.
Here, we’ll give you some examples of typical factors that impact the cost of basement remodels to give you an idea of what you may expect to pay to renovate your basement.
The pricing of our Connecticut basement remodeling services depends on factors such as:
- The size of your basement.
- Condition of your basement.
- Level of customization you require.
- Permit costs (this usually varies by town and city and some of them are based on a percentage of the project’s cost instead of being a set fee.)
- Demolition needs and costs
The National Association of Realtors and Remodeling Magazine estimates that renovating a basement can return close to 50 percent of your investment. Return on investment for any home project is certainly a major consideration, however, don’t overlook the fact that you and your family will derive regular (hopefully) use of your legal finished basement while you live in your home.
When considering the cost of a basement makeover, it’s worth noting the difference between a basement remodel and basement finishing, although the terms are often used interchangeably.
How Much Does Cost to Refinish or Remodel a Basement?
Getting your basement “re-done” or “finished” can actually cover a pretty wide spectrum. For example, finishing (or refinishing) a basement is primarily a cosmetic improvement without altering the layout – but it can do a lot for your home’s value. Remodeling can be more extensive, moving walls, dividing spaces adding custom built-ins, etc. Whatever kind of project you are planning will usually involve some or all of the following:
- Framing and hanging drywall.
- Installing flooring.
- Enclosing plumbing lines
- Work on the electrical panel or closet
- Electrical outlets to code
- One source of permanent heat
- Proper insulation
- Putting Doors, floor, etc.
- Permit costs- as a reputable contractor in Connecticut, Better Built Basements only does permit-based projects (and frankly, so should you).
Getting further into a project will involve other details and decisions that can include:
- Dividing the space into smaller rooms
- Moving existing walls
- Adding electrical and plumbing lines
- Adding custom cabinetry, built-ins or other millwork
Not sure how this might all come together? Our customers have taken these first two phases to create:
- Home theaters
- Children’s Playrooms
- Home Gyms
- Bathrooms – half “powder” or full bathrooms
- Egress or exterior doors
- Laundry rooms
Depending on the space’s needs and the features you choose the pricing can range from approximately $15,000 to do a basic refinishing to upwards of $60,000. The average basement remodeling project is probably somewhere between $30,000-$35,000. This wide range depends on the size of the space and the types of fixtures and flooring you select.
One More Thing – A Damp Basement vs. Water in the Basement
One other factor to consider is if there are any waterproofing that needs to be installed or replaced in your basement.
First off, do you need waterproofing? There is a big difference in the cost to deal with a moist or damp basement – which typically just needs dehumidification – versus a home that has standing water in the basement or has cracks in the foundation that regularly show signs of water, possibly in the corners where the floor and wall meet.
Waterproofing is necessary when there is actual water that is or has been on the floor. Effective basement waterproofing is vital to protect the structural integrity of your home – your basement forms a large part of your house’s foundations – and ensure it holds its value.
A good waterproofing system is also essential if you plan to use your basement as living space. It will prevent problems like mold and mildew, which can cause respiratory issues, especially in young children and older people.
Basement waterproofing can range from $1,500to $30,000 or more. Before renovating your basement, talk to your contractor about whether any measures are needed to ensure adequate waterproofing of the space.
Is a Basement Makeover Worth the Cost?
After considering all of the factors and options listed above hopefully, you have a better sense if a basement renovation is a sound investment in your home that can give you serious financial benefits as well as enhance your quality of life.
A basement makeover can increase the resale price of your home and give you valuable extra living space by making use of what is often a neglected or under-used area.
A basement remodel in the hands of a professional basement renovation company like Connecticut’s Better Built Basements will return a much higher percentage of its cost than any other home project designed to increase living space.
Renovating your basement is also less expensive than creating an extra room above ground, which can cost $80,000 or more. A basement remodel costs less because the framing, foundation, and ceiling are already in place.
Your basement renovation can give you a relaxing place to hang out – a games room, entertainment center, and bar area, for instance – but there are many other options, and a flexible design will make it easier to repurpose the space in the future.
There are multiple possibilities of how you can use your new basement for various activities, including arts, crafts, and other hobbies. Basements can also work well as a second living room or as a dining room or play area, or even to provide rental income.
How Professional Basement Renovation Can Save You Money
Hiring a professional Connecticut basement renovation contractor can save you money in the long run by avoiding the sort of costly and time-consuming mistakes that often plague DIY attempts at basement refits. These blunders include:
- Ignoring the need for permits.
- Failing to have a proper plan.
- Overlooking waterproofing considerations
A professional basement remodeling contractor will not only ensure error-free work but also guarantee you get a quality new basement with a superior finish to be proud of. You may also be able to get help with financing your basement project.
If your quote is too good to be true, it probably is. It may mean that the contractor is doing one of these no-no’s that will cause you headaches down the road:
Not pulling permits
Not licensed for the work they are performing
Why Working With a Licensed Contractor Makes Sense in the Long Run
A good contractor can help you navigate this process. Remember, the cost is influenced by what you want to accomplish and what the space needs to hit that goal A reputable contractor can talk to you about your goals and your options to achieve those goals and your budget.
If you are interested in talking about a basement renovation project in your Connecticut home, contact Better Built Basements to arrange a discussion and get a sense of what your options are.