According to National Association of Realtors’ Remodeling Impact Report, finishing a basement will give you a return of 65 to 75% of your investment, and the Joy score of homeowners getting this improvement was 9.5.
In other words, for every $10k you spend in your basement renovation, you’re boosting your property’s value by about $7k.
Sure, the numbers look good, but what are the actual implications of this project, and how can you add value with a basement remodel?
We’re answering both of these questions below!
How Much Should You Spend On A Basement Remodel?
According to Angi, remodeling a finished basement averages $20,200, with most projects ranging from $4,200 to $45,000.
In comparison, finishing a basement is more economical – from $2,800-$34,500 on average, with the typical job costing about $18,400. Of course this can be pricier if you’re building it totally from nothing and even pricier if you’re looking to get a walkout basement.
Here’s a breakdown of how much you should expect to pay for different upgrades:
| Type Of Work | Cost |
|---|---|
| Waterproofing | $1,900 - $6,500 |
| Sump pump | $600 - $1,600 |
| Egress window | $1,000 - $7,000 |
| Framing | $700 - $1,400 |
| Stairs and railings | $2,000 - $7,000 |
| Electrical, lighting fixtures and outlets | $3,000 - $12,000 |
| Plumbing and fixtures | $2,500 - $15,000 |
| Insulation | $1,500 - $4,000 |
| Drywall | $1,000 - $3,000 |
| Paint | $1,250 - $3,500 |
| Flooring | $2,000 - $12,000 |
| Furniture | $1,000 - $30,000 |
What Are The Best Materials To Get For Your Basement
The most important upgrades you’ll want to consider in your basement are the flooring, the walls, and the ceiling. Upgrading these will make the basement livable, which is the most important thing.
Flooring
To guarantee a successful basement remodeling project, it’s essential that both the subfloor and finish floor are taken into consideration – getting these details correct now will save you from any nasty surprises in the future.
The subfloor in your basement will usually be concrete. Ceramic or porcelain tile, luxury vinyl plank, or even epoxy are good choices for your finish floor. Hardwood flooring can quickly be affected by moisture, so avoid it altogether.
Walls
Your basement walls need to provide insulation, enhance soundproofing, and be resistant to mold and water. Your wall materials should have an R-13 insulation rating at minimum or at least be a product to which insulation can easily be added.
If you’re planning on using hard-board insulated wall panels for a damp basement, get one specifically designed for a damp environment like a basement. Make sure you’re getting warranty coverage against mold and moisture damage to guarantee the longevity of your paneling investment!
Solid inorganic wall panels are available that don’t give mold what it needs to grow.
Ceilings
If your basement’s ceiling is laden with ducts and pipes, you may be limited in design options due to local codes requiring a minimum height of seven feet or greater.
Otherwise, you can install a suspended or drop ceiling that forms a continuous surface with acoustical panels that fit into a grid. It can hide all of your ductwork while allowing fast access.
If there’s a leak in your basement, the entire ceiling could instantly be destroyed. To prevent this from happening, or at least fix it fast, make sure there are access points to all the pipes and ductwork. Drywall may have shortcomings, but with a little foresight, you can mitigate any potential problems.
What Should You Remodel Your Basement Into
Your basement has the potential to become anything you can think of. From a home theatre to a laundry room, you can make this space fit your changing needs and get an addition that’ll make life easier, more pleasant, or both!
Besides the basic living space that you can get, there are some other possible transformations, such as:
A Laundry Room Transformation
Transforming the basement into a laundry room only takes a little plumbing work and the appliances. Having the washer in the basement saves you from all that noise, but it also saves a lot of space upstairs.
With some minor plumbing updates, simple tile flooring, and some cabinetry or open shelves, the job is done!
If you’re considering getting a tile floor, budget about $3,000 (prices range from $7 to $14 per square foot) and around $2K for cabinets. The hourly plumbing rate varies depending on the expertise and repair needed; however, it typically ranges between $25-$200. In finished basements, this is a quick and affordable upgrade.
An Office
When it comes to finding a conducive spot for working, the basement is an optimal option due to its stillness and serenity. This tranquil atmosphere encourages focus and productivity, making it an ideal location for getting things done.
Fortunately, upgrading your space to be more inviting and functional won’t cost you an arm and a leg. Carpeting or luxury vinyl flooring ($2-$5+ per square foot) can help set the tone for the room, whilst upgraded lighting fixtures and cabinetry will add sophistication. Finally, adding a stylish desk brings everything together!
Remodeling a finished basement space into an office with a living space will cost around $10k.
A Man Cave
Transform your home into a haven with the perfect man cave! Spend time bonding over a cold beer during game night, or plan out ambitious projects with friends. Enjoy playing some pool, discussing politics, or just sitting around and talking about life – all in one place.
For example, you can add a pool table (between $2,100 and $3,500), a bar (about $8k), a couch and some stools (around $2,000), and a TV to watch the game, and this is it! Depending on what you want to add to this room, the cost will vary from around $8k to over $15k.
An In-House Gym
Building a home gym in your basement can be expensive because of the necessary equipment and supplies.
When you factor in the costs of materials such as rubber flooring, HVAC systems, electrical wiring, and plumbing services, along with other expenses like the gym equipment, adds up to a whopping $20k!
Three Tips To Ensure Maximum Profit
Here are some quick tips to ensure your basement remodel will be more profitable and your maximizing the potential ROI you’d get off of it.
Have A Budget
One of the best ways to ensure you’re not overspending is coming up with a budget and staying true to it.
For example, if tile flooring, upscale lighting fixtures, brand-new furniture, and custom cabinets for a potential kitchenette are not a priority, don’t go overboard with these items. Focus on functionality and finishing the basement space.
Request Multiple Quotes
There are a lot of contractors throwing empty promises left and right. The last thing you want to do is go after the one that’s offering the lowest quote. Obviously, going for the most expensive is not a great deal either.
The best way forward is simple: get multiple quotes from different contractors. Check their reviews and their website, and ultimately request a quote to see what do they have to offer.
Think Of Purpose
For some, profit is not always cash. Profit can translate into a home with higher comfort, better functionality, more living square footage, flexibility, or beauty.
A basement remodel is worth the investment from the get-go. However, getting a high-quality remodel with a stress-free and effortless remodeling process is more important. After all, most homeowners’ goal is to make the most out of their homes, and a basement remodel can unlock your home’s full potential.
Conclusion
No matter what your remodeling your basement into, this upgrade is worth it from the get-go. Financially, a finished basement ROI can reach over 70%, but the intangible benefits make this project a splendid home improvement project that pays off tenfolds!
At Mortise & Miter, we’re offering a complete basement remodeling service in Kansas City, Overland Park, Olathe, Lenexa, and the surrounding areas. We’re taking care of everything, so you won’t have to move a finger.
If you want to get some in-depth insights about how to add value to your home with a basement remodel, give us a ring at (913) 214-6211!