No basement remodel is the same. There are a multitude of variables that will affect cost such as square footage, electrical and plumbing, materials, and so on. That being said, in the greater metropolitan area the average basement remodel cost fell between $13,500 and $30,300 with $21,350 being the median. Where your basement remodel cost falls in that range depends largely on one major factor: how finished your basement already is.
Basement Remodel Cost
If your basement is largely finished, you may be thinking that you’ve saved yourself a few bucks, but that is not always the case. When it comes to basements, working with a blank slate is often cheaper. This is because plumbers, electricians, and construction workers can work more efficiently. If your basement is already finished, you may be required to demo the walls or put in new construction to meet codes. Added labor equals added costs to your basement renovation.
Your basement’s size will also play a role in cost. Basements that are 400-500 square feet come in on the lower end around $4750. Conversely, much larger basements around 1000-1400 square feet will cost roughly $12,600 to remodel. These costs do not include the addition of a bathroom, upgrades to flooring, or finishes.
Basement Construction Cost
Adding new features to your basement will certainly increase the final remodel cost. Installing a bathroom is one of the more expensive basement remodel options, but it also dramatically increases the value of your home. The average basement bathroom will run you between $12,500 and $22,500 depending on how lavish and large you wish your basement bathroom to be.
Flooring is also a factor to consider in your basement remodel budget. When considering your basement flooring, you will need to keep in mind warmth and function. Installing ceramic tiles may be stylish, but it will be incredibly cold when set upon concrete. Carpeting is a budget-friendly solution, but it is harder to clean than ceramic tiles. Wood floors are another option, but you will need to be sure the flooring you choose can be glued down to concrete. Depending on the materials, flooring will run anywhere from $1700 to $7300.
Your finishes such as lighting, molding, and trim will add to final costs as well. Lighting upgrades will cost around $1400 while architectural features can run up to $2600. If your basement lacks storage, you can also consider adding in built-ins which cost around $950.
Basement Bar Cost
After taking care of the basics, many homeowners decide to add a bar to their basement to turn it into an entertaining oasis. A basic wet bar ranges from $2000-$4000 while more lavish and high ends bars can cost between $6000 and $12,000. You can reduce your final costs when choosing your countertops, sink, and bar flooring.
Your final basement remodel cost depends a good deal on your must-haves. If you simply want to finish your basement for resale, then your costs will likely be on the lower end. If you intend to add a bathroom, a bar, and upgrades to the flooring, then expect to spend a good deal more. Discuss your budget and remodel wish list with your contractor to determine what is realistic for you to achieve the basement remodel you want without breaking your budget.