Doing a basement remodel can transform your unused space into a downstairs oasis. It can also add value to your property, with many remodels giving up to a 75% return on investment!
But basement finishing can be a big project. Calculating the costs and work involved may seem overwhelming.
Luckily, this article is here to help! It covers everything you'll need to think about when basement remodeling. It also discusses budgeting, and how to find your ideal contractors.
Building Permits
Before you get started on any building work, it is important to make sure that you have any permits you might need. Finishing your basement without the correct permits can have legal and financial implications. In Ohio, you need an electrical, plumbing, and building permit for a finished basement.
If you are hiring a building service, they will be able to help you in acquiring these. Budget at least $200 for your building permits. They usually take around 14 days to review and approve.
Transforming Your Space
The national average cost of finishing a basement is $18,395. Let's look in more detail at the different factors in this cost, including how much to budget for each.
Flooring
For flooring, there are several options depending on the design and features you want. Opting for a hard material is better for basement environments as they are more durable. They are also less susceptible to mold and need less maintenance.
A popular option is laminate or vinyl flooring. This is because it is affordable and has many colorways and styles available. Laminate is also much easier to replace if damaged or you have a change of room design. Bear in mind though, that it may not last as long as hardwood flooring or ceramic tiles.
The price of your floors will vary depending on the quality and type of materials you choose. They could be anywhere from $3 to $11 per square foot. Higher quality floors such as hardwood could even be $22 or higher per square foot. Budgeting between $1500 - $4,500 should cover most of your flooring expenses.
Lighting and Fitting Electrics
Basements have low to zero natural light, so putting in good lighting is important. Consider brightness, function, and flexibility when planning your lighting design.
Also, think about power outlet accessibility. Base this on how many electrical items you will be using and their location.
One important factor to consider is following the national electrical code. By finishing your basement, by law it becomes a "habitable space". This means the basement will need to pass an electrical inspection. If you don't meet the requirements, it could affect your electrical permit.
On average the cost of putting lighting and electricity into a basement will be around $5,000. Broken down this is around $2,500 on lighting, $1,500 on electrical, and $1000 on outlets. These totals can vary based on the type and quantity of light fixtures you choose. "Smart" features such as home-hub integration or sound activation can also increase costs.
Waterproofing and Insulation
As basements are below surface level, they tend to have lower temperatures and take on water. This can mean expensive repairs if it is not waterproofed and insulated well.
Insulating your basement helps to regulate temperatures and reduce moisture problems. Common insulators are Fiberglass, spray foam, and rigid foam board. Insulation is suitable for putting into walls, ceilings, and floors.
When it comes to waterproofing, consider applying interior and exterior sealants. These waterproof paints are a simple and cheap option for small holes or cracks. But these are usually not enough on their own, so adding an external drainage system would be a smart choice.
The average national cost is between $1,400 and $6,300 depending on basement size and materials. This could go up to $30,000 if you are doing extensive exterior groundwork.
It may be tempting to cut costs by doing this step yourself, but it is not recommended. Hiring professional contractors to complete this work means long-lasting and high-quality results.
Finishing Touches
Furnishings and other finishing touches often get forgotten during budgeting. Include items like sofas, entertainment units, rugs, and other decorations in your budget.
This cost will be variable depending on your taste and the space you have available. Budgeting $2,500 to $5000 for this section should be enough to cover the basics.
There are also lots of ways to cut costs in this area by buying second-hand or up-cycling items you already have!
Finding a Basement Remodeling Service
Look for contractors that have specialist skills in basement renovations. You want to make sure that you are getting the best craftsmanship possible. They can help you with both basement design and budgeting.
Making sure that they are trustworthy is also important. Go online and read reviews of the company. Look out for comments about their time management, professionalism, and value for money.
Inflation
When budgeting your basement remodel cost, don't forget to plan for inflation. In recent years, construction and building supplies costs have increased by over 20%. This is due to labor shortages and supply chain issues worldwide.
So make sure to add an extra 10 to 15% into your budget to account for this increase. That way you have a buffer for any unexpected costs that crop up.
Get the Best from your Basement Remodel
Doing a basement remodel is an amazing way to transform your downstairs space. Now you have your budget ready, it's time to get some experienced contractors to help with the process!
Mankind LLC are a professional building service. Based in central Ohio, they specialize in high-quality basement finishing and home renovations. They offer free estimates, easy financing options, and even a referral bonus!
Get in contact today to get a quote for your next basement renovation project!