Expenses Incurred When Completing a Basement
The typical cost to finish a basement is around $20,000, however this number can range anywhere from a few thousand dollars to as much as $80,000 depending on the size and design of the room. The removal of cobwebs and the covering of concrete may appear to be straightforward Do It Yourself chores, but in order to create livable and appraisable square footage, the assistance of licensed professionals is required. The rate of return on your basement investment is affected by a number of factors, including waterproofing, egress windows, and even ceiling height.
NOTE: As a secondary consequence of the COVID-19 epidemic, the first half of the year 2021 witnessed an extraordinary shortage in the labor force. As a result of this, there has been an unprecedented uptick in the demand for building work and materials. As a consequence of this, the prices of the materials may be greater than those mentioned in this article, and the lead times for both the labor and the materials may be longer than is typical.
Price Range for Completing a Basement on Average
| TYPE OF COST | COST |
|---|---|
| Average Cost | $18,400 |
| Highest Cost | $80,000 |
| Lowest Cost | $3000 |
*Costs per square foot
A Breakdown of the Expenses Involved in Completing a Basement
As is the case with the vast majority of home improvement projects, the total cost will be determined by the condition of the land as well as the building that is already there. Take a look at this rundown of the costs associated with renovating the basement before you start building your budget.
Permissions
Finishing a basement requires work on the electrical and plumbing systems, and if you plan to add a bathroom or bar, such systems will typically require permission from the local building department. It's likely that a safety examination will be be conducted on your basement as well. You should set aside roughly $1,600 to cover the costs of all the required permits and inspections.
Labor
Unless you plan to complete the work yourself, the cost of labor will account for around forty percent or more of the total cost of rebuilding your basement. It's highly recommended that you have support managing the project from a general contractor that you can hire. Always shop around and get multiple quotations to find the best combination of value and quality.
In order to finish your basement, you will likely require the following additional types of contractors:
- Framers and drywall installers
- Insulation installers
- Flooring installers
- Window specialists
- Electricians
- Plumbers
- Foundation repair specialists
- Painters
- Materials
| 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 |
The Cost of Waterproofing a Basement
The cost of waterproofing your basement is estimated to be roughly $4,500, making it one of the most expensive components of this project. It may cost you up to $10,000 to pump water out of your basement after it has been flooded or damaged by a storm. If you waterproof the area, it will also help protect it against the potentially dangerous and expensive cleanup of mold and mildew.
How Much Does It Cost to Build a Ceiling in a Basement?
Prices for drywall ceilings typically start at approximately $1,600, which is equivalent to $2 per square foot. Acoustic ceiling tiles cost approximately $4 per square foot on average, and should be an investment for music enthusiasts or basement bands. Prices for drop ceilings range between $3.50 and $4.30 per square foot on average. This enables convenient access to the electrical and HVAC systems in the building.
The Cost of Drywall for the Basement
The installation of drywall in your basement will run you approximately $2,000 but will turn it from a dreary concrete block into a warm and welcoming living environment. The cost of installation is often factored into the around $15 per-panel price by construction companies. It is important to insulate and waterproof the area behind the drywall in order to maintain a comfortable temperature in the basement.
Estimated Prices for Basement Flooring Installation
The expense of installing flooring while finishing a basement typically ranges from roughly $3,000 to $5,000, however this number can vary widely depending on the material, design, and quantity required for the undertaking. The flooring in the basement needs to be either moisture-resistant or waterproof in order to protect it from the accumulation of humidity and moisture. Learn more about the many varieties of flooring that are available to choose which one would work best for your basement while staying within your price range.
In recent years, epoxy has emerged as a popular option for use as a waterproof flooring material in garages and basements. It takes from one to three days to pour and cure, and costs approximately $3 to $7 per square foot. The finished result may have the appearance of a vivid bespoke hue or may be designed to resemble marble.
Price of Completing a Bathroom in a Basement
There will be an additional cost of between $10,000 and $30,000 associated with the addition of a bathroom to your designs for a finished basement. The wide variety of prices is due to the variable expenses involved, such as the linear feet of plumbing pipes that must be purchased, the labor fees charged by plumbers, the highly adjustable cost of toilets, showers, and bathtubs, as well as moisture-wicking ventilation and waterproofing.
Price of Completing a Bedroom in a Basement
The expense of finishing a bedroom in the basement is typically substantially less than that of a bathroom. If you already have an egress window in the basement, the cost of finishing it into a bedroom is only going to be determined by the separating walls, storage, flooring, lighting, paint, and furniture that you select.
