How Much Does It Cost To Renovate A Basement?

Are you planning on adding a functional room inside your house? Consequently, you can do that from scratch, yet it’s going to entail a higher cost. If you want to make it cost-efficient, then performing a “remodel my basement” project is your best option.

Basically, you have an endless choice in selecting what kind of functional space you want your basement to be converted. You can turn that into a living room extension, guest lounge, mini office, gym, children’s play area, and more.

Alongside, the cost for your basement remodeling will be a determinant of the extent of your project. Fortunately, Fairfax Kitchen and Bath can offer you flexible prices for a customized basement remodel that fits your budget. 

Simply email or call us today, to ask for a free estimate and design for your future basement remodeling project.

How much will a basement remodel cost?

The running rate for a basement renovation is between $30 and $75 per square foot. The average homeowner spends between $11,000 and $30,000 total. Here are the estimated costs based on the size of your basement:

• Small (300-700 sq.ft.) – $9,500 to $52,000
• Medium (700-1500 sq.ft.) – $21,000 to $113,000
• Large (1500-2000 sq.ft.) – $45,000 to $150,000
• XL (larger than 2000 sq.ft.) – $60,000 to $300,000
  

What’s the average cost for a basement remodel?

The national average for this home improvement is $20,300, where it usually ranges from $11,000 to $29,000. If you go for a luxurious makeover, then your budget can reach up to $47,000+.

Before hiring a remodeling contractor, be sure to have a clear idea of what will be your purpose for this project and the inclusions in remodeling your basement. 

Basement Remodel Pricing Per Area

Generally speaking, the more basement space you have, the higher will be your cost for the renovation even when you go for prefabs and standards. For instance, if your basement is between 300 to 700 square feet, then your approximate budget is $9,000 to $52,500.

If we compare that to a 1,500 square feet basement, your budget for a 300-700 sq. ft. area is approximately 42% to 46% of the former. The average cost you’ll spend in renovating a 1,500 sq. ft. basement is around $21,000 to $112,500.

Furthermore, if your basement is 2,000 sq. ft. then your estimated budget is approximately $45,000 to $150,000. 

Basement Remodel Cost Per Square Feet

Well, most free estimates given by any basement remodeling services are expressed as an overall project cost covering materials and labor. In contrast, we can give you a per square foot estimate, so you can quickly compute the total. 

Inline, the running rate of basement renovation per square foot is $25 to $75, this includes material and labor. Meanwhile, for a high-end basement redo, it can reach $150 to $200 per square foot.

How much to convert your basement into an apartment?

Going into the rental property business is also an excellent venture, and you can start by converting your basement into small apartment space. In terms of your budget for realizing this project, you’ll have to spend around $50,000 to $100,000.

This project is worthwhile since it can raise your property’s economic value while you’re also earning from the rentals. In terms of recovery, it will just take around two to five years for you to get back your capital.

Average Cost for Adding New Rooms In Your Basement Redo

Do you want to create a bathroom or theater area in your basement remodel? Well, you can always do that, and here are the possible costs for adding these rooms.

• Bathroom: $6,000 to $15,100
• Theater area: $310 per square foot
• Sauna: $3,000 to $6,100
• Wet Bar: $6,000 to $22,600
• Bedroom: $3,500 to $10,600
• Workout area: $520 to $25,100
• Fireplace: $1,100 – $4,100

Basically, the best basement remodels always include creating additional rooms that bring more function and comfort. On the other hand, if you plan on extending your basement, then you need to consider the following expenses:

• Frame and foundation works: $20,000 to $100,000
• Cost for converting crawl spaces: $60,000 to $150,000
• Cost for installing a new building: $20,000 to $70,000
• Increasing your house’s elevation: $3,000 to $9,000

Cost Breakdown of your Basement Remodeling

We cannot emphasize more how important is planning and budgeting for the success of your basement makeover. The cost of the materials and labor before is no longer the same today, so you need to prepare extra money for any price increase.

Inline, here are the common items you will spend on reconstructing your basement.

Designer

You can hire a professional designer that will create the possible layout and design of your basement remodel. Their usual professional fee is $2,000 to $12,500 depending on their experience and the intricacy of the project.

Securing Permits and Inspections

If it’s inevitable to change the framing, plumbing, and electrical works when renovating your basement, then you’ll need to secure building permits and licenses. The usual price for that is $100 to $2,000.

Waterproofing

Leaking pipes and floodwater intrusion is the most common problem you’ll encounter in your basement. Therefore, your most practical option is to waterproof your walls and flooring, so you’ll have no more worries about water damages.

The average cost for waterproofing your basement is around $2,000 to $7,000.

Framing

Our professionals will inspect the current framing of your basement, and if looks worn out, then we’ll have to replace them. The usual price for framing is $5 per square foot, while for installing a single wall, that will cost $1,000 to $2,800.

Basement Floor

Meanwhile, you can also upgrade your basement flooring, yet we suggest that you don’t spend too much on this because of the high risk of flood and gray water. The average price for installing new basement floors is $1,600 to $4,600.

Furthermore, our staff will help you select a good material that’s both stylish and water-resistant. 

Ceiling Installation

You have three options when installing new ceilings on your basement and our pros will help you with it. Below are the ceiling types along with their respective prices.

• Drop ceiling: $2,000 – $11,300
• Basic drywall ceiling: $1-$3 per square foot
• Painted ceiling: $1-$3 per square foot

Electrical Works

Making your basement more functional and livable entails adding more appliances and outlets for your devices. Therefore, you’ll have to re-wire all electrical connections inside your basement, and it will cost around $500 to $2,500.

Basically, the rate of an electrician range from $50 to $100 per hour. 

Plumbing

Besides re-wiring, you’ll also have to upgrade and add more pipes into your basement, especially when you’ll be installing a bathroom, sink counter, and laundry area. So far, the usual cost for plumbing is around $400 to $1,800.

Thermal Insulation

Your basement can get too cold or humid depending on the weather, and if there are leakages in the pipes. To make your stay comfortable, we need to insulate your basement with breathable material, so excess moisture can be removed.

The average cost for basement insulation is $500 to $1,500.

Drywall Installation

Installing new drywalls in your basement redo costs around $1,000 to $2,500, while repairs cost $500 to $1,000.

Painting Works

Choosing the right paint colors for your walls and ceilings will greatly impact the entire appearance of your basement remodel.

The cost for painting your basement interior walls is $500 to $4,500, while for installing wallpapers, it will cost $500 to $3,000.

Looking for an Affordable Basement Remodeling Service?

Fairfax Kitchen and Bath is your Class A licensed and insured remodeling contractor serving VA, MD, and DC. Our highly trained professionals will help you realize your basement remodel ideas at a reasonable price. We have best basement ideas that are ready to be shared!

You can call or email us to get a free estimate and design for your traditional or contemporary basement renovation. Otherwise, visit our showroom in Fairfax VA between Mondays to Saturdays 9 am to 6 pm.