2023 Basement Remodel Cost

For some homeowners, the basement is more of an afterthought used for storing items they don’t need at the moment.

However, families may want to use it as living space, and many basements need renovation to be comfortable.

A basement remodel can be done on a budget, or it can cost as much as six figures, depending on how luxurious you want to make the space.

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Basement Renovation Cost

The average cost for remodeling your basement is around $20,000, but this is only a simple figure. There are many other factors that you must consider, as each will add up and potentially double the amount you spend.

It’s a given that remodeling an already finished basement will cost less since most of the work is already done.

Keep in mind that “remodeling” doesn’t necessarily mean that you need to modify the space radically.

High-end additions to your basement can increase the cost to around $50,000.

Some people might hit a price tag of $68,000 or more if they have money to spend and want only the best possible upgrades.

You can use our Basement Remodel Cost to calculate the price of remodeling your basement.

Basement Remodel Cost Breakdown

You can find a table breaking down the costs of many standard upgrades and additions to your basement.

Please note that you’re not obliged to get all of them, but you should choose the services you can afford or what your basement needs.

Upgrades	Average Costs
Waterproofing	$5,000
Framing	$3,500
Plumbing	$1,400
Drywall and Textures	$1,500
Wall Painting and Wallpapers	$2,500
Fireplaces	$2,300
Flooring	$2,800
Insulation	$1,750
Ceiling	$1,650
Permits and Certified Inspections	$1,200
Designer Input	$6,000
Electrical Work	$850

Waterproofing is necessary to prevent floods and costs $5,000. Present water damage must be addressed too, which usually drives costs up.

Framing costs $3,500 and factors in labor and material costs. And if you want to replace or add new plumbing, prepare to spend $1,400. It’s necessary for wet bars and bathrooms.

Installing drywall costs $1,500 but is only required for new walls. However, plumbing and electrical work make it necessary.

To paint over walls or add wallpaper, expect to spend $2,500. The final price will depend on the wall’s dimensions.

Fireplaces aren’t necessary, but they go for approximately $2,300. The cost is mainly for a chimney pipe and the fireplace itself.

Flooring is the most expensive part of remodeling. The chosen materials will affect the final price, but both budget and premium options exist.

Insulation is another necessity to prevent mold growth. It costs $1,750 and is usually fiberglass.

Installing suitable ceilings is best to convert the basement into a living space. You can spend around $1,650 for one, depending on its materials.

In addition, permits and inspections aren’t all mandatory, but the average homeowner spends $1,200 on them. Some tests are free, while others cost money.

If needed, you can always enlist some help with your remodel project. Designers help give valuable advice and will typically charge $6,000. While not necessary, their input is backed by experience.

Finally, electrical work for appliances typically costs $850 but will depend on the basement.

Basement Remodel vs Basement Renovation

Some assume that remodeling and renovation are practically the same process and use them interchangeably. While there’s some overlap, it’s incorrect to operate on this assumption. In reality, professionals will use them for different tasks.

Remodeling involves changing the structure and layout. You might add or remove rooms, improve the electrical grid, or add insulation. No matter what you do, something is modified, and these processes tend to take more time than a repair job.

You may think of remodeling as a more invasive project compared to renovation. Even minor changes can count as a basement remodel.

On the other hand, renovation best refers to improving your basement without as much destruction. You might be repairing some flooring or adding new furniture. These tasks are less invasive and take much shorter time to complete.

Renovating a basement can include new additions to the space, such as kitchens, bars, or even transforming the place into a home theater. Removing mold and repairing cracks are also considered renovating the basement.

Despite some common factors, you can see how remodeling and renovation ultimately aren’t the same. One requires more breaking down, while the other is usually about adding new objects to the space.

Factors In Basement Remodel Cost Calculation

While you’re likely aware that basement remodeling costs are decided by the upgrades or additions you want, there are many factors to consider.

An inexpensive remodel may cost $3,800 or less, while other people reach astronomical prices of $68,000 for their projects.

The most important aspect to consider is your basement’s condition and size.

Partial remodels are relatively cost-friendly, especially if the space is smaller and ranges from several thousand dollars.

However, a massive basement slated for a total remodel can reach $290,000 after factoring in some of the best possible products.

A high price tag like this is generally beyond the average homeowner’s budget, but it’s an extreme example highlighting the difference between two basements.

In addition, waterproofing is necessary for leaky basements and will increase the cost.

No two basements are identical, meaning the subcontractors you hire will affect the bill. Electricians, designers, and plumbers will all charge varying amounts.

Did you know? Some of the most expensive basements include underground pools, oversized garages, or wine cellars. A large basement can become anything you want if you have the money.

Benefits Of Basement Remodeling

Remodeling your basement increases the property’s value and potentially raises the resale price.

The resale value increases when buyers like the advantages you’re offering them, such as a functional and upgraded basement, and are willing to pay more for the home.

There are other benefits if you’re not looking to sell the home immediately.

For example, adding a room or two in your basement eliminates the need for sharing rooms. Homes with large families may find this benefit worth the cost.

Smaller families can still make use of their basement space. For example, they can opt to convert it into a home gym or entertainment area.

The basement is full of untapped possibilities when homeowners decide to remodel it.

Basement Remodeling: DIY vs Hiring A Professional

No matter which route you select, amateurs and professionals admit that remodeling requires skill.

However, not having the skills does  not mean DIY (Do-it-Yourself) is entirely out of the question.

Remodeling the basement yourself can save money, plus there’s no one preventing you from pursuing the custom design you want. However, most don’t have the skills to perform extensive basement remodeling.

You may know how to replace tiles but not rewire the place.

On the other hand, hiring a professional contractor is better if you want to give your basement a makeover. They can employ subcontractors for specialized tasks while you focus on pressing matters.

As long as you communicate with the contractor what your vision is, they can make it happen.

Cost To Add Bathroom To Basement

Having a bathroom in the basement is more convenient if someone is living there or the family spends a significant amount of time in the space.

The total cost can range from $2,500 to $23,000, depending on whether you need to expand the basement or not.

The primary expenses are labor costs, as you need contractors and plumbers.

Plumbing costs include charges by the hour, while other expenses are static. A licensed plumber’s rates range from $38 to $72 per hour.

Fixed costs consist of rough-in plumbing, toilets, and any sinks—rough-ins cost around $450 on average.

Toilets range from $110 to $350 unless you want a smart unit. A sink and faucets can set you back around $450.

Piping is calculated per linear foot. The cheapest pipes can cost $1, but high-quality cast iron pipes go for $14 on average.

Did you know? Adding a bathroom to your basement isn’t cheap, but you don’t have to spend a premium amount to have one. Consider getting budget-friendly products that still add value to the home.

Basement Remodeling And New Room Addition Costs

Adding a new room is considered one of the most expensive remodeling projects, if not the costliest upgrade.

Many people prefer to add a bedroom and increase a home’s living space, and we’ll use that as an example.

The lowest a homeowner usually spends on a bedroom addition is $18,000.

Those who want a more luxurious space can expect the bill to be at least $28,000. The larger the room, the more it will cost.

Most expenses aside from the cost per square footage revolve around building and painting walls and installing new flooring. There’s also the issue of the bedroom’s legality. Adding a bed doesn’t make it a bedroom in the eyes of the law.

To have a legal bedroom in a basement, you must add an egress window and closet.

Windows cost $3,800 on average, while a closet is about $2,000.

Adding A Wet Bar

Wet bars are a brilliant addition if you want to wind down after an exhausting workday or if you like to host gatherings.

You can remodel your basement into a fully-fledged wet bar, and it costs $7,800 on average.

The amount can differ depending on whether you want to do it yourself and if a sink is on the agenda.

Countertops cost $80 per square foot on average. The main expense will be on the refrigerator, which can cost $2,000, give or take. Adding a sink and faucet set requires between $350 and $950.

A wet bar isn’t complete without furniture like cabinets and shelves. Both costs are calculated per linear foot. Shelves go for around $17, while cabinets are more expensive at $400.

Electrical work and plumbing are required, and the price will depend on your contractors. Expect an average of $100 for this project.

Steam Room And Sauna Installation

You can install a steam room or sauna in your basement, but it’s not a good idea if the area suffers from dampness.

The average cost for a steam room is $41 per square foot. For a sauna, expect anywhere from $2,800 to $5,800.

Most people don’t know the difference between saunas and steam rooms. The former involves heated stones or infrared rays, depending on the models. On the other hand, steam rooms use generators to pump steam into the space until the air becomes humid.

When considering a steam room or sauna, it’s essential to have a way to drain water.

Some homeowners install prefabricated units near bathrooms, which naturally have drainage systems.

Saunas can be custom-made to your specifications or prefabricated. The former will cost more but can have features mass-produced units don’t have. In contrast, a prefabricated infrared sauna can be installed on your own.

Mass-produced steam rooms are available. However, you must place the steam generator within accepted distances. They’re also not DIY-friendly.

Getting a steam room will require replacing tiles and potentially more plumbing and electrical work.

Pro Tip: Always clean your sauna or steam room to prevent mold growth. The wooden panels are breeding grounds for these microorganisms. Mold is a serious health hazard and shouldn’t be ignored.

Home Gym Installation

If you’re worried about not using the basement, consider turning it into a functional home gym. The cost depends on the gym type, but it can range from as little as $250 to as much as $14,000.

Technically, getting some weights, an exercise mat, and other portable equipment is enough to convert your basement into a home gym. This is only the bare minimum, but you can maintain fitness with regular exercise in this environment.

Now, if you’re looking to do some heavy lifting, standard tiles aren’t going to work. You’ll want a hard and durable surface like concrete or rubber. Even underneath that is the subflooring, which should be replaced to withstand dropped weights or large exercise machines.

Polished concrete can cost $2,000 on average, more if you have a larger basement. Rubber is cheaper at $1,600. Other costs include HVAC, equipment, and electrical work.

Building A Home Theater

Low-end home theaters cost about $6,000, but the premium examples are almost thrice the cost at $19,000. The projector tends to be the most expensive piece of equipment, with the best costing at least $4,900.

If you prefer a big TV, the price points are similar. Next would be the sound system, which costs half of a projector or large TV on average. Expect to spend around $650.

No home theater is complete without proper seats. If you want to invest in comfortable chairs, they cost approximately $750, depending on the size, style, and materials.

How Much Does It Cost To Drywall A 1,000 Sq. Ft. Basement?

The average cost to drywall a basement measuring 1,000 square feet is $2,750. The lowest is around $1,400 while using the best materials increases the price to $6,900.

Drywall installation can go from $1 to $3 per square foot.

Other factors are ceiling height, finish levels, and the drywall type.

How Much Does It Cost To Renovate A 1,000 Sq. Ft. Basement?

It costs around $45,000 to $85,000. Contractor and material costs will affect the price.

How Much Does It Cost To Renovate A 1,200 Sq. Ft. Basement?

Renovating a 1,200 square feet basement can cost $48,000 to $88,000.

You can reduce prices by performing more repairs yourself or getting inexpensive products. It will depend on your material choices and the repairs needed.

How Do I Budget My Basement To Remodel?

The prime tip for budgeting your basement remodel project is to do extensive research.

You might miss out on some good deals without digging into contractors and materials.

You may be able to replace something with another cheaper product and still get the same results.

Try not to spend more than 15% of your home’s total value.

While it’s difficult to go under 10%, you can still rely on DIY to cut costs. However, hiring professionals is still better if you aren’t sure about doing the work yourself.

Pro Tip: Try not to limit your options as you remodel the basement. Open space equals open-ended basements. You increase the possibilities this way.

Finally, avoid expensive choices and stick with tried-and-true, less costly options. They’re usually reliable and readily available.

What Is The Resale Value Of A House With A Finished Basement?

A finished basement in the U.S. returns around 72% of your investments. A lower average is 70%, and a more generous estimate is 75%.

The MLS (Multiple Listing Services) doesn’t consider it livable square footage, but the return is still fairly sizeable.

For example, spending $20,000 on your basement would increase the property’s value by $14,000. These aren’t guaranteed figures, however.

What Is The Most Expensive Part Of Finishing A Basement?

The floor and wall framing is the costliest part of finishing a basement. It starts from $8 per square foot and can go up to $48 per square foot.

Premium materials will always increase the total cost.

The next most expensive service is the labor costs.

Contractors need to pay their own bills, and their rates can be 18% to more than 38% of your final price.

However, these professionals bring decades of combined experience and specialized equipment to ensure everything is installed or repaired correctly. Therefore, you’re mostly paying for the flooring and experience the contractors have at their disposal.

How Much Does It Cost To Frame A Basement?

To frame a basement, homeowners pay $1,100 on average. The costs include installing drywall and insulation.

However, you can spend as low as $450 if you get the cheapest materials and do most of the work yourself.

DIY framed basements can be completed for as low as $185 if you find good material deals.

How Long Does It Take To Remodel A Basement?

A typical basement takes 12-16 weeks to remodel.

Of course, the timeline can be considerably shortened if you don’t have many tasks lined up. You might not want to build a new room and only want a minor remodel.

In some cases, the weather can delay some things from drying or prevent contractors from working. Therefore, you may have to wait for a more extended period.

Is A Basement Remodel A Good Investment?

With all things considered, a basement remodel is a worthwhile investment.

Not only are you potentially increasing living space in the home, but other projects still increase home value. A gym or wet bar will surely attract buyers who already have an interest in bonuses for purchasing your home.

Entertainment areas significantly improve your living quality if you use them often. A home theater is perfect for gaming or watching movies with friends and family. These wonderful moments are priceless.

Pro Tip: Don’t commit to a basement remodel immediately. Always stop to consider the costs and potential improvements to the home before proceeding. You won’t regret planning ahead.

Renovating Your Basement Is A Worthy Investment

Homeowners remodel their basements for many reasons, whether for increased resale value or purely to put the space to use.

Basements make for excellent guest rooms or gaming dens, significantly improving the home’s appeal and quality of living. While the costs can be daunting initially, the returns are well worth the money.