Basement Renovation & Remodel Cost [Breakdown Prices]

Do you wish to have your basement area demolished, remodeled, or renovated? Here is the average cost of a basement remodel.

One of the basics to consider is the cost implication of the project. Basement remodel cost is a vital area for lots of homeowners as they plan on putting such space to better use.

Here, you’ll find all the information you need to proceed.

So, what exactly are we going to be discussing? Quite a lot! This will focus on key areas such as a basement remodel cost per square foot and the cost breakdown.

We’ll also be discussing ways to save on basement remodeling projects and more.

If you are looking at total teardown, here is the average basement demolition cost.

What Are Your Remodeling Needs?

For a basement remodel project to make any sense, there has to be a predetermined line of action to be taken.

Some homeowners may simply need to create an open space while others may require the addition of more rooms. It all depends on your needs.

If you wish to turn a basement into an apartment, expect to remodel costs to be substantial. You might end up paying anywhere from $50,000 to $100,000 or more.

However, the good thing is that such an investment can be recouped in about 2 to 5 years.

For some people, turning a basement area into an apartment may not be the goal. Instead, they may simply wish to add a room. Now, the cost of remodeling will depend on the type of room.

You might wish to have a wet bar, bathroom, sauna, bedroom, home gym or home theater room added.

This attracts varying degrees of costs as you’ll find out shortly. So without further delay, let’s get into details on basement remodel costs.

Average Cost Of Basement Remodel Projects

When it comes to basement remodeling projects, expect to incur a cost of about $11,020 to $29,833.

For some major remodeling projects such as turning your basement into an apartment, such costs can climb as much as $100,000 to $150,000.

On average you should expect to pay a remodel fee of about $20,000.

To have a better idea of the cost implications for basement remodeling projects, you’ll need to consider the square footage. Remodel costs per square footage will typically range from $30 to $75 per square foot.

Every homeowner will want to know about the minimum or low-end remodel cost for a basement space. Now, this depends on the type of remodeling work you need.

The most basic remodel project will cost you around $4,000.

Basement Remodel Costs By Size

Size plays a key role in determining basement remodel cost. While we stated the typical range to be around $30 to $75 per square foot, high-end upgrades and finishes can be as much as $150 per square foot.

In terms of size, a basement can be small, medium, and large. It may also fall under the oversized category. A basement will belong to one of these categories.

Speaking of size, a small basement remodels job will cost around $9,000 to $52,500. This covers a size of about 300 to 700 square feet range.

Medium-sized basement remodels jobs will normally cover an area of about 700 to $1,500 square feet range. The cost is higher and ranges from $21,000 to $112,500.

Large basements measure between 1,500 to 2,000 square feet. Here, remodel costs incurred ranges from $45,000 to $150,000.

From the sizes considered so far, it’s logical to expect an oversized basement remodel project to cost more. Oversized basement spaces will measure about 2,000 to 4,000 square feet. Now, the cost is also significant.

Expect a remodel fee of about $60,000 to $300,000.

The Type of Add-on Impacts Remodel Costs

As stated earlier, you may wish to remodel a basement by adding a fireplace, bathroom, home gym, bedroom, sauna, home theater room, and wet bar among others.

Each type of add-on impacts your remodel costs.

For example, adding a fireplace to a basement will incur around $1,000 to $4,000 in costs. For a bathroom, expect anywhere from $6,000 to $15,000. Turning a basement space into a home gym will attract a fee of around $500 to $25,000. It costs around $3,500 to $10,500 to add a bedroom to a basement.

If a sauna is what you wish to add to your basement, expect a fee of around $3,000 to $6,000. For a home theater room, the cost of remodeling is about $300 per square foot.

The addition of a wet bar to a basement space will cost anywhere from $6,000 to $22,500.

Cost Breakdown For Basement Remodel Jobs

Basement remodels jobs will require several subcontractor projects ranging from flooring, designer, painting, permits & inspections, ceiling, and waterproofing.

Others include drywall & texture, framing, plumbing, insulation, and electrical & wiring.

The cost implications for such are varied. For flooring, expect to pay around $1,500 to $4,500. Designers will charge a fee within the $2,000 to $12,500 range. Painting costs about $1,000 to $3,000.

While the cost of obtaining the necessary permits & inspections will range from $100 to $2,000.

A subcontractor project like ceiling installation will cost anywhere from $1,000 to $2,500. For waterproofing, expect to pay around $2,000 to $7,000. Drywall & texture ranges from $1,000 to $2,500.

A fee of around $1,500 to $6,000 is necessary for framing.

For your plumbing needs, a fee of around $400 to $1,800 will suffice.

Wiring and electrical will attract around $500 to $2,500. The cost breakdown won’t be complete without insulation which costs about $500 to $1,500.

Saving on Basement Remodel Costs

When budgeting for a basement remodels project, it’s important to consider ways to limit costs. However, it’s important to ensure you don’t cut corners as such action(s) is likely to violate building codes.

Thankfully, there are multiple ways you can effectively handle such.

Consider adding a bathroom or a half bath close to existing plumbing.

Also, you can go for an inexpensive prefabricated exit well or window. Additional ways to cut down on remodel costs include cutting out some studs as you’ll need such for non-load bearing walls.

Conduct moisture tests on exterior walls before finishing. This prevents future moisture problems that may end up attracting higher maintenance costs.

Basement remodels costs include all the above.

You’ll need to prioritize your remodeling needs to streamline your budget with the cost incurred. A better idea of remodeling costs requires an onsite assessment of specific tasks to be performed relative to available space.

From the discussion so far, it’s clearly evident that a significant amount of financial preparation is necessary. This also helps the budgeting process.