Your basement could be many things: an additional entertaining space, a home gym, a playroom for the kids, or even a full-on apartment equipped with its own kitchen, bathroom, living area, and bedroom.
The list of possibilities can be overwhelming; that’s why it is a good idea to ground yourself by looking at the financials early in the process. That’ll help you determine what changes and features you want to prioritize, enabling you to optimize your basement remodel design.
To figure out how much your basement remodel is going to cost, you need to start with the big picture and work your way down to looking at individual expenses. Not sure exactly how to do that? Keep reading for our tips.
Start With Scope
The scope of your basement remodeling project massively impacts price. So, to determine how much your remodel costs, you need to figure out the scope. Are you planning to add a kitchenette and bathroom, or do you simply want to make a few cosmetic changes?
Once you know how big you want to go, identify whether you are remodeling, renovating, or finishing your basement — this will help you get a more accurate cost estimate. Though these terms are sometimes used interchangeably, they each stand for a separate and distinct type of basement home improvement:
Remodeling
When you remodel your basement, you are fundamentally altering both the look and function of your basement by adding walls, an extra room, or a functional element such as a wet bar.
Renovating
Renovating your basement means restoring it to a new-like condition. In other words, you won’t be moving around any structural elements. This is usually needed for older basements or basements that have flooding damage. Minor repairs like paint and carpet replacement may only cost a few thousand, but repairing damage tends to be much more expensive. Repairs may entail flood clean-up, stripping walls, removing mold, and redoing the floors.
Finishing
If your basement currently looks like a concrete cell block, you’re most likely looking to finish it. When finishing your basement, you’ll add floors, ceilings, walls, paint, mechanicals, and furnishings.
Break It Down By Expense
You can calculate the cost for all three types of basement remodeling using our estimate of $200 - $250 per square foot. You may incur extra expenses if you make major changes to convert a crawl space into a livable space, such as excavating a basement to achieve desired ceiling height; this can add upwards of $100,000 to the project's total cost.
Get more specific by looking at each expense within your project. Consider a basement remodel, for example. If you’re making structural changes, such as adding or removing walls, start by looking at demolition prices, the cost to frame a basement per square foot, and how much it costs to drywall a basement. Next, you’ll want to look at some of your larger expenses that may require extra work. Adding a bathroom to a basement costs extra because of the plumbing; the same goes for basement kitchenette and basement wet bar costs. Try this basement bar cost estimator to learn more.
Factor in Return on Investment
Although you may be more concerned about the money you’re putting in upfront, it’s also important to factor in how these home improvements will impact your home’s value. That’s where Return on Investment comes in. ROI is a percentage that tells you how much of your original investment you’ll get back in the form of increased home value.
Basement improvements tend to have a fairly high ROI. But ROI can vary depending on your specific home, remodel, and location, so it can be a good idea to ask a local real estate agent for an estimate.
Want to maximize your basement ROI? Here are a few ways you can make your basement more attractive to homebuyers:
- Increase natural light by adding windows or a walkout sliding door that leads to an outdoor patio.
- Give your basement a specific function, such as a home office, playroom, or guest suite.
- Make your remodel match the rest of your home by using similar materials or, at the very least, the same quality of materials. The materials you choose should also be able to withstand the moisture of your basement.
- Keep in mind that homebuyers generally prefer open floor plans.
Ready to get your Atlanta, GA basement remodel underway? Copper Sky Design + Remodel works with you to create the basement of your dreams while prioritizing your needs, budget, and ROI! Get started today.
