Cost of Finishing a Basement
Adding a finished basement to your home can be a great way to increase the living space without breaking the bank. It can serve as a man cave, home office, playroom or even a home theater. However, it can also add a significant amount of money to your total costs. As a result, you should consider several things before beginning your project.
First, you should decide on a high-level goal. Some ideas include adding a studio, gym, or bedroom. The cost of finishing a basement can vary dramatically depending on the size, intended use and materials. Before you start, you should research the different options to make sure you get the most out of your investment.
Second, you should create a budget. In terms of costs, you’ll be looking at labor, materials and miscellaneous costs. You should make an estimate of what your project is worth and then break it down into a more manageable sum. A good contractor should be able to provide you with a fair price. Getting estimates from several contractors can help you narrow your options.
Finally, you should think about incorporating an egress window into your plan. Egress windows are a safety measure that allow you to exit the basement in case of an emergency. These windows can cost as much as $3,900, but can serve as an alternative escape route if you need to.
For the same reason, you should also consider the cost of waterproofing your basement. Depending on the nature of your project, you may need to install drains, sump pumps, and a waterproofing solution. This can be an expensive endeavor, and it’s important to find a reputable contractor who can take care of it for you.
Creating a finished basement can be a fun, rewarding and exciting project. However, you’ll need to prepare for the work and take the necessary steps to ensure that your basement stays safe, clean and dry. Investing in the right materials will save you money in the long run. Choosing lower quality materials can compromise the integrity of your work.
If you’re not sure what to buy, you can look at some of the more common options like carpeting. Laminate flooring is an option that’s more affordable than carpet, and can be found for as little as $4 to $6 per square foot. There are also mid-grade and luxurious hardwood floors available, but these can easily top $15 per square foot.
Finally, you’ll want to decide on your overall budget. The cost of materials will likely be the majority of your budget. Keep in mind that labor and permits are additional expenses. Keeping your project on a tight budget is easier than you might think. One of the best ways to keep your project on track is to communicate with your contractor. He or she can advise you on the best options and how to cut costs.
One of the most useful aspects of remodeling your basement is that you can get a home improvement loan to pay for the costs. Home improvement loans don’t deplete your emergency savings, and the average loan can be used for a variety of projects, including finishing a basement.