How Much Does a Basement Remodel Cost in South Bend?

There are too many people and not enough bathrooms. Multi-generational living is grating on everyone in your home. You’ve had enough of your kids throwing elbows over who controls the remote and where they entertain friends. Whatever your reason, it’s time to make the most of every living space in your home.

If your basement has the potential to be finished and you haven’t done so yet, you are sitting on square footage that can transform your life. If your basement is already finished, but the dated design keeps you from using the space the way you would like, a basement remodel might also be the answer.

Find The Right Contractor

Your remodeling experience will depend on the contractor you hire. There are many tempting options in most markets, but not every flash in the pan is gold. There are some simple ways you can prepare for your remodel and arm yourself with knowledge so that you find the right contractor for your basement remodeling job.

Cost to Finish a Basement

The cost to finish a basement will depend on the size of your basement and the project you have planned and the materials you select. In general, a basement remodel costs between $30 and $100 a square foot. 

Factors related to the price of a basement remodel:

• Framing/Drywall- Open concept designs cost less.
• HVAC- Expanding your living space can change your HVAC needs. 
• Lighting/Plumbing- If you are making drastic changes to existing wiring and plumbing, the expertise and labor required will contribute to the cost of your remodel.
• Foundation- If your basement or home has structural problems, we may need to do some work before we can elevate your interior. 
• Egress- Basement living spaces will need an egress if it doesn’t yet have one. Creating a new exit for your home will contribute to your cost.

Common Basement Project Costs

You may be able to create a more accurate estimate of your basement remodel budget by looking at the cost of the components of your project.

Cost to:

• Add a Bathroom- Mid-range new basement bathrooms cost about $30,000 in our area, but cost an average of $75,000 if you choose a more upscale design and materials.
• Add a Bedroom- New bedroom additions to a basement cost about $25,000 in South Bend.
• Add a Kitchen- A small basement kitchen could cost about $24,000, whereas an upscale kitchen added to a basement costs an average of $90,000.
• Add a Fireplace- Adding a fireplace to your basement will cost between $4,000 and $7,000.

Return on Investment for Basement Remodel

Is it worth it to remodel a basement? Many people discount basement remodeling projects because they know they cannot add the living space below grade to their home’s total square footage. However, no one should overlook the opportunity to elevate their home with a basement remodel if they’re interested in home upgrades. Basement remodels are a great way to add usable space without changing your home’s footprint. They also have an excellent return on investment.

Financial Return on Investment

A basement remodel has a relatively high average return on investment (ROI) at about 70%. This high return makes basement remodels a smart choice for your next remodeling project. Many home buyers are willing to pay extra for a home with a finished basement.

Emotional Return on Investment

Many clients underestimate the positive change a finished basement can make in their daily lives. Adding those missing living spaces to your home can completely revitalize how your family uses your house every day. It’s amazing what difference a quiet bedroom for an adult child, an extra bathroom, or an extra living room space can make in your relationships. Everything is easier your space meets your needs.  

How Long Does A Basement Remodel Take?

We’ve laid out the timeframe for each step in the remodeling process in our blog here. Check it out to help you estimate the length of your project based on the specifics you have in mind. An experienced contractor can walk you through your project and help you understand your personalized timeline.

We Are Excited to Dream With You!

We would love to talk to you about your basement or other remodeling projects if you live within the South Bend Area. At Peacock & Company, we love dreaming with you, and we delight in delivering on those dreams. We are confident that our excellent craftsmanship, experience, and professionalism will delight and impress you. 

We’d be honored to discuss your home remodeling goals. Schedule a free consultation or give us a call at (574) 289-4992 to get started today.