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.
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Find The Right Contractor
Your basement renovation 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 average cost to finish a basement will depend on its size, the project you plan to undertake, and the materials you select. In general, a basement remodel costs between $30 and $100 per square foot.
Factors related to the price of a basement remodel
Many factors affect your full basement remodel cost. The largest factors lie within your home and your basement remodel plans. These are just a few that folks may not have yet considered.
- 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- If your Basement living space doesn’t yet have an egress, it will need 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. The most expensive element of your basement remodel will depend on your budget, design, elements you include, and your material selections.
Cost to:
- Add a Bathroom- Mid-range new basement bathrooms cost about $32,000 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 $29,000, 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 want 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, even if this does count as square footage in your listing.
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 when your space meets your needs.
How Long Does A Basement Remodel Take?
We’ve laid out the timeframe for each step in the renovation 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're looking forward to talking to you about your basement or other remodeling projects if you live in South Bend or Michigan's Harbor Country. At Peacock & Company, we love dreaming with you and delight in delivering on those dreams. We are confident that our excellent craftsmanship, experience, and professionalism will thrill 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.
