If you feel a bunch of spiderwebs in your face or feel depressed every time you go down to your basement, you should probably get it remodeled. Not only will you have more living space, but you can also get creative and add all the things you couldn’t add above-ground, like a Home Theater!
The cost to redo a basement can be high, but basement remodels actually have an ROI of 70%, thanks to the positive impact they have on your home’s resale value. Plus, the National Association of Realtors claims that redoing your basement is one of the most value-adding home remodeling projects.
Before you begin your basement remodel, you need to know how much it will cost, so you can plan accordingly. As they say, knowledge is power.
Read on for a breakdown of basement restoration costs.
Average Cost to Redo a Basement
The national average cost to redo a basement is around $35,000 or $39 per square foot. The cost of renovating 500 sq. ft. basements is $22,000, while it will cost $38,000 for a 1000 sq. ft. basement, on average. The national average expenditure range for basement restoration costs is between $22,000 and $46,000, or $32 to $47 per square foot.
Depending on your needs, a basement remodel can cost as low as $8,000 or more than $75,000 if you go all out.
The cost to redo a basement can vary depending on the extent of work required, quality of materials used, and labor costs. The basement size will also play a significant role in determining your basement renovation costs.
The cost can be much lower if you’re a DIY expert and undertaking this project yourself. Additionally, you won’t have to spend a lot if your basement is already waterproof.
Determining the Budget of Your Basement Remodel
Going through this process can be tricky because you’re trying to come up with an estimate before work has even begun, but it is important to create a framework you can work with. To make things easier, here are a few factors you can take into account:
- The size (square footage) of your basement
- Need for structural changes
- Need for plumbing or electrical work
- The quality and type of materials you will use.
- Contingencies or issues that occur during the work
- Any other special additions you want to make (pool table, cinema, etc.)
Labor costs will account for a large portion of your total budget if you employ professional help. A good plan will always take into account possible delays and challenges that pop up as the project goes on, so stay flexible.
Open Plan vs. Three Room Basement
An open-plan basement will cost much less to remodel than one with multiple rooms in its design because of the complexity of the work involved. If you want to create a basement with three rooms and a bathroom, you’ll need to splash the cash to do so.
A typical 600 sq. ft. open plan basement with standard materials will cost you $22,000 to restore and refinish. For the same 600 sq. ft. area, you’ll have to spend $28,200 to create a three-room basement.
Basement Restoration Costs: Flooring
Flooring will be an important stage in your basement remodel project. Costs can vary widely depending on the material installed.
If you want to just polish a concrete floor, you can spend $2 per square foot or you can paint your floor with epoxy for around $3 per square foot. Plywood flooring will cost around $1 to $1.50 per square foot.
Laminate is one of the best basement flooring choices, but it will cost you $6 per square foot to install. Vinyl is also a decent option at $3 per square foot. If you want tiles, you’ll have to spend between $2.5 to $3 per square foot.
Basement Restoration Costs: Framing
Framing refers to fitting together pieces (or ‘frames’) to give support and shape to a construction. You will incur quite a bit of framing costs if you divide your basement into separate rooms when remodeling. Here are some factors that will determine how much you have to spend on a framing job:
- Demolishing and cleaning up existing walls
- The number of rooms and the square footage of the area. More walls will mean higher basement restoration costs.
- Insulation or soundproofing. Soundproofing can cost an extra $1,000 to $3,000 per room.
- Extra costs will be incurred if you increase space from what you previously had.
- Labor and material cost for wiring and fixtures in the new frames. You’ll have to dish out around $50 to $100 per hour to hire an electrician.
On average, it’ll cost $1 per sq. ft. for framing materials. Plus, around $2.50 to $3.40 per sq. ft. will be needed to install it with drywall and get it ready for painting. Materials to frame a 600 sq. ft. basement will cost $600, while you can have it installed for $1,850.
Insulation is also a possible expense. The most common form of insulation is spray-applied foam. Prices will range from $650 to $4,000 or $32 to $82 per each inch of thickness sprayed.
Basement Restoration Costs: Drywalling
Drywalling will be a major part of your cost to redo a basement if you’ve also gone through the framing process mentioned above for new rooms. The minimum costs are expected to be at least $1.60 per sq. ft. with the installation. As expected, drywalling costs will go up when you redo a basement with multiple rooms rather than an open plan. A 600 sq. ft. open plan basement can expect drywalling costs of around $1,280, while a three-room basement will require over $2,380.
There are different types of drywall, but we recommend going for water-resistant ones. Here are three types you can choose from according to your preferences:
- Paperless: they are the most expensive with a cost of around $25 per panel
- Colored: their cost ranges from $10 to $16 per panel
- Cement board: you can find them for $10 per panel
Basement Restoration Costs: Waterproofing
Waterproofing is extremely important for basements, so don’t cut corners when spending on this area. Filling cracks will set you back around $1,480 on average, while plumbing work for drainage can cost between $2,000 and $6,000. The cost to redo a basement waterproofing system can reach $20,000 in some possible causes, but this is very unlikely.
Here are some problems that require waterproofing:
If you have a bathroom that traps steam, your walls will get damp. Install a vent fan for around $50 or a dehumidifier for $250 to counter this problem.
Cracks in your foundations can be dangerous to the overall structure of your basement as well. Costs will vary from $500 to $10,000, depending on the extent of the damage. Cracks around windows can be caulked for $0.90 to $3.80 per square foot.
You may have to do some earth leveling, which will cost $5 per cubic yard of the earth that is moved and a further $11 per cubic yard to spread that soil elsewhere in the garden.
A sump pump may also be needed. It will set you back around $450 to $800 with the installation.
Cost to Add a Home Theater
Homeowners often use basements as a blank canvas to add features and perks that they wouldn’t otherwise have space to add above-ground. Home theaters are becoming increasingly popular choices for homeowners who love watching sports, movies, and TV shows from the comfort of their homes.
A simple home theater system doesn’t have to be expensive. Let’s say you’re mounting a 48-inch TV on the wall with all the wiring and seating work. This will cost you about $1,300, excluding the cost of the TV as that can vary according to the TV you buy.
If you want to have the most luxurious experience, you can go for a full theater with digital surround sound, screen, and projector with custom leather seating. You can expect to spend $16,500 more to set this home theater up.
A basement remodeling and restoration project can transform your home by giving you more living space than you ever had before. Not to mention, the resale value of your humble abode will shoot up after you complete your project. The cost to redo a basement doesn’t seem as foreboding as it once did once you realize the high return on investment you’re getting.
Basement restoration is a major project, so use our guide and plan carefully for the months ahead. Stay flexible and hire the best team possible. Amateur work can do more damage than good.
We recommend that you visit our website if you are looking for more tips on all types of building, remodeling, restoring, and DIY projects.
Other than that, all we can say is—Good Luck!