For every dollar spent on finishing your basement you will recover 90 cents at the time of resale. This makes it one of your best remodeling investments. The average basement will cost $51,000 to finish out and this price is rising about 7 percent a year. This is a considerable sum and despite the positive payback, is beyond the means of many homeowners. It does not have to be.
Keep Your Plans Practical
If there is plumbing, wiring or duct work overhead you can save the cost of relocating these items by installing a drop ceiling. Locate the ceiling 4 inches below the obstructions to provide an attractive and functional ceiling. A drop ceiling will also allow you to have access to these utilities should problems develop in the future. Rather than a full bath, only install a half bath. This will save on space as well as cost. If you can avoid installing a new electrical panel you can save between $2,000 and $3,000.
Do-It-Yourself
If you are having the work done you can expect to pay at least $27 per square foot. If you are a handyman, or have talented friends, you can save a large percentage of this cost. It is estimated that as much as 75 percent of the cost to finish a basement is in labor. This is the largest variance between labor and materials of any home remodeling project. If you can do some of the roughing in on your own, you can save as much as $20 per square foot. Do the work you can and only pay for a professional when it is required. This will probably include plumbing and electrical, which in many locales must be done by a licensed contractor.
Use What You Already Have
A large portion of your cost will be the installation of items that are already in your home. For example, a majority of the cost of a basement bathroom is the vent and waste lines. If you can install your bathroom directly beneath another bathroom, you can often tie into these vent and waste lines, greatly reducing your cost in both labor and materials. If your duct work runs through the basement you can add spurs and vents in order to eliminate the cost of new duct work. You will want to consult with an HVAC expert to make certain you do not disrupt the proper airflow to the remainder of your home.
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