Undertaking a Finished Basement Remodeling Project
Tips On Building A Dry Comfortable Finished Basement
If you're looking to add value, increase your home's usable living space, and up the quality of life and enjoyment of your home, the answer is directly under your feet! Undertaking a finished basement remodeling project is a great way to increase your home's usable square footage within your home's existing footprint, and it's an excellent investment too.
In this post, we're going to take a closer look at what to expect when planning and undertaking a finished basement remodeling project.
The Benefits of a Finished Basement
Creating a finished basement can vary in price based on several factors, including the level of finishes; however, in terms of return, a finished basement returns about 63% of its original cost, according to the National Association of Realtors®.
View Our Portfolio Of Finished Basements
Another measure that is important to consider is basement remodeling's "Joy Score" by the National Association of the Remodeling Industry (NARI). This is a rating based on homeowners who were happy or satisfied with their project. The rating system is from 1 to 10, with 1 being the lowest and 10 being the highest level of satisfaction. The majority of homeowners responding to this study said they had a greater desire to hang out at home since converting their basement to living space.
Finishing your home's basement can be a relatively inexpensive remodel. Much of the infrastructure is in place, like perimeter walls, floors, and often utilities like electrical and plumbing. This can lower the cost per square foot and can save 10% to 15% over the cost of building a similar addition. Remodeling your basement also avoids municipal complications like property line setbacks and other zoning restrictions that can complicate adding an addition.
However, also remember that if you are finishing your basement as a remodeling project, after the home is already completed, the cost of an addition or a basement finish will often be much higher. In fact, doing an addition, sunroom, or basement finish as a remodeling project is often about twice as much compared to if you had done the work at the time of new home construction.
this finished basement remodel was undertaken while doing the kitchen and master bathroom, at a much better price than if it was a stand-alone project.
PRO TIP: You’ll almost always get better value by making your project as large as possible. Finish your basement while having your new home built. Remodel two bathrooms, or a bathroom and kitchen both at the same time. The simple reason is, that your remodeler will begin to create an economy of scale, and the work being completed will require fewer trips to get more done.
One of the most significant benefits of basement remodeling is the flexibility of the space. Typically, the basement is a wide-open space that remodeling co transform into anything from an entertainment area with a kitchenette to a wet bar, a guest suite, a rentable living space, a home theatre, or a kid's playroom. You're only limited by your creativity and your budget.
An excellent design-build contractor can help you to explore the many possibilities available and how to design the space to meet your family's unique needs.
Undertaking A Finished Basement Remodeling Project
Like any home improvement project, undertaking a basement remodeling starts with education. The more time you spend looking at finishes, fixtures, and designs, and planning your project before you begin, the smoother the process, and the more effective you'll be when explaining your creative vision to your design-build team.
Here are some steps to take to ensure that you're prepared for your project.
Evaluate The Space Available
Take an honest look at your basement, and consider any potential obstacles, for example, low ceilings, or ventilation concerns. One crucial consideration is moisture. This is the biggest obstacle in the process. Any leaks, condensation, or flooding must be addressed before you spend potentially tens of thousands of dollars on remodeling. Remedial waterproofing before you begin can protect your investment. Cutting corners, or neglecting to address this issue will result in expensive to repair damages down the road.
this finished basement project incorporates a wet bar with a TV area, fireplace, and bathroom — exactly what the clients asked for.
Consider How You'll Use the Space
Sit with your family and dream a little! How will a remodeled basement best fit your needs? Do you need a guest suite? Space for your teenage daughter to entertain her friends? Will you include a kitchen and/or bathroom that would require updating the plumbing? All of these factors will affect your budget. Once you've thought about how you'd like to use the space, check for legal requirements in your area that may govern how you can use the space.
Set a Budget
You should have a ballpark idea as to the cost of your finished space. List your needs, add your wants, and determine a rough budget. Basement refinishing costs can start as little as $30,000-$40,000 for finishing a single room. Most basement finishing projects will cost between $70,000 to $100,000, and more, for a basement with a bathroom, big family room, and maybe another bedroom. All of this depends on the scope of work, materials, and finishes you choose. Remember, you might only need to spend half this amount if you finish your basement at the time of new construction, thanks to efficiencies and economies of scale! Even so, it’s still less expensive than an addition.
See: Updating and Renovating: A low-cost basement finishing project.
ensure that your design-build REMODELING company has a defined process that you understand.
Interview Design-Build Remodelers
Once you have a general idea of how you'd like to use the space, and a rough budget, begin speaking with contractors. They can help you to better allocate your budget and will have ideas for where t spend and where to save when finishing your basement. Check professional affiliations, licensing, and referrals. Ask friends and neighbors for recommendations and call references. Be sure your design-build-remodel company has a defined process that you can read and understand. What happens during design? What happens during construction? Who is in charge of your basement finishing project?
Understand the Scope of Work Involved
While a basement remodeling typically happens out of sight, if you don't have a walkout basement or easy access, you can expect to have workers walking through your home constantly while under construction. You'll also have noise, dust, and other distractions for the six to twelve weeks it could take to complete your basement project.
Increase your Enjoyment, and Your Investment's Value With A Finished Basement
this finished lower level was completed at the same time that the rest of the house was built, allowing the clients to splurge on premium finishes such as the acid stained concrete, spiral ductwork, and tiled wine room.
Finishing your basement increases your enjoyment of your home, as well as its value. If you even decide to sell, a finished basement is an attractive feature for many buyers, and it may also help you to sell your home more quickly. Depending on your local regulations, a finished basement with the proper features can often be included in the official square footage of your home.
To achieve the highest ROI, opt to keep the finished space functional and attractive, as opposed to highly personalized. Most buyers will look for finished ceilings, walls, and floors, and updated, up to code wiring, and where necessary, plumbing.
If you're looking for the perfect way to add usable living space to your home's existing footprint, consider remodeling and refinishing your basement.
This article was updated by Abe Degnan on 5/6/21.
If you live in the greater Madison, Wisconsin area, and are considering remodeling your basement, give the experts at Degnan Design Build Remodel a call at (608) 846–5963. We're always happy to schedule a free no-obligation consultation to discuss your project. Our team of award-winning designers can help you to design your dream basement and deliver it to you on time and on budget!