When thinking about refinishing a basement, you have to consider two things. What do I need to do and how much is this going to cost? Although it can be a daunting task, it has great rewards. There is so much that you can do to remodel a basement.
Depending on how extreme you are going in this remodel, costs can vary. The average cost for basement remodeling is around $69,000. Although that is a pretty penny to shell out, think about the value you are adding to your home. A Cost vs. Value calculation in Remodeling Magazine says basement remodeling will allow you to recoup an average of 70.4% of your costs when you sell.
It is also important to think about what you can use this added square footage for. You can create more bedrooms, recreational space, an extra bathroom, or even some kitchen space.
What to Consider
Basement finishing does not come without challenges and considerations. You need to think about plumbing, electrical, drywall, insulation, etc.
You will need to make sure that groundwater and rain are properly routed away from the house. If not, it can enter basements through foundation cracks, windows, or doors if not sealed properly. After spending all this time and money to remodel, you do not want a flood. Flooring decisions are important downstairs. Because water is such a threat, carpet and hardwood are not the best options. Consider a concrete floor to avoid any damage. Concrete is also a more affordable option.