Basement Remodeling Cost – Asking “how much will it cost?” may be one of the first questions you want to answer when considering your exciting new basement. But it has many answers. If you have been to a home show lately, you already know how many basement companies CAN do your new basement, but it takes a lot of effort to arrive at the bottom line basement cost.
We can determine an approximate basement finishing or Basement Remodeling cost.
What is the square footage of your new basement remodel going to be? For most, this number will be approximately half of your upper levels (for a two story). Basement remodeling for a ranch will be closer to the square footage of the home’s main level (about 85 – 90% of that square footage). A tri-level home basement finish will likely be one third of your homes square footage. OK, let’s make a note of that number and we’ll use it in a moment to make some basement cost calculations.
Next you will need to decide between an “all the way” finished basement, or something less. Taking your basement to drywall finish only, can be a great savings (for those who are comfortable completing the project). If that is you, take our numbers and cut them by something like 40 – 60% (depends on how complex a design will be). This part can have a wide variety of costs, so we will take a moderate cost as our basis for this article.
Quality of finish will also play a role in our Basement Remodeling cost. For this you can decide if you prefer to use better products or less costly ones. This plays a lesser part of the final number than the first two considerations. But keep it in your mind’s eye as this is what will really help to define your new level. Having the quality finishes will present a signature look that could only be yours.
Here’s where the fun starts. We offer this example of basement finishing cost to help guide your path, rather than attempting to lay a path for you. You judge by the priorities you have. We will help make those priorities a reality when you are ready.
Part one – Take the square footage number form your earlier Basement Remodeling cost: Multiply that by (good at the time of writing this article) $25.00. Let’s say your basement is 1,500 square feet, your total cost so far is $37,500.00.
Part two – Using a scale from a moderately complex design, to a highly planned and involved design, we will take the center point to make our next calculation. Multiply the base cost so far, by (good at the time of writing this article) 1.3. For our example, your total cost so far will be around $48,750.00.
Part three – This portion of the calculation is a little more subjective as we have already allowed some finish in the part two calculation. However for our example we will make this a well detailed and high end finished basement. Here we take the total from part two and multiply that cost, between 1.5 and 2 times making the total cost of a beautifully finished new level of your home around $75,000.00.
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From here you can see that there could be a wide range to the final cost, but this will help you know how you want to budget for your basement.