Basement Remodeling Costs

After the kitchen and bathrooms, the basement is one of the most popular areas to update with a home remodeling project. While at one time basements were just a convenient space to store your junk and seasonal decorations, today's basement remodeling projects can convert old, dingy spaces into attractive rec rooms, home theaters, personal home gyms, extra bedrooms, home wine cellars, and more!

Without a doubt, a successful basement remodeling project can help homeowners maximize their home's potential, create a wonderful space to entertain family and friends, or boost their home's aesthetic appeal and market value by updating an old-fashioned, unattractive basement. But before getting started, it's important to resolve your basement remodeling budget, evaluate potential basement remodeling costs, and understand what project specifics factor into those costs.

To start you off on the right foot creating your remodeling budget, let's refer to Remodeling Magazine's annual Cost vs. Value Report for a general idea of today's basement remodeling cost averages. According to the report's 2008-09 statistics, the average cost of a midrange basement remodeling project is $61,011, with an average resale value of $44,467, and with a possible cost recoup of 72.9%. For more exact bathroom remodeling cost estimates, it's important to consider all of the major factors that tie into the total project cost, including:

• The size of your basement
• The scale of your basement remodel project
• The geographic project region
• The choice of remodeling materials
• The contractor's final project quote

Breaking Down Basement Remodeling Costs

Size: The size of your basement, in total square footage, can affect your overall basement remodeling costs because it directly ties into how much material must be used, how many laborers are required to complete the project, and the total length of construction time.

Scale: The scale of your basement remodeling project affects the total cost because the scale determines the number of individual project tasks that make up the process in its entirety. The scale of your bathroom remodel can include everything from new laminate floor installation, to luxury recessed lighting fixtures, bar design and installation, new drywall and painting, and even a small bathroom remodel.

Project region: Basement remodeling cost averages by region can change dramatically to reflect local prices. Even within the same region, the costs can differ by state and by individual contractor. Because of these discrepancies, it's important to get more than one project estimate from local basement remodelers; that way, you can select the contractor who offers the price and the remodeling services you're really after. The following list* (ordered from lowest cost region to highest cost region) shows the average cost of basement remodeling by region:

• (West South Central) midrange basement remodeling in Texas, Oklahoma, Arkansas and Louisiana costs an average of $52,365, with an added resale value of $46,045 and a possible recoup of 87.9%.
• (East South Central) midrange basement remodeling in Alabama, Tennessee, Kentucky and Mississippi costs an average of $53,552, with an added resale value of $44,924 and a possible recoup of 83.9%.
• (South Atlantic) midrange basement remodeling in Georgia, Virginia, Florida, Maryland, North Carolina, South Carolina, West Virginia and Delaware costs an average of $54,288, with an added resale value of $42,407 and a possible recoup of 78.1%.
• (Mountain Region) midrange basement remodeling in Arizona, New Mexico, Colorado, Montana, Nevada, Utah, Wyoming and Idaho costs an average of $58,039, with an added resale value of $47,955 and a possible recoup of 82.6%.
• (West North Central) midrange basement remodeling in North Dakota, Missouri, Minnesota, Kansas, Nebraska and South Dakota costs an average of $60,436, with an added resale value of $39,431 and a possible recoup of 65.2%.
• (East North Central) midrange basement remodeling in Illinois, Wisconsin, Indiana, Michigan and Ohio costs an average of $64,008, with an added resale value of $37,851 and a possible recoup of 59.1%.
• (Middle Atlantic) midrange basement remodeling in New York, Pennsylvania and New Jersey costs an average of $65,978, with an added resale value of $39,101 and a possible recoup of 59.3%.
• (New England) midrange basement remodeling in Rhode Island, Connecticut, Massachusetts, Vermont, New Hampshire and Maine costs an average of $66,139, with an added resale value of $37,497 and a possible recoup of 56.7%.
• (Pacific Region) midrange basement remodeling in Washington, California, Oregon, Hawaii and Alaska costs an average of $73,399, with an added resale value of $63,777 and a possible recoup of 86.9%.

*These statistics were gathered by Remodeling Magazine for their 2008-09 Cost vs. Value Report.

Materials: The materials selected for your basement remodeling project will be highly relevant to the total cost of the contracting job. Material prices can alter dramatically based on the materials selected. For example, the use of vinyl flooring for your remodeled basement vs. natural stone tile flooring will greatly change the cost. Similarly, the use of stainless steel vs. nickel or bronze light fixtures in your basement will change the total remodel cost as well.

However, only you can determine the amount you're wanting to spend on your basement remodel, and the quality of materials that are essential for your home. If you have young children or pets you may not want to spend the extra money for expensive natural hardwood flooring or design accents; in that case, picking more affordable, durable materials will probably be in the best interests of your newly remodeled basement. Oftentimes, the more affordable materials are also less costly to repair or replace.

Project Quote: Before going ahead with your basement remodeling plans, or even settling on a project quote, remember to get a few separate project estimates first. Once you've received an estimate that matches your needs and criteria, it's time to move forward with your ideal basement remodeling plans. You can finalize a project quote with the basement remodeling contractor of your choice. This will be the total amount you can expect to spend for the entire construction process, but may not include certain additional or incurred costs. For this reason, it's wise to settle on a project quote that still falls under your target budget amount. Then, if any unexpected fees and costs come up during your basement remodel, you'll be more financially prepared to handle them.

What My Basement Remodel Will Cost

The actual cost of your basement remodeling project will be determined and affected by all of the above-mentioned factors, and other criteria such as contractor's fees and additional project services that are tacked on during the actual construction.

If you want to find out more information about basement remodeling costs in your area, contact SignatureContractors today! Our trusted representatives can locate professional remodelers and contractors in your area and quickly obtain up to 3 free estimates for your personal project! If you decide to hire one of these contractors to finish your basement remodeling project, you can soon meet with them in person to further discuss cost and construction details.

Better yet, if you wind up working with a basement contractor that you come to associate with consistently beautiful, high-quality work, you will feel confident knowing you can call on them again in the future—for basement repairs, or if you want to remodel another area of your home, such as the kitchen, the master bedroom, or the bathroom. No matter what area of the house you need future assistance with, it's always helpful to have a trusted contractor on hand to help realize your home remodeling goals.

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