Remodeling a basement can be an excellent way to increase living space and square footage to your existing home. Before launching into a basement remodeling project, it is important to know exactly what you may potentially be spending and what your options are.

Design Costs

Once you have an idea of how you want to use your basement space – expanded bedrooms, home theater, separate apartment – then it is often a good idea to call upon the services of an architect or interior designer. One of the benefits of using the services of a design professional is that he or she will be able to point out specific concerns or options about your proposed remodeling project. For example, if you are planning on putting in a kitchen, laundry or bathroom space, they will point out specific concerns about plumbing placement. Also, a design professional will be able to present you with different design options that meet your budget needs. He or she should be able to present you with price estimates for a variety of finishes such as carpeting, tile or concrete flooring. Also, he or she can provide you will an estimate of basement remodeling costs to use for comparison when you talk to a contractor or shop for materials to do the remodeling project yourself.

Design professionals usually charge based on either an hourly basis or a flat fee. If the work on an hourly basis, they may ask for a retainer fee or charge an initial consultation fee, which is applied against any work they spend meeting with you and drawing up your design. Also, they may work with your contractor to answer any questions about the design. A simple way of finding out standard fees for your area is to call several different design professionals and ask what their fee would be for your type of project.

Selecting a Contractor

If you use a design professional to help you with creating a design for your basement finishing project, ask them for a list of contractors they recommend. You can also ask friends for a recommendation. Once you have a list of contractors, call several and schedule a time to meet to review the project and get an estimate. Ask them if they have references you can call. Usually, the contractor will send you an estimate within a few days after meeting with you. Make sure the estimate includes an estimated time line for completion and estimates for materials, labor, demolition and removal of refuse.

Also, consider asking the contractor if they have objections to the homeowner purchasing materials, since this may save you money and lower your basement remodeling costs – most contractors add a percentage to materials they purchase.

Once you have at least three estimates, select the contractor you feel most comfortable with. Make sure they are bonded and licensed by calling the Better Business Bureau and the state contractor's license board.

Interested in remodeling your basement? Get your project started by submitting a free BuyerZone request for basement remodeling price quotes.