A basement renovation is an excellent way to increase square footage in an existing home and add value. For many homeowners, a basement renovation is a serious commitment when it comes to the amount of work involved and the disruption to their lives while the work is going on. Before launching into a basement renovation, it is important to understand the potential costs involved.

Design Costs

Using the services of a design professional like an architect or interior designer will often end up saving time and money in the long run. Design professionals can help create a basement renovation design that not only meets the needs and wants of the homeowner, but also meets the requirements of local building codes and is in the budget range of the homeowner. Design professionals can point out potential problems with things like plumbing and electrical and offer alternative solutions that work better.

Architects and interior designers usually offer their services based on either an hourly rate or a flat-rate that includes a predetermined number of work hours. Some design professionals offer a complimentary brief consultation and then may ask for a retainer fee that is applied against work as it is completed. Exact fees for these services vary substantially by region and may be higher for designers who specialize in basement renovations. The best way to find out standard fees in your area is to call several designers and ask what they might charge for a basement renovation design based on square footage. Keep in mind that the simpler the design, the lower the fee is likely to be.

Potential Costs

Basement renovation costs for your project will include flooring, lighting, plumbing and electrical. Additional costs will include labor for finishing walls, framing or other construction activities. Overall, you can expect to spend anywhere from $25 to $50 per square foot on your basement renovation project, but prices vary by region so it is important to get an estimate from your contractor before beginning work.

Keep in mind that costs for specialized uses like installing a home theater or computer networking wiring may increase your costs. Also, costs to install a kitchen or bathroom will increase your basement renovation project costs.

Another cost that may be incurred might include the need to further dig out the floor of a basement to provide adequate ceiling height. Finally, permits and building inspections incur costs and are necessary before starting and completing a basement renovation project. It is important to complete the permitting and approval process, since these are usually legal requirements for transferring a property to a new owner and can cause problems when attempting to sell a home that has construction that was not properly permitted.

Estimates

When talking to potential contractors, ask for an estimate on the costs of your basement renovation project that includes material costs, labor costs, demolition and removal of debris. Also ask for a list of permit costs and any other costs associated with your project. Ask if the contractor is comfortable with homeowners who purchase their own building materials, since this may save you some money.

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