How Much Will Your Basement Remodel Cost?

Finishing your basement is one of the best ways to add square footage to your home without going through the trouble and inconvenience of putting in an addition. However, despite the simplified process, finishing a basement is still no small task. So, how do you know where to start with your budget?

According to Remodeling Magazine’s Cost vs. Value Report in 2015, the basic cost of finishing a basement in Northern Virginia is just under $68,000. This estimate is for a basement that is 20’x30’ and of midrange fit and finish. Of course, there are a few other details about your specific basement you’ll need to keep in mind when building your budget.

3 Questions to Answer Before Finishing Your Basement

Do you have a direct exit?

A finished basement is only considered up to code if it has a direct exit to the outside. If you don’t have one already, your contractor will need to add one in. This can be a relatively inexpensive add-on if your basement has an existing window that can be enlarged; otherwise, your contractor may need to build a door with stairs.

How big is your basement?

Since the estimate price above is for a basement that is 20’x30’, you’ll need to determine how your basement matches up. Figure out your exact square footage so you can see how the estimated cost compares to your needs.

What kind of design do you want?

Here’s where the cost can really start to vary. Do you want more than one room in your basement? If so, you’ll need to consider the cost of additional walls, drywall, doors, flooring, electric, etc. What kind of fit and finish do you want on the final design? If you’re interested in something more elaborate than the midrange cost estimate, you’ll need to be prepared for those additional costs as well.

Luckily, our 2016 cost remodeling guide is here to help. Download the full guide here for more tips on planning your basement remodel.