Basement remodeling

Need Extra living Space

Need extra space? If you’re lucky enough to have a basement, the solution could literally be right under your feet. Basements have all the “bones” already in place—walls, floor, and ceiling; all you need to do is flesh it out and put the finishing touches on your dream space. You could be enjoying your newly finished basement in just a month or two.

Finishing a basement isn’t the most popular home improvement project—kitchen and bath remodels win in a landslide. But about a third of builders in the National Association of Homebuilders say it’s the number one request among their customers, perhaps because it has a pretty good return on investment when it comes time to sell your house. Most homeowners recoup between 70% and 80% of their costs—and realtors say that a finished basement is a huge plus for potential buyers.

But before you jump into adding that rec room or home theater, it’s a good idea to do your homework. There are lots of details that go into planning a room below grade—things like permits, building codes, and the ever-present issue of moisture. Plus, if you’re planning to turn your basement into an apartment suitable for rental, you’ve got a whole new set of potential pitfalls.

This guide won’t answer all your basement remodeling questions, but it will help you organize the process, avoid common trouble spots, and find the right financing solution when you’re ready to get started.

How much will it cost to Remodel my basement?

It’s pretty hard to put a price tag on your basement project—you could do a Kia-level basement remodel or you could go for the Mercedes Benz version, depending on how much you want to spend. According to Remodeling Magazine’s annual Cost vs Value report, the average finished basement project cost about $71,000 in 2017.

On the other hand, Home Advisor suggests the typical range is between $10,000 and $28,000 to finish a basement, or between $20 to $35 a square foot, although costs of $50 a square foot or more aren’t uncommon if you’re using a contractor, designer, or other professionals to help with your project.

Here's a look at some of the costs you'll encounter when you finish your basement

Permits and inspections

Depending on where you live and the complexity of your project, expect to spend between $100 and $3,000 to get your paperwork in order. The permitting process is pretty intense, so you may want to have your contractor or designer handle the process for you.

Framing

If you’re dividing a large space into separate rooms, or if you’re adding a bedroom and bath, for example, you may have more complex framing needs. And if there are existing rooms you want to get rid of, you’ll have demolition and disposal costs, unless you feel like tackling it yourself.

Insulation and soundproofing

Planning to create a play space for the kids—or a game room for the adults? You may want to include some good soundproofing to help mute the din from down below. And insulation is definitely a good idea for managing your heating costs in chilly basement rooms.

Plumbing

Extras like a bathroom or wet bar need a water supply and sewer lines, so you’ll need to hire a plumber to get the work done.

Drywall and finishing

You’ll need walls, of course, but you may also want to add cabinetry, built-ins, and other custom details to make the space your own. These custom details can add thousands, even tens of thousands, to your project budget.

How do I request for basement remodel financing?

If you’re ready to roll on financing your basement, Hearth makes it easy for you to find and compare options on personal home improvement loans and home improvement credit cards. In just 60 seconds, you can complete our secure online loan request and see your options in just a few hours. Best of all, it won’t affect your credit score.