Basement Remodel on a Budget: Yes, You Can Do It

Are you thinking about refinishing your basement? Perhaps you'd like to add a bedroom down there or turn a playroom into a home theater or in-law suite. The good news is that it's possible to do a basement remodel on a budget. It just requires some planning.

Average Cost of a Basement Remodel

The average basement remodel cost ranges from $12,000 to $34,500, with the average project costing $22,750. If you don't have tens of thousands to spare, don't worry. The total price of a remodeling project can vary based on your location, the size of your basement, and how much you want to change.

Factors that affect the total cost of a basement remodel include:

• Basement waterproofing 

• Raising the basement ceiling

• Adding windows

• Installing plumbing

• Upgrading the electricity 

• Getting the right permits

Ultimately, it's up to you to decide how you want to change your basement and whether those changes work with your budget.

Prioritize Your Projects

You want it all for your basement. But with a small budget, you need to make choices. Make a list of the three most important updates for your space. Then, make another list of less critical but "nice to have" updates.

Then, look at how much you are comfortable spending on your basement redo and get estimates for the changes you'd like to make. Give your budget a cushion of 10% to 20%, then subtract the estimated costs from your total allowed budget to get an idea of what projects you can afford.

Simple Projects Go a Long Way

Don't underestimate the power of a new coat of paint or an improved lighting system in your basement. Small changes can do a lot to improve the look and functionality of the space, without breaking the bank.

For example, say you want to create a home office in your basement, but it's currently dark down there. Rather than paying to install new windows to add light, you can invest in an overhead lamp or spotlights. 

Perhaps you find the flooring in your basement cold and uninviting. One option is to swap hard floors for carpet or trade epoxy or tile floors for hardwood or laminate. 

Tackling simple projects yourself, as long as you have the confidence and skill to do them, can also help keep your basement remodel under budget.

Most Commonly Requested Basement Features

According to data from Angi, about 26% of homeowners want to add a bathroom to their basement. Roughly 19% want to add a bedroom, 13% want storage, and 11% want a laundry room.

Don't Cut Corners

Of course, there are times when hiring a professional basement remodeling company near you is a must. If your remodeling project involves structural changes, plumbing, or electrical updates, it pays to hire a pro. 

Trying to do the big stuff yourself, especially if you aren't fully familiar with basement and foundation terminology, local laws, or structural engineering, can put you at risk of a code violation or damage to your home's structural integrity. In other words, the DIY route can sometimes end up costing you far more time and money in the end.