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The average cost of remodeling a basement is $30 to $75 per square foot. If your space is unfinished and looks like it may need more help, use the higher number when calculating your estimated basement remodeling costs. A good rule of thumb is to add an additional 20% to the top of your estimate to cover any “what if” situations.
Whether it’s more affordable to gut a house than build a new one depends on the markets where you'd be buying and selling. However, it’s usually less expensive to renovate a home than to build new construction.
Most homeowners pay between $100,000 and $200,000 for demolition and remodeling costs, whereas the average cost to build a new home is between $139,000 and $531,300.
Yes, in most cases, finishing a basement is worth the cost. The project adds valuable, usable square footage to your home and typically provides a return on investment (ROI) of 70% to 75%. For example, an average basement refinishing project costing $32,000 could add between $22,400 and $24,000 to your property's value. The final value added depends on factors like your location, the quality of materials and workmanship, and the features you include, such as a living space, bedroom, or bathroom. To be officially counted in your home's total square footage, the finished space must comply with all local building codes, including requirements for points of egress. However, in areas prone to flooding, a finished basement might be seen as a liability by potential buyers and could potentially decrease your home's value.
For most basement remodels, you’ll want to hire a general contractor. This is for a number of reasons, but the main two are that general contractors have dedicated teams they are comfortable with, and hiring one means you only have to deal with one pro. You may also get a better project quote since they can lump all their work and subcontracting into a single quote.
Create a checklist, reimagine the space use, set a realistic budget, choose materials and aesthetic details, and get professional support for guidelines and troubleshooting.
The Houck, AZ homeowners’ guide to basement remodels
From average costs to expert advice, get all the answers you need to get your job done.
An unfinished basement has a lot of potential for a family room or guest suite. So how much does it cost to finish a basement? Read on for all cost factors.
Hiring a bad basement remodeler can wreak havoc on the look and longevity of your unfinished space. Here are red flags to look for as you vet basement contractors.