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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.

Unless you have extensive experience in construction work, remodeling a basement is best left to a professional. There are several tasks associated with this project that require exact precision, including:

• Replacing insulation 

• Replacing carpet or other flooring 

• Adding heating and cooling

• Adjusting or adding walls and doors

• Altering or adding plumbing elements

If any of these elements is done incorrectly, it could severely impact the quality of your basement remodel and be dangerous. Changing a basement often comes with code safety requirements, like egress windows and proper ventilation. Therefore, leaving it up to a professional is often the best decision.

Yes, adding a walkout basement will usually bump up your property value. Most homeowners prefer walk out basements because the exposed wall that’s level with the ground provides more utility via a ground-level exterior entrance, and they can fit full windows, which adds natural light and ventilation to the basement area. The only exception might be in areas prone to tornadoes, as walkout basements aren’t as safe as regular basements during a tornado, particularly if they include large windows or glass sliding doors.

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.