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Basements with persistent moisture problems or flooding shouldn’t be finished until the moisture issues have been fixed. In addition, if your foundation is cracked, you have unmitigated radon levels, or you have asbestos or lead pipes, remediate the underlying problem before finishing your basement. Turning a basement into living space before fixing these issues can lead to serious health risks or structural damage. 

Yes, you can add a kitchenette to a basement. However, you’ll have to consider the costs associated with basement kitchenettes. If you’re starting from scratch in an unfinished basement, you’ll need to account for brand-new plumbing, electrical, flooring, and more in addition to the cost of the kitchenette. If you’re putting a kitchenette in an already finished basement equipped with plumbing and electrical, you’ll save considerable money.

Yes, it is possible to turn a regular basement into a walkout basement. Doing so involves excavating the land around at least one side of your basement foundation, installing retaining walls to create a permanent below-grade area outside your home, and then cutting into the foundation to install an exterior door that leads out to the new space. This is an expensive and time-consuming project, but it can add a lot of value and utility to your home.

It costs an average of $32,000 to finish a basement, and most projects total between $15,000 and $75,000. If you just want to make the space look a bit nicer and don’t need to convert the basement to legal living space, you could spend as little as $3,000 to install drywall and flooring. On the other end of the spectrum, your costs could rise to $100,000 if you want to make structural changes to the space, repair existing structural damage, waterproof your basement, or install a kitchen and bathroom along with living space.