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The time it takes to finish or remodel a basement can vary significantly, ranging from a few weeks to several months or even up to a year. On average, the construction phase can take four to eight weeks, but the total project time can extend to three or four months when including planning and permits. The timeline depends on several factors, including the basement's size, design complexity, the scope of the work, and your contractor's availability. A more detailed breakdown for an average-sized basement might include: framing (3-5 days), electrical and rough-in plumbing (3-5 days), drywall installation (5 days), flooring (2-3 days), and final touches like painting and trim (about a week). If preliminary work like installing a waterproofing system or addressing structural issues is needed, the timeline could extend to six to twelve months. Factors like difficult access, material transport, and ventilation needs can also add to the project's duration.

It is generally more affordable to finish a basement than an attic, though it ultimately depends on how you plan to use the space. The average cost to finish a basement ranges from $7 to $23 per square foot, while attic renovation costs $30 to $60 per square foot. However, a simple attic conversion to a storage space will cost significantly less.

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. 

Yes, most general contractors require an initial down payment. A reasonable deposit is typically between 10% and 25% of the total project cost, although this can vary by project size and location. This upfront payment helps the contractor cover initial costs like materials, permits, licensing, and hiring subcontractors. The remaining balance is usually billed according to a schedule outlined in your contract, often tied to project milestones or completion dates. Be cautious of contractors who ask for a large deposit of 50% or more, as this could be a red flag for a scam.