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Living in a finished basement is acceptable, but only if the space has the proper points of egress and includes smoke and carbon monoxide (CO) detectors to ensure the safety of the occupants. A good way to ensure your finished basement is suitable for use as living space is to get the basement finishing project properly permitted.

It’s less expensive to finish your basement than it is to build an addition to your home. The average cost to refinish a basement is $32,000 (between $7 and $23 per square foot) while building an addition to your home costs $50,325 ($80 to $210 per square foot). Depending on the size of your basement and other factors, like moving plumbing and electrical, refinishing a basement is a more cost-effective option in most cases.

The cost to remodel a basement is between $12,100 and $33,400 for the average homeowner. The price you pay can be as little as $3,500 or as much as $50,200, depending on the size and condition of your basement and the type of remodel you're doing. 

If you're doing a simple project like adding a home office to your basement, you can expect to pay anywhere from $500 to $3,000. However, if you're adding a bathroom, which is an extensive project, you can expect to pay between $6,600 to $16,500.

The cost of finishing a basement is about $18,400 on average. As you can see, the framing portion of this project costs less, because you’re essentially just dealing with laying the foundation for a finished basement. The finishing portion of the project involves a lot more intricate work and design, as well as high-end materials.