Typical Basement Finishing Cost
What Will it Cost to Remodel a Basement?
Decreasing home values are causing more and more Americans to do basement remodels, both to enhance the value of their homes and to add extra living space flood damage Melbourne at the most reasonable price they can find. Overall, Americans spend $215 billion each year on remodeling their basements. Considering the fact that basement remodels are one of the least expensive forms of remodeling, this total is especially staggering. Obviously, the trend has caught on in a big way.
There are very few home remodeling projects where 100% of the expense can be recouped in resale value. At 90%, basement remodeling is one of the best investments you can make. In a study conducted in 2005, the National Association of Realtors determined that an addition to a home will cost about $137 per square foot. Compare that to a basement remodel which will cost around $66 per square foot, and you can see that you get a lot more bang for your buck by remodeling your basement.
Naturally, you can remodel your basement yourself for substantially less money than if you hire a contractor to do it for you. Homeowners have reported that they got quotes of between $20,000 and $45,000 to remodel a 1000 square foot basement to include a wet bar and a bathroom. By going out and buying the materials themselves, they found they were able to buy everything for about $7,000 and then do most of their own installation. Labor is expensive, so the more of the work you’re able to do yourself, the lower the cost of your remodel.
Remodeling Magazine publishes an annual report telling the cost of having different types of remodeling work done by contractors. In 2005 the report gave a country-wide figure of $51,051 which would increase property value by $46,010. These figures differ slightly in different parts of the country, but a basement remodel is certainly one of the most cost-effective types of home renovation you can do. By adding this extra living space to your home, you’ll be able to live in your home more comfortably for years and then sell the property at a much higher price when the time comes to sell. There aren’t many home improvement projects that can boast like this these days, are there?