So you are beginning the journey on a new project and are wondering how to finance it. The first thing you are probably wondering is how much does it cost to finish a basement? As I am sure you are finding out this is a greatly varied cost that can be hard to peg down exactly.
As a general guide you need to know that the average cost per square foot in basement remodeling is around (and this is a estimated average) four hundred dollars. With this information you can now take the cost and multiply it by the square footage of the area you plan on remodeling. Now know that if you have a more recent estimate on contract costs and materials that this will give you a very close final cost. So the best way to figure out the cost of a finished basement is to call in some local contractors for quotes. Even if you do not want them to come in you can ask over the phone what they are averaging in your area for costs per square foot. They should have this information readily available and if they dont at the least it will help you weed out the good contractors from the bad.
Now before you go plugging along with our little formula and your general numbers you need to decide how custom this basement remodel will be. If you are planning on doing most of the work yourself and using basic products that are easily available you may be able to significantly lower your costs! This could result it a average cost of closer to two or three hundred dollars a square foot. Over a fifteen hundred square foot remodel this could save you $150,000!!
These figures all are averaged on the cost per square foot to finish a basement by experienced contractors. On average even the most basically skilled homeowner will find a way to chip in during their remodel. With this in mind I would say that a economical remodel ,with help from the homeowner and the always needed contractor, could come in as little as forty to fifty thousand dollars or perhaps even slightly less if you install a basement finishing system . Still a big chunk of change I know but worth every penny in added space and value in your home!
