Basements are used for many purposes but whether you are planning to build a game room or a storage space for your home, you should take a look at the basement finishing cost. More often than not, homeowners tend to neglect the overall cost of such a project leading to a bigger problem i.e. not actually getting the job done because the money allotted for it is not enough.
Planning what your basement would look like depending on your purposes for it is a good thing of course but with the economy in a rut, money can be a problem. If money is not an issue however, it will be much easier for you to finish your basement to the specifications you want.
According to experts, you would spend less in finishing your basement compared to the expenses you would incur with other home improvement projects. Although hiring a contractor is ideal, you would save more money if you do it yourself. If you are not a DIY fan however, it would be best to contact a reputable construction company to do the job.
For those who are planning to finish their basements on their own, you would only need 50% of the regular budget. This would mean however that the basement will not be finished as fast as you would like it to.
If you hire a contractor to do the job you will spend around $50 to $75 per square meter which can amount to around $75,000 to $100,000 depending on how big your basement is. The $75,000 already has an allowance for other basic items that the contractor will need.
If you decide to hire a contractor for the job, the basic things should already be included in the estimate. Make sure that a radon check is done on your basement as well since this radioactive gas is commonly present in certain areas in the country.
For those who are thinking of converting their basements into a new room or a rental unit that passes building regulations, $75,000 is already enough. This is just an estimate of course because the actual cost would depend on many things i.e. the addition of ground-level windows, electrical wiring and ventilation improvements and the addition of a bathroom.
Before shopping for materials for your basement, you should take a look at insulation and waterproofing regulations through the US Department of Energy. The department will give you a copy of the overview of what needs to be installed along with the estimated cost for the installation. Local planning will also need to be consulted regarding your basement finishing project since there are specific regulations or building codes that you need to adhere to. This includes access door, the height of your ceiling, and the ventilation of the space among other details.