How Much Does Full Basement Development Cost?

Did you know that nine out of ten homeowners plan to remodel their home? On top of that, one-third plan to do so in the next two years.

When you renovate any part of your home, you need to create a budget so that you can track your spending. Keep reading and we will walk you through the average basement renovation cost.

Basement Remodel

Basement renovations include costs for:

• Lighting
• Built-in shelves
• Waterproofing: Basements are a common place where flooding occurs because it's below ground
• Framing
• Plumbing
• Wiring
• Drywall
• Flooring: Carpet, hardwood, tile
• HVAC system: Located in the basement
• Back up generator: If you want to be cautious
• Windows
• Painting
• Furniture
• TV

This covers almost everything you could think of if you are looking to make your basement a useable living space where people want to hang out. You want to make it a part of your home and blend with everything else.

Basements are unique in that they're underground and can be a little hideaway if someone wants someone alone time to decompress or if you want to make a workout space. There are so many routes you can down.

Average Basement Renovation Cost

Did you know redoing your basement gives you a 70-75% return on investment? It increases your property value if you end up wanting to sell your home.

We will breakdown the cost below:

• National Average Cost: $35,000
• Minimum Cost: $16,000
• Maximum Cost: $75,000

The average range for most households is from $22,000 to $46,000. These numbers are averages, but you need to be aware going in of your budget and be careful of overspending.

When you're working on a basement, a lot can pop up, especially if you're ripping up carpet or breaking and redoing the walls. You need to leave room for issues to arise so that you're ready for anything and don't have to stress about money.

If you want a strong return on investment, you want to put effort and money into renovating your basement.

How to Cut Costs

Here at Custom Basement Development, we make beautiful basements in Canada. And, we have a helpful blog with a lot of tips about basement renovation.

We are also going to walk through a few ways you can reduce the cost of renovating your basement so that you aren't breaking the bank.

1. Address Moisture Issues Beforehand: You don't want a flood or moisture issues to arise once you've finished remodeling. Get your basement inspected and get this fixed up front.
2. Choose Affordable Finishes: For example, laminate and carpet are a lot more affordable and with the right underlayment will last a long time. You can also install it yourself to save money.
3. Paint Your Walls: Consider it your own personal art project and have some fun with painting the walls of your basement.
4. Budget Furniture: Great pieces have come out of Facebook Marketplace or Craigslist, browse these websites before spending on new furniture.

To stick to your budget, you need to factor in everything and come up with ideas that will eliminate costs before you start.

Start Prepping Your Basement Renovation

Now that you have an idea of the average basement renovation cost, you can create a budget and start prepping.

Do your research, find ways to cut costs, and you will get a great return on investment.

Make a list of what you need to renovate or contact Custom Basement Development to learn more about our services.