Where Does Your Money Go in a Basement Remodel Project?

Guy Solomon notes that most homeowners spend between 5% and 10% of the overall value of their homes when finishing and remodeling their basements. Where does all of that money go? Understanding how a design and construction team uses your money is helpful when it comes to making the right decisions about your basement.

The Overall Cost Breakdown

According to experts in the field, about 25% to 30% of the money you spend goes to the actual products needed to do the job and the other 70% to 75% pays for labor and expenses. That might seem like a lot, but consider this: although finishing your basement may effectively double your living space, this area creates the potential for many, many problems. Far too often, homeowners attempt to turn a basement renovation into a do-it-yourself project, only to find their money squandered when annoying leaks or moisture problems ruin the materials they purchased. For this reason, it is important to hire a competent contractor like Guy Solomon.

Waterproofing, Plumbing, and Electrical

Although you may have the expertise necessary to hang drywall, put down a carpet, and paint the walls, there are some things better left to the pros. These include waterproofing, plumbing, and electrical work. Any slight miscalculation or error can be disastrous in any of these applications. For instance, a misplaced drain line may result in a flooded basement, misguided sewage lines in basement bathrooms are particularly bothersome, and failing to install electrical outlets correctly can cause a fire. Although it is true that homeowners might save money off the top by doing these things themselves, it is not a good idea.

Which Factors Affect the Cost?

There are infinite factors that go into determining the cost of finishing your basement. Some of these include:

The current state of the basement. Is it waterproof? Are there drains? Are there incoming water lines? All of these things add to or detract from overall costs.

The size of the basement. As you might expect, a very large basement costs more to finish than a half-basement or a very small one.

The intended use of the space. If you want a completely soundproof media room, then additional layers and insulation add to the costs. If you want a recreational area with a wet bar, you will need additional plumbing.

The type of lighting. Some types of lighting simply cost more than others are, and even these costs vary based on ceiling type and height. Recessed lighting, for instance, is more expensive than simple fluorescent panels for drop ceilings.

Of course, these are merely examples and every basement is different, so it is important to get an estimate before committing to the project. Guy Solomon and his team will provide fair, competitive rates.

Overall, the average cost of refinishing a basement is about $20,000. This is only an average, though, and it may not represent what you will spend to get the basement of your dreams. Guy Solomon can help you create your vision on your budget, and financing is available.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.