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Basement Finishing Costs

Finishing a basement can be very exciting, but basement finishing costs can scare some people away. A basement can truly be a blank canvas and finishing it can create a masterpiece in your home. It can be a low cost finish with just basic renovations, or a high cost with a complete remodel.

The important part is setting aside a budget to cover the cost of finishing a basement. Also make sure that you have gotten basement waterproofing done before you do any finishing. Water can be the downfall of all the investments you put into it. Make sure to hire the right basement contractors for the waterproofing job.

There are many factors that can affect the basement finishing cost. Each factor comes with its own specific pricing, so be sure to calculate each price in your budget. Some factors include:

  • Geographical location - Depending on where you live can either increase the price or decrease it. For example, New York's prices can be double that of Tennessee's.
  • Square footage - The size of your basement is obviously going to affect the pricing. More space means more room to renovate.
  • Repair or enhancements - If your basement has to undergo any kind of repair, this must happen before the renovations are complete. This will add into the cost.
  • Complexity of the work - The harder the work, the more costly the process would be.
  • Bathroom - This room alone can add a big chunk of money into the renovations due to the fact that there are so many things that can be done to it.

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  • Escape Hatch - Just in case there happens to be a fire or issue blocking the exit, escape hatches are good ideas to have. Installing these can increase the pricing.
  • Flooring - Materials installed on the floor can be an increase in costs as well. Each basement flooring option has its own price range.

Lowering The Cost Of Finishing A Basement

Even though finishing a basement can cost a pretty penny, there are ways to lower the cost of finishing a basement. These are things that you can do on your own such as:

  • Painting - This is not exactly the most fun thing to do, but it can save a lot of money in the long run.
  • Trim work - If you are a little handier than the typical homeowner, doing your own trim work can lower the cost of the finishing process.
  • Be the contractor - If you can map out all of the work that needs to be done and the costs, you may be able to coordinate the trades and design scheduling.

Basement finishing may be a costly process, but it is definitely worth it in the long run. Consider all the basement finishing ideas available before making a final decision.