There are many options for remodeling a basement, and they all come with a cost! How much of a cost depends, of course, on the scope of the project. Basements offer a lot of potential and a remodel can transform yours from strictly functional to a centerpiece of the house.
The good news is that a basement remodel in the Greater St. Louis area on average recoups over 65% of its cost. Key to your own successful basement remodel is making sure the money you invest gets you the features you want.
How Much Does It Cost to Remodel a Basement?
In addition to adding to your existing living space, the average basement remodel also increases your home’s value. There are many costs you should consider before setting a budget and drawing up plans, including:
- Drywall vs. a drop ceiling.
- Permit and inspection fees.
- Upgrade of existing electrical panel or installation of a sub panel.
- Soffit installation to hide pipes and ductwork.
Keep in mind that while an unfinished basement has the advantage of being a blank canvas, finishing it will be more expensive than remodeling one that is already finished. Finishing costs may include framing in the walls, framing for an egress window, hanging drywall, installing outlets, and sealing the basement floor.
Older St. Louis area homes tend to have some water damage, including foundation wall failure. In that case, you’ll need to waterproof the basement before beginning your remodel. The most effective way to do this is from the outside, excavating the soil away from the foundation’s exterior and then installing drain tile at the foundation’s base. If leakage is minimal or excavation is out of the question, you can try an interior sealant.
Popular Basement Remodel Features
Next to kitchen and bathroom remodels, basements are ranked as one of the most valuable home renovation projects. Transforming your basement into a home theater, recreation or game room, workshop, home gym, guest suite, kids bedroom, or some combination of all these ideas provides your family with a lot more living space. Here are popular features people include in their basement renovations that you might want to consider, too.
- If installing a home theater, the acoustic properties of the space need to be addressed. Speakers and monitors are important, but if you and your guests want a true movie theater experience, you’ll want to take steps to get the best sound quality possible.
- In the past, most clients put carpet in a basement bedroom and tile or wood floors in the rest of the space. Today, more people are moving to tile throughout. Factor in the cost of preparing the concrete floor.
- Think about opening up or closing in the staircase area so the basement looks more like a room on the upper level. The space underneath can be used for storage, be a kid-friendly play area, or hold a small snack station with fridge.
- Proper lighting is key to avoiding that “basement feel.” Even if there are windows, you will require more lighting. A blend of track, recessed, accent, and spot lighting is ideal.
Additional costs to include in your budget are for labor, furnishings, and other materials. If you’re installing a bathroom, you’ll need to add in plumbing, electrical, and material costs for that as well.
A finished basement adds valuable living space to your home. With so many options to choose from, your basement remodeling project is limited only by your budget and imagination. If you’re ready to get started on remodeling the basement in your Greater St. Louis area home, get in touch with us today. We look forward to meeting with you!