The basement is often one of the more overlooked areas of a home and tends to become cluttered with seasonal clothes, sports equipment, old furniture, and toys. However, remodeling your basement can turn this uninspiring place into an area where your family wants to spend time together. While you do have to consider the basement renovation cost, these upgrades can increase the value of your home.
At James Barton Design-Build, we transform unfinished and underutilized basements into spaces where you can enjoy movies, play games, watch the Vikings, or serve up cocktails. Consult with our basement design and remodel team to learn about our process and see the possibilities for your basement renovation.
Renovate Your Underutilized Basement: What to Consider
Your basement can be more than just a storage space. Before starting your project, make sure you have a plan in mind for how you want to use the space. Think about things such as:
- Features you want to include. Lower levels work for adding an extra bedroom, building a home theater, installing a wet bar, creating a home office, or making a second family room.
- How to brighten the space. Basements often lack natural light, so you’ll likely need to install better lighting. Adding windows is another option for brightening things up. If you’re adding a bedroom, your design will likely need to include an egress window anyway to meet building codes.
- Plumbing needs. While many basements are built with roughed-in plumbing, others are not. If you have existing plumbing, we can sometimes reduce your finished basement cost by designing the space with the bathroom, bar, or sink near the existing plumbing.
- Heating and HVAC. In Minnesota, cold basements might seem like the norm, but it doesn’t have to be that way. If a basement is cold, it can mean the HVAC system wasn’t designed correctly. In such cases, adding more supplies and returns to the HVAC system will provide better heat output.
- Insulation issues. Insulating the ceiling can also help regulate the temperature in your basement. Not only does this make your space more comfortable, but having everything properly insulated can lower your energy bills on those subzero days.
- Flooding issues. Unfortunately, another reality of living in Minnesota is that homes can be prone to basement flooding, especially if you live near a lake. If your home has a history of flooding, your basement finishing cost may need to factor in repairs for any prior water damage, as well as mitigation against future issues. Even if you aren’t on a lake, keep in mind that heavy snowfall can also lead to flooding as things melt in the spring.
Basement Renovation Costs to Consider
As with any home renovation project, the cost to finish a basement will depend on the materials used, the size of the space, and whether special features are added. However, before breaking down the costs, it’s important to understand the difference between remodeling a basement and finishing a basement.
- Remodeling a basement involves reworking the layout, which typically includes reframing rooms, changing electrical and plumbing systems, and installing new floors and ceilings.
- Finishing a basement doesn’t usually involve reworking the space. Instead, contractors will hang drywall on the existing framework and finish the space with flooring, ceilings, and other features.
There is some overlap because finishing a basement is the final step in remodeling it. However, if you already like the layout and features of your basement, you can finish it without remodeling. This can help keep costs lower.
So, how much does it cost to finish a basement?
If your project includes remodeling and finishing the space, the average cost to finish a basement starts at $150,000 and can increase depending on the project’s complexity.
You might also want to consider these high-end add-ons:
- Heated floors start at around $4,000.
- A custom bar can cost between $10,000 and $30,000.
- Home theater installation can range from $10,000 to $60,000.
What Costs the Most when Remodeling a Basement?
If you’re looking to save money on your basement remodel, it helps to understand where the money goes during the project. You can expect to spend the most on:
- Custom installations such as cabinetry or designer tile work.
- Plumbing and electrical upgrades.
- Reframing rooms and restructuring the layout.
- Addressing structural issues, such as foundation repairs or raising the ceiling height.
- Remediating issues like water damage or mold.
While these are the most expensive parts of a basement project, they’re also the most important to ensure your home is safe and up to code.
Basement Remodeling ROI
When considering your basement finishing cost, don’t overlook how it will impact the value of your home. Fortunately, finishing your basement has an average return on investment of 70%, making it one of the better ways to boost your home’s value.
Not only does having a finished basement make your home more appealing, but it also adds to your square footage, increasing your resale value. In Minnesota, a space can be included in your home’s square footage if it has:
- Flooring, walls, and ceilings.
- A ceiling at least 7 feet high.
- And it can be occupied year-round with adequate heating.
At JBDB, we can help you understand if your space will qualify as finished square footage. Contact our designers to learn more about the process!
In addition to getting more square footage, adding a basement bedroom can boost your home’s resale value further. Having an extra bedroom can increase your home’s total value by as much as 10 to 20%.
Reimagine Your Basement with James Barton Design-Build
Renovating a basement is a great way to get more use out of your space. Our lower-level remodeling gallery is full of ideas for what your space could look like. Our professional designers are ready to hear your ideas and create the basement you’ve always wanted in your home.
At James Barton Design-Build, we’ve been remodeling homes in the Minneapolis and St. Paul area since 1997 and have won numerous awards for our work. With a complete design and construction team under one roof, we ensure that every phase of your project is carried out to the highest standard from start to finish.
Request a consultation with our design team so we can get started on your new space!
