Do you have a dreary basement that you want to spruce up? Finishing your basement is a great way to increase the usable space in your home. It can add to the resale value of your home, make space that can become your personal escape, and be a great place to host.
Though it’s impossible to give an exact price without seeing your space, for a complete basement remodel you can expect to pay around $75,000. Costs typically range from $60,000 to $90,000 depending on the size of the space, its current condition, and the features you want to add.
As home designer and remodeler who has finished dozens of basement spaces, we have a great picture of understanding what goes into basement finishing pricing.
In this article, we will show you the average pricing to finish your basement and what factors will influence your remodeling price:
The Average Basement Finishing Cost
The average basement finishing costs $75,000.
Prices can range from $60,000 to $90,000+ depending on the type of finished basement you want.
The pricing chart below uses a basement size of 1000 sq ft. It’s important to note: pricing varies based on the uniqueness and complexity of each individual project.
What am I Getting for This Price?
INCLUDED IN BASEMENT FINISHING COST ESTIMATE: Space planning (layout design), material selection guidance, a dedicated project manager, and all labor and materials.
Each level option is a different type of finished basement. Knowing what type of finished basement you want for your home and the size of your basement will give you a better understanding of what you can expect to pay.
Entry-Level
The entry-level basement remodel takes your unfinished basement space and creates an open layout design with no dedicated rooms. (such as a bathroom or bedroom)
Perfect for homeowners who want to turn a basement into a downstairs living room space! Some entry-level basement remodeling projects can also include egress window installations and basement ceiling updates.
Mid-Level
The mid-level basement remodel will give you the same open layout design as the entry-level option with the addition of a dedicated room.
This room can be for whatever purpose you choose. Whether you want a bedroom, laundry room, bathroom, home or home gym, it can be designed to fit your lifestyle!
Luxury Level
The luxury-level basement remodel gives you two dedicated rooms. A great option if you want a bedroom and a bathroom in the basement to create another living space away from the rest of the house.
(Great for a parent that you want to keep close to home or your child coming home from college!)
With the luxury level basement remodel you will expect high-quality doors, specialty lighting options, high-quality switches, and tile flooring or high-quality carpeting.
Other luxury amenities include home theaters, game rooms, and developed home office spaces.
Pricing Factors While Remodeling a Basement
There are a variety of factors to consider that will affect the price of your basement remodel. When planning your budget range, consider the following that will pertain to your basement remodel.
Size
The size of your basement will be a major factor when it comes to determining the final price of your basement finishing project. More materials are required, it takes longer to complete the remodel, and more design time is required.
Existing Basement Condition
Older homes with unfinished basements will often be in less-than-ideal condition. The basement floor may be cracked, there may be holes in the walls or floor, the water heater or furnace may not be in an ideal position for your remodel, or the floor may not be perfectly flat.
In these situations, the basement will need some more prep work as part of the remodel process to ensure the finished product meets your standards.
This will increase the cost in the event a basement needs some prep work and is a factor taken into account when pricing your project.
Kitchen/Wet Bar Area
Adding a small kitchen or wet bar is a terrific addition to a basement remodel.
It is wildly popular and is a space that will be used regularly!
It’s important to note that this requires plumbing to be run to a sink and cabinets to be installed which will increase the cost.
A standard kitchen/wet bar added to a basement remodel starts around $25,000 for an entry-level kitchen/wet bar and ranges up to $45,000 for a luxury-level kitchen/wet bar. This cost is added to the basement costs above.
3/4 Bathroom
Adding a bathroom to your new basement is a great way to add value to your home and give your family more options. At Custom Built we can add a bathroom to your existing finished basement, or you can add it to your basement finishing project.
An entry-level 3/4 bathroom added onto a basement remodel starts at $30,000 added to the original basement remodeling cost. You receive a fiberglass shower/tub combo, toilet, sink, vanity, LVT flooring, electrical, plumbing, and lighting fixtures.
A luxury-level 3/4 bathroom added to a basement remodel will cost around $60,000 added to the original basement remodeling cost. With the luxury-level 3/4 bathroom, you will expect a fully custom tile shower with custom glass shower doors, high-quality vanity, sink, faucets, and light fixtures.
Next Steps to Getting Your Basement Finished
In this article, you learned about basement finishing costs and what the average basement project costs in Lansing, MI. You also learned about what factors go into pricing a basement project so you can apply these pricing principles to your project.
For information about planning a basement remodel, here is an article showing some things to consider in the planning stage of a basement finishing project.
To learn about developing a remodeling plan and budget, here is an article showing you how to create a budget for a home remodel.
If you’re ready to speak with our sales staff about a home remodeling project fill out our contact form, they would be happy to speak with you about your project!
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