What is the Cost To Finish a Basement in 2024?

If you’re a homeowner, chances are, at some point you’ve wondered about what the cost to finish a basement would be. Lots of people have basements that they don’t do much with, but that’s a lot of space that you could be living in! Not only is finishing the basement a great idea if you’re looking to increase the living space of your home, but a basement remodel can also greatly increase the value of your home if you decide to sell. Like a kitchen or a bathroom renovation or remodel, there are all kinds of ways you can go about redoing your basement, and the cost can vary depending on a variety of factors. Interested in learning specifics about basement remodel costs? Then you’ve come to the right place!

How Much Does It Cost To Finish a Basement? — FAQs

Q: What is the most expensive part of finishing a basement?
A: One of the most expensive parts of finishing a basement is doing foundation repairs and any waterproofing, electrical work, and additional framing or insulation.

Q: Is finishing a basement worth the money?
A: Yes it is, as most homeowners can expect to see a return on the investment of 75 cents per  dollar spent. Not to mention you’re creating more livable space to enjoy!

Q: How much value does a finished basement add?
A: The value you add depends on how much you do with your basement, but you can expect to see up to an 86 percent return on investment when the time comes to sell. 

Q: Is it cheaper to finish a basement or add on?
A: It is cheaper to finish a basement then complete an addition. 

A basement renovation is a smaller-scale project meant to make your basement more functional or to improve its overall look.

3 Ways To Change Your Basement

Depending on your vision, your budget, and what you want to accomplish, there are a few different ways you can go about your basement update. Here are the three main types you need to know about.

1. Renovating Your Basement

• Basement renovation cost range: Varies, typically $30-$75 per sq. ft.
• Basement renovation average: Varies

If you’re thinking about basement renovation ideas, you’re probably interested in a smaller-scale project meant to make your basement more functional, or to improve the overall look and theme of the space. The purpose of a basement renovation is to improve its appearance and functionality while not changing the structure or purpose of the room. 

You could replace light fixtures or add counters and cabinets to improve storage. A basement renovation could also involve restoring the area to its original state if there has been damage done by an accident or wear and tear. The carpet could be pulled up and replaced if there was water damage, or the walls could be patched up and painted, for example.

Pro Tip: Consider using a basement renovation cost estimator to get a rough estimate of what a basement renovation cost would look like in your area.

2. Remodeling Your Basement

• Basement remodel cost range: $12,100-$34,300
• Basement remodel average: $22,600

On the other hand, you may find that a basement remodel is what you need. A remodel of any room is typically a larger-scale project, since you’re changing the structure or the space’s overall purpose. This could entail making the basement into another bedroom with a bathroom, setting up an area for a home theater room, or creating a game room or bar area, for example.

A basement remodel cost is typically higher than renovating your basement and can take a longer amount of time.

3. Finishing Your Basement

• Basement finishing cost range: $15,000-$75,000
• Basement finishing average: $32,000

If you want to finish a basement, this means that you’re starting out from scratch with an unfinished space. You can usually tell by looking at a basement whether or not it’s unfinished (no drywall, no finished floors, has exposed ceilings, etc.). To have a finished basement, your project would involve installing everything so that it matches the rest of the house, which means walls, flooring, plumbing, electricity, continuous heating/cooling system, egress windows, and permanent access.

This would be the largest and most expensive of the three types of updates you can make to your basement, since you’ll need to do everything to make it finished and livable.

The actual cost to finish a basement can vary widely, depending on the size of your basement, where you live, and how much you want to change about the space.

Factors That Affect the Cost To Finish (Or Remodel Or Renovate) Your Basement

The actual cost to finish a basement can vary widely, depending on the size of the space, what state/city you’re in, and how much you want to change or add, which is why the cost ranges can be quite large. Here are the most common factors that can influence how much your basement upgrade will end up costing. 

Square Footage

The size of your basement will determine the overall cost, as larger areas are more labor-intensive and will require more materials.

Average cost to finish a basement per square foot

• Cost to finish a 500-sq.-ft. basement: $3,500-$11,500
• Cost to finish a 700-sq.-ft. basement: $4,900-$16,100
• Cost to finish a 1,500-sq. ft. basement: $10,500-$34,500>/li>

Scope of Work

How much you want to accomplish in your basement renovation will have a direct impact on the cost, as well. Putting down new tile and adding new paint will cost less than installing a bathroom or closets.

• Cost to finish a basement with a bathroom: $8,000-$15,000
• Additional cost to have a basement with closets, on average: $1,000-$5,000
• Additional cost to add an egress window, on average: $3,500
• Extra cost to add a wet bar/kitchenette, on average: $1,000-$5,000

Materials

Another factor that affects how much you’ll end up spending are the types of materials and how much of them that you need. Again, the amount of tiles, paint, drywall, etc., you’ll use depends on the size of the basement.

Flooring. You have all kinds of options when it comes to the flooring for your basement, including:

• Tile (ceramic and porcelain): $2-$30 per sq. ft.
• Vinyl tiles/planks: $2-$10 per sq. ft.
• Carpeting: $2-$8 per sq. ft. installed professionally
• Finished concrete: $3-$12 per sq. ft.
• Paint. If you want to paint your basement, you’ll need to find the right type of paint. Painting over concrete basement walls? It’s best to use a waterproof masonry paint, which will cost around $42/gallon. If you’re painting drywall, it’s better to use a latex paint with a glossy finish that’s water-resistant and easy to clean. This type of paint can cost between $20/gallon and $68/gallon. You can expect a gallon of paint to cover around 350-400 sq. ft., though it’s best to consult the label to know your paint’s exact coverage area.

Lighting. Another big material cost comes from lighting. Types of lighting include ambient, task, and indirect light sources. Track lighting and recessed ceiling lights are popular in basements and will cost anywhere from $100-$300. If you want lighting for specific areas such as over a bar area, the cost will depend on the size of the light fixtures and how many you need. Indirect light sources are also an option, including rope lighting (which is very inexpensive) or wall sconces.

DIY or Contractor

Quite possibly the biggest cost factor is based on one decision: DIY, hire a contractor for everything, or take a hybrid approach where you DIY some tasks and have a professional complete other portions of the remodel? In order to make this decision, you’ll want to consider a few things.

• DIY-ing a basement renovation will definitely cost a lot of your time, so factor in how many hours you can put toward this until it’s complete. You’ll also want to consider your level of expertise and experience doing some of these tasks, and whether or not you feel comfortable completing them yourself.
• A lot of folks hire a contractor to help with some (if not all) of their basement upgrade. Get a few quotes from contractors in your area, so you can get a better understanding of the cost of the labor. The average cost of a plumber can range from $45-$150 per hour, an electrician will cost $40-$120 per hour, and a carpenter can charge around $75-$125 per hour.

Permits

• Cost range for permits: $100-$1,500

Furnishings and Appliances

• Couch set: $1,000-$2,000+
• Pool table: $1,200-$3,500
• Fridge: $300-$3,000
• Wet bar: $2,000-$12,000
• Washer/dryer combo: $1,200-$1,700

Game rooms, bathrooms, laundry rooms, and home theaters are all popular choices for a finished basement.

The Cost of Popular Basement Finishing/Renovation/Remodeling Projects 

If you’re wondering what you can do with your upgraded basement space, these are some of the top projects for homeowners, including what they may cost you.

Game Room

• Cost to DIY: $3,000+
• Cost to hire a contractor: $22,000+

If you’ve always wanted to have a game room, a basement would make a great area for this. You could include a pool table, add a bar, and have some furniture and tables. If you want to go all out, consider looking for vintage pinball or arcade machines, a ping pong table, or a game like wall darts. The game room can have a TV and gaming systems hooked up, as well, but this depends on whether or not you want to keep your game room non-digital.

The overall cost will depend on what your current space looks like, and if you want to add in items such as plumbing for your bar or a fridge for all the snacks and drinks. If you’re installing plumbing or additional electrical outlets, it’s best to leave that to the pros, but you can paint, retile, and add decorations all on your own!

Adding a Bathroom

• Cost to DIY: $5,000+
• Cost to hire a contractor: $9,000-$16,000

If you’re adding a bathroom to your basement, you might find this job is best left to the professionals. Plumbers have the expertise to install a sink, toilet, and shower, if you desire, and ensure everything is hooked up correctly. A contractor could also partition out a separate space with walls, if you need that, too. You can, however, DIY the other parts — such as tiling, painting, and installing fixtures — to save some money. Having a bathroom in the basement is a great option, especially if you’re planning to use it as a game room, office, or a home theater.

Home Office

• Cost to DIY: $7,000+
• Cost to hire a contractor: $10,000+

If you work from home, having an office is great. And you can probably DIY most of this, unless you have some major remodeling to do first. An office will need a desk, chair, lamps, and possibly extra storage areas such as tables or counters, depending on your needs. You can also choose to add tile or carpeting and, of course, sufficient lighting. An electrician can ensure you have the right electrical hookups for all your electronic devices to plug in and lots of places for lighting.

Laundry Room

• Cost to DIY: $3,000-$5,000
• Cost to hire a contractor: $7,500-$15,000

Creating a revamped space for the laundry room would be a wonderful idea, and you can add in all kinds of extra spots for storage and organization. First, you’ll need to decide if you want to put up walls to keep this area separate from the rest of the living space. Then, you’ll want to make sure you have the right water hookups and proper drainage (meaning it wouldn’t hurt to call in a plumber). If you’re buying a new washer and dryer, this will increase your overall price, but you can also choose to use your current appliances and save some money. Adding in storage such as counters and cabinets will help you stay organized, as will a table and better lighting to help make laundry a little less of a chore. You can also add laundry room decor.

Home Theater Room

• Cost to DIY: $10,000+
• Cost to hire a contractor: $50,000+

Ever dreamed of having your own home theater? Well, you can when you remodel your basement! You’ll have a dedicated space to watch movies and play gaming systems that includes an amazing sound system, a large screen, and even soundproof walls. And the basement already has better insulation and limited windows, which makes it a great option for a darkened movie theater experience. 

You’ll need the assistance of a professional to install all the right electricity outlets and a contractor if you want them to put in tiered seating and hang a large screen, but a lot of the items you can purchase and install on your own, such as dimming lights, tables, decor, and tile. 

Save money by DIYing as much as you can — even if you’re a newbie!

How To Minimize the Cost To Finish a Basement

And finally, if you’re looking to save money on your basement job, there are always ways to cut your costs and stay under budget.

• Don’t go with luxury materials and opt for those that are in mid-range price.
• Check out what your local thrift stores, factory direct stores, or Facebook groups have for sale and pick some things up second-hand.
• DIY as much as you can, even if you’re a newbie!
• Don’t try to do too much all at once, and instead, reduce the scope of your renovation and do what you can afford.

Let PODS Help Your Basement Renovation Ideas Come True

If you’re considering a basement remodel or renovation, then you should have some place easy to store your items during the process. A PODS portable storage container can easily be delivered to your driveway, so you can fill it with furniture, equipment, or other materials during the process. Whether you’re hiring basement renovation contractors or are doing some of the work yourself, it’s always helpful to have a convenient place to keep important items safe and out of the way. And when the remodel is complete, PODS will come and pick up the container, so you can start enjoying your new basement space!