While a basement renovation can be daunting, it can also be a fun, creative, and rewarding experience with the right guidance and steps. Let’s dive into everything you need to know about basement renovation – from planning to budgeting to the actual execution.
Benefits of Basement Renovation
What can’t you do with a whole extra room in your house? A finished basement can add value to your home. And there are hundreds of ideas to transform your basement into a better space for you and your family. Here are some reasons to renovate your basement:
- Cost savings. Instead of going through the expensive process of adding an extra room to your house, fixing up an unused space to suit your needs is better. It’s the perfect candidate for that office, home theater, or personal gym you’ve considered.
- Increased home value. An unfinished basement won’t add much to your home’s value and may even detract from it. On the other hand, a fully finished and remodeled one is a very attractive addition for potential buyers, especially if designed to be easily modified.
- More living spaces. Need a guest room, a place for the in-laws to stay over the holidays, or are you considering renting it out for a bit of passive income? There’s a lot you can do with even a small basement.
- Increased safety. Finishing your basement gives you extra protection against moisture problems.
Before You Start
You need to sort out several things before you can start remodeling. It sounds intimidating, but ensuring you cover all your bases is very important for avoiding big, expensive problems down the line.
Assess the Condition of Your Basement
Before buying the first nail, you have to look at your basement from a safety perspective. Make sure you check for:
- Water damage
- Faulty plumbing
- Electrical problems
- Mold and mildew
- Structural integrity issues
Consider the Existing Structural Elements
Ask yourself: Do you need to change your basement’s layout? The answer depends on the intended purpose, but the more you can work with what you already have, the more money you’ll save. However, some adjustments might be necessary. For example, adding a bathroom requires plumbing work and other walls.
Get all the Necessary Permits
Depending on your city’s building regulations, you may need permits before renovating your basement. Permits are important if you’re considering modifications, such as adding a bathroom or turning the basement into a livable space.
Permit costs can range from $500 to $3,000, depending on the specific modifications you plan to make. A general contractor can help you determine whether or not you need a permit for your basement renovation project. Not getting the proper permits might result in fines down the road.
Planning Your Basement Renovation
Once you have a clear idea of your basement’s condition and have checked permit requirements, it’s time to start planning. A renovation plan will help you save time, money, and headaches!
1. Set a Budget
Basement remodel costs range from $12,000 to $33,000. Of course, you can do a low-budget project that doesn’t involve much renovating, or you can choose to go all-in with a luxurious basement project. Still, you want to be clear on your budget, as this will determine the type of renovation you can embark on.
2. Design a Layout
Whether you’re working by yourself or with a contractor, having a layout of the finished basement can help you figure out what you’ll need. The design should include a breakdown of any furniture, storage space, and other elements to help you plan more efficiently.
3. Choose a Contractor
Ask friends and family for recommendations and contact at least three different contractors. Check their references, online reviews, previous jobs, and reputation to find a contractor that meets your needs. Always compare pricing and budgets to ensure you’re getting the best deal. Most contractors will ask for photos of your space or come in for an assessment before they can give you accurate pricing for a basement renovation project,
Tips to Save Money on Your Basement Remodeling
A basement renovation project can be expensive. Here are some tips to help you reduce the costs:
- Keep it simple. Adding walls, bathrooms, and other construction options can get expensive. Your renovation project can go above budget between materials and building permits.
- Focus on budget-friendly materials. When considering materials for your flooring, choose more cost-effective materials like epoxy floors over wooden floors.
- Avoid customizations. A highly customized basement will cost more money. But you can still create your dream oasis using prefabricated cabinets, shelves, and units without compromising looks and functionality.
- Plan accordingly. If you’re installing a bathroom, place it near plumbing lines to save money on construction and plumbing overall.
- DIY some sections. You don’t need a contractor for every step of your basement renovation project. Consider what areas you can do yourself, such as hanging drywall or painting.
Renovating your basement is an exciting project, but it isn’t without its pros and cons. A proper basement renovation project involves planning, budgeting, and hiring the right contractor. Keep these tips in mind before you rush into this project.