Determining the Cost of your New Basement

So you've got a ton of extra space in the basement but you are not using it for anything? Is your basement only used for storing those old boxes from moving 5 years ago? It is just the area with a makeshift toolbench for those home improvement projects that you wanted to to take on but haven't yet? Is it dark, damp and uninviting? If this somewhat describes your situation, you probably have been itching to do something with that space so that you can actually live in it. The truth is, a nicely finished basement can provide one of the best living areas in your home if designed the proper way. It can add much needed space for extra bedrooms, home theaters, bars, bathrooms and yes, even workshops for additional projects! Unfortunately, as with most things that add value to your home, there are costs to consider that will determine what features your basement will or will not have. According to Remodeling Magazine's 2008-2009 Cost vs Value Report, the national average of a basement remodeling job cost is $61,011 with resale value of $35,694 and therfore 73.8% of the cost recouped.

Choosing your Basement Finish Items

The cost of your basement remodeling project is determined by several key factors. In addition to the overall size of your basement, the quality of the finishings you decide to use will greatly reduce or increase your overall cost. When budgeting for your basement project, you'll have to carefully consider what finish items you must have and what ones you can live without. Below is a list finish items that you'll want to think about:

• Hardwood Flooring, Carpet Flooring, or Tile Flooring
• Drapes and Window Treatments
• Countertop style (granite, laminate, concrete, etc)
• Trim and Crown Molding
• Cabinet types
• Doors (French Doors, Glass, etc)
• Lighting
• Entertainment Items (pool table, bar, home theater, etc)

A when considering these extra finish items, it is a good idea to start making a list. Write down everything you can think of that you would like (within reason). You can then research costs of these items on the internet with a simple Google search. It is important to note that if you need to get a more precise figure, you should consider talking to a basement remodeling professional. Regardless of the demands of your project, we offer free basement remodeling price estimates from local basement contractors to help get you the exact information as it pertains to your project.

Costs After You've Completed your Basement Project

Once you've written the check to your basement remodeler to pay him/her for a job well done, you also need to be aware that this extra space you've created will carry with it additional monthly and yearly costs. Depending on if you made the space livable (ie with egress windows, bedrooms, etc) you will now be counting the extra square footage into the total square footage of your home. While this does increase your home's value, it also increase the amount your home is taxed yearly. Additionally, since you will now spend more time in this space, you will likely also incur larger heating, cooling and water bills to make the space more comfortable.

Final Budgeting Tips

One final remark about budgeting is to consider how you are going to lay out your budget. Are you going to do it on a sheet of paper by hand? On a spreadsheet? A good software resource to use for budgeting and scheduing is Microsoft Project which will help to keep you organized from start to finish.