Want to know what is the average cost for finishing a basement? The cost calculation is also carried out effectively when you have an idea of what you want your finished basement to look like. There is a list of things you want to take into account to get the best estimate for finishing your basement. For instance, you have to decide the kitchen size, bath size, the kind of flooring you want and whether there is any sort of furniture or an exercise machine you want to have.
Size and Labor Factors
Numerous factors are linked up with the finishing of a basement. The size is only one factor and taking only that into account will give you a wrong approximate. For instance, there is a cost of labor. This cost will be eliminated, of course, if you happen to finish off the basement on your own. Otherwise, there is no other labor-cost-cutting measure unless you are willing to hire inexperienced professionals. The cost of labor also varies as per your location.
As far as the size is concerned, the average cost of finishing the basement is around $37 per square foot. However, the cost is likely to drive up to $90 and is subjected to the sort of renovations or add-ons you want and the kind of labor that you have hired.
Preferences and Add-ons
There are certain things that drive the cost up. For instance, you will need to set up the bathroom and the kitchen for which you will require plumbing. You will be carpenter work for cabinet installation; an electrician for wiring; and also a professional to get the flooring and drywall right for you. Painting the walls is another work unless you want to do that yourself. The cost of pertinent materials and the furnishings are also going to add up, should you choose.
Compliance with Local Building Codes
The cost of finishing the basement can also drive up when you want to ensure compliance with the local building standards. For instance, the standards of the local building require that there be an emergency exit in the basement that leads to the house’s main part. And you want to adhere to the codes when ascertaining the dimensions of the exit door.
Many communities out there refer to the International Code Council to abide by the rules of basement emergency exits. The rules mandate that any basement that has a bedroom(s) in it will have to have an emergency exit(s). There might also be a requirement for emergency openings in the main area of the house. The cost of compliance with these safety measures is high. However, you will be saved from future costs in case you choose to show a lack of concern for these measures. These measures ensure safety to the inhabitants and give access to first responders should there be any emergency.
In case you are averse to spending so much on compliance with the codes, you should know that a finished basement results in over 70% return on investment when it’s time to sell the home. There are other factors too, other than the compliance cost that might make you decide not going for the finishing. For instance, the location your house is in might be recurrently vulnerable to floods or maybe the home is an investment property so you might not think spending on the basement is such a profitable idea.
The average cost of finishing the basement is usually estimated to be around $30,000. There is various estimation across the region, so you might want to do a little research on your own after specifying your location and accessing the pertinent forums through which you can establish contact with users who have already undergone a basement finishing.