9 Tips to Cut Basement Finishing Costs

Advanced Basement Waterproofing • July 29, 2021

9 Tips to Cut Basement Finishing Costs


Basement finishing costs, according to HomeAdvisor, average $18,400, with projects costing anywhere from $2,800 to $34,000, depending on size and scope. These numbers come from estimates of materials and manual labor of basement waterproofing, lighting, and flooring. 


Meanwhile, any additional costs average $1,350, which may include necessary construction permits and inspections fees. However, this may be adjusted according to location and project type. Also, remember to include labor costs in your project budget. While general contractors may charge by the hour, their labor rate generally accounts for 10% to 25% of a project's cost.


Now, you must think these numbers are daunting. The financial responsibilities of fixing up a home are intimidating for any homeowner. However, there’s a way to achieve simple cost-cutting. Here are the nine tips for cutting basement finishing costs:



basement finishing


Tip #1: Take stock
Spend some time considering what you want to do with your finished basement. What you want to do with the area will determine how comprehensive and pricey your basement remodeling will be.


Tip #2: Look around
Locally renovated basements may not provide you much of an edge in the real estate market. Keep that in mind if you merely want to raise your home's worth.


Tip #3: Budget wisely
Make a list of everything you want to be done in your basement. Once you have a list and estimate how much money you can afford to spend, contact a contractor. A contractor can help you determine how much of your list you can do with your budget. Consider giving up certain features based on your budget. And unless you expect to stay in your house for several years, make your spending moderate relative to your property's value.


Tip #4: Do some major goal-setting
The average basement finishing job may repay up to 75% of your investment. Homes with finished basements tend to sell faster and for more money than those without. Buyers may even raise their offers if the project was just finished.


Tip #5: A good contractor is critical
We've all heard about contractors abandoning consumers. Check their internet reviews, ask for references, and check with your state's consumer protection agency or BBB to ensure they're real. And while looking for contractors, acquire many estimates (at least three), so you can compare prices and avoid overpaying.


Tip #6: Say goodbye to Pinterest
Keeping it simple and sticking to standard materials are fantastic ways to save money. Cut your costs by eliminating expensive designs.


Tip #7: Opt for an open plan
Save your money and get rid of those basement walls unless you genuinely need them. With one open area, you'll save money on additional drywall, electrical wiring, doors, and even the hardware that holds it all together.


Tip #8: Go for the carpet
The flooring may cost anywhere from $1,500 to $4,500, depending on the kind, but hardwood costs up to $22 per square foot. Carpeting costs $3 to $11 per square foot. In the long run, you'll be thankful for a bit of softness under your feet.


Tip #9: DIY safely
You may also save money by doing part of the job yourself. We don't recommend beginners attempt electrical work, but hanging drywall or painting is feasible. Be careful, though; jumping into a project with little expertise or understanding might lead to costly mistakes that don't fulfill construction regulations. Paying a general contractor to fix your problem is likely. In addition, your basement may need drainage systems and neglecting to have proper waterproofing installed or, installation mistakes could cost you.


Conclusion 


There’s no doubt that completing a basement may be costly. However, there are several simple methods to save expenses without losing safety or resale value. And, while we enjoy the notion of doing everything yourself, it can't hurt to enlist the assistance of a reputable contractor who will allow you to identify areas where you may save money and create a payment schedule that works with your budget.


Are you looking for basement finishing services in Western Massachusetts or in Hartfield County Connecticut? Advanced BWP can offer you complete assistance with basement waterproofing and sealing, mold removal and mold remediation, and even French Drain installations, all at a great price. Breathe easy and live comfortably—get a free quote today!