With the growing cost of purchasing a new home, many homeowners are looking to expand the space they already have. One area that has gotten particular attention is the basement. And while the basement remodeling cost may be considerable, the return on investment is usually around 70% which makes it desirable.
Of course, an extensive project will most likely require a basement remodel contractor. A person who specializes in the remodeling of basements to meet the goals of the homeowner. But before you get started, it pays to know the overall costs that are involved and whether a remodel is needed for your basement.
Basement Remodeling Cost
The national average for a standard basement remodeling is $21,541. While that figure looks considerable, it translates to $30 to $75 per square foot. Of course, the cost will depend on several factors that are unique to your home:
- Location
- Size of Basement
- Extent of the Remodel
Of course, if you do all the work yourself that will save thousands off the cost of a typical basement remodel. But many services will still require a basement remodel contractor for different reasons. Especially if new electrical lines, sewer lines, water pipes, or other extensive work is needed.
Factors that Go into a Basement Remodel
Condition: Two of the most prominent factors are the condition and size of the basement. More specifically, the area of the basement you want to remodel. Some remodeling such as waterproofing will be across the entire basement. While other projects may only use a section.
Using Subcontractors: Depending on the type of remodel, you may be using subcontractors that specialize in different areas. For example, electricians if you are installing new wiring or plumbers for new water or sewer pipes. If you hire a designer, that may add thousands of dollars to the cost.
In addition, permits may be needed if you are installing new plumbing or wiring. Such permits will depend on local laws. You may find the fee to be a flat one or based on a percentage of the overall estimated cost of the project.
Remodel or Renovation?
While both words tend to be used interchangeably, there is a considerable difference between a remodel and renovation.
A remodel is a substantial change to the space itself. This normally includes new flooring, replacing ceiling panels, repainting, and changing the design of the space itself. A renovation is far less extensive and expensive, normally focusing on some type of repair work.
Since renovations do not require a change in the purpose or use of the space, they can be far less expensive in terms of costs. Plus, you may be able to do the work yourself without having to hire a contractor.
Given the basement remodeling costs, you may consider a renovation instead of your needs are to simply repair the space itself. However, for any extensive work that is beyond your knowledge or time to complete, then hiring a basement remodel contractor is recommended. It will increase the cost of the remodel, but it will result in getting what you want out of the new space in your basement.
Contact Luxus Construction to get started. Please call 310-270-8596 for more information.