How much does it cost to do basement renovations?
The answer to that will mostly depend on the scale of your project. Logically, smaller remodels will be much cheaper than bigger ones. But of course, things are a lot more complicated than that simple rule of thumb!
Everything, from what fixtures or rooms you want to add down to the size of your basement, will all affect the overall cost of a basement remodel. That being said, the average remodel can run around $20,000, where you’re paying around $30 to $70 per square foot. Overall costs, however, can dip as low as $10,000 or as high as $100,000!
To give you a good idea of the cost you can expect out of a basement remodel, we’ll talk about a few projects people generally carry out for their basement and the costs associated with them:
1. Turning the basement into a theater
Many people love to turn their basement into a theater. That’s because of where the room is situated: underground. This blocks out plenty of sound from the outside, making for one of the best places to turn into a theater!
If you want to do something similar, expect the cost per square foot to be around $300. This considers various things like seating materials, sound systems, the projector, and even soundproofing. Of course, this means that the more features you put into your home theater, the more expensive the overall cost!
Such a renovation can cost anywhere between $10,000 to $30,000, depending on what you add.
2. Turning a basement into an apartment
One of the things many people do is turn their basement into apartments to rent out to tenants. If you are planning to do the same, you can expect to spend anywhere between $50,000 to over a hundred thousand dollars in expenses! If you are situated in a high cost of living area, it can go even higher.
As such, you may only be able to recover your investment a few years after the project is done and you start renting it out. However, a good benefit to doing this renovation is that the home’s value will grow significantly, meaning that if you do decide to sell the property, you can sell it for an even higher amount.
3. Turning the basement into a gym room
For those wanting to exercise but cannot bother heading out to a gym, having an at-home solution is certainly something you could be interested in. As such, basement gyms are a thing, and these things can cost as low as $500 or as high as $20,000, sometimes even higher!
Once again, such costs will all depend on the equipment you invest in and the project’s overall goal. For instance, if you want to start small, investing in small dumbbells will be cheap. Of course, if you want to renovate the entire room, replacing the floor with hardwood options and installing large mirrors on the side, that’s where the costs really skyrocket.
The numbers you see here are only rough numbers that you can expect from your renovation project. For that reason, it is always recommended to talk with your contractor to get a brief idea of the cost you can expect.
That being said, we generally do not recommend doing things by yourself, especially for tough tasks like wiring and plumbing. Although you will save money, you may unknowingly make mistakes that put your entire project at risk, putting yourself in danger and leading to expensive fixes in the future! Always work closely with the professionals to see what you can do to save cost while leaving the more intricate and tougher tasks for them to deal with.
Are you looking for the best handyman near you to handle your basement remodeling? Handyman of Rockville is your go-to handyman service for quick home improvements. Call us today, and we’ll help you out with your basement remodeling project in Rockville!