How to Estimate Your Basement Renovation

Your basement doesn't need to be a cave anymore. Spruce it up with a budget-friendly renovation.

Renovating a basement usually means taking it from an unfinished space used mainly for storage to an area that can be used for living or recreation. This is one of the easiest and most cost-effective ways to raise the value of a home. While there are thousands of options to choose from while planning the renovation, it is best to start by calculating the cost of your basic needs and then adding personal touches that fall within your budget.

Things You'll Need

• Tape measure
• Calculator
• Grid paper

Instructions

Basic Estimate

1. Measure the area of the basement that you want to remodel.

2. Multiply the length times the width to obtain the total square footage of the area.

3. Multiply the square footage of the area by $25 for the low-end estimate. Multiply the same area by $50 to get a high-end estimate.

Detailed Estimate

1. Draw a sketch of your basement on grid paper. Add in all of the rooms you will potentially remodel.

2. Label each room according to its usage. Calculate the square footage of the bathroom area separate from the rest of the basement.

3. Multiply the square footage of the bathroom by $75. Multiply the rest of the square footage by $25. Add the two together for a low-end cost. For a high-end cost, multiply the bathroom area by $150 and the rest of the basement by $50.

4. Add any special features you plan to include in the renovation such as specialty flooring, egress windows, a bar or fireplace. Calculate these items at cost, plus 10 percent for installation.

Tips & Warnings

• These estimates do not include inspections and permits needed in some localities. Check your local building code to see if these are necessary before starting a remodeling project.

• If your basement has a dirt floor, you will need to pour a foundation. This can involve costs ranging from $25 to $150 per square foot.

• For a more in-depth calculation, use the craftsmen basement remodeling calculator in the Resources section.

References

• Handy American: Basement Renovation Success Begins From the Floor Up!
• FinishedBasementIdeas.com: Cost Estimate for Finishing a Basement Depends On Your Personalized Needs

Resources

• Craftsmen Network: Basement Remodeling Calculator