Houses built in geographical areas with soft soil and little ground shifting make good candidates for basements. Basement finishing is an excellent way to add space to your home without having to build on to the existing structure. It is not uncommon for basements to be left unfinished when a house is built. Most times that project is left to the homeowner to decide if he/she wants to complete it. That decision usually comes down to the costs involved and what goals the homeowner envisions. Professional contractors can come in and help with those plans in the form of a blueprint and estimate to let them know what the basement renovation might cost.

The degree of renovation involved in basement finishing varies widely and can range from basic improvements to large structural updates. The following list represents many of the renovations homeowners look to create over time.

• Tiling
• Laying carpet
• Installing appliances
• Enclosing ceilings
• Plumbing and electrical upgrades
• Creating extra rooms

On the cheaper end of the spectrum, homeowners with a little experience and a few helpers should be able to cover piping and joists by installing drywall on the ceiling. Hiring a professional contractor is definitely an option, but you can shave the cost considerably by doing it yourself. An average drywall ceiling installation can cost somewhere in the neighborhood of $2000, which is a relatively small expense considering some basement finishing renovations.

Homeowners will frequently elect to renovate the flooring in their basements to make them seem more cozy or comfortable and less like a cold and dark place. Options for flooring would include: tile, wood, laminate or carpet. These options can range from $2500-$4500 and the cost typically is dictated by square footage and materials used. A standard quality carpet in a 1,000 sq. ft. basement is at the cheapest price point, along with laminate. Next you would find laying tile to be a good mid-level surface to install, with labor being the driving force in this expense. Wood is an option, but the homeowner must bring in professionals to ensure there are no leaks or moisture anywhere in the basement. This is a good plan for any basement finishing renovation. Any condensation or water can cause wood to buckle and warp, which will ruin the surface.

Building walls and a bathroom is a more serious expense. Contractors are certainly needed to come in and submit plans for permits to legally make these types of upgrades to a basement. Homeowners can expect to spend approximately $3000 to have a bathroom “roughed in” with plumbing and electrical updates as long as the utilities are accessible. Moving existing plumbing connections or wiring can make this expense considerably higher. Outfitting the bathroom with amenities such as a toilet, bathtub and vanity also add to the bottom line, which conservatively would be around $5000.

Basement renovations that include new walls and are updated with HVAC and utilities can be a nice way to earn some extra money by taking on a renter. Even earning an extra $1000 per month will definitely help cover a mortgage if you are otherwise not using the space. Skipping new walls but installing some plumbing can make for a nice recreation room for children and many elect to make a bar area for entertaining adult guests. These are all great ways to make use of the space with varying degrees of basement renovations.

There are times when a homeowner can get over their head with a do-it-yourself basement renovation. Should you feel like you’ve reached that point, it is encouraged to seek a professional contractor to get you past the obstacle. It is very seldom a skilled contractor cannot come in and repair any error you might have made. This is why it is a good idea to consider your aptitude when planning a basement finishing renovation – it will save you time and money down the road.