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The Average Cost to Finish a Basement When Building a House

The average cost to finish a basement largely depends on the size of the space, your interior design ideas and how much of the work you can do yourself. The price difference between a 500-square-foot space done with a minimalist approach and a 1,000-square-foot space with wet bar and movie theater will be substantial. Much expense can be saved if you do some or all of the labor. Keep in mind that the basement is normally the most expensive area to finish. Expensive choices there will be magnified in the final cost.

  1. Cost

    • With variance included for geographical area and the type of custom features you choose, at the time of publication, it generally costs from $25 to $40 per square foot to finish a basement, according to FinishABasement.com. That estimate assumes that you have all the work done by a contractor. BasementIdeas.org estimates it could cost as much as $50 per square foot to get your basement into shape. Though there are always oddball exceptions, you can expect most basements to fall into this price range.

    Labor

    • The price of materials only comprises about half the cost of finishing a basement, with labor taking up the other half. The obvious lesson is that you can drastically reduce the cost of completing your basement by doing as much of the work yourself as possible. While some tasks might require professional experience, even a homeowner with basic carpentry skills can do some of the work himself.

    Savings

    • Cutting half of the price out of your basement renovation is nothing to sneeze at. Consider the example of a 500-square-foot space at an average cost of $40 per square foot. That's going to cost you $20,000 to have it done by a contractor. Or you can do it yourself for 10 grand and pocket the difference. Or use the savings to upgrade the quality of the space. Obviously, not everyone is willing or able to do this sort of construction work, but if you can, the savings can be considerable.

    Considerations

    • To hire a contractor normally requires that you pay half the estimated cost before work begins, so keep that in mind when planning how and when you'll pay for the project. Another advantage to a do-it-yourself approach is that you can spread out the expenses to suit your budget, and work at your own pace. The downside, of course, is that it might take longer before you have a finished basement. If you decide to take out a home equity loan for the project, remember that the interest you pay is tax deductible, which won't make you rich by any means, but every little bit helps.

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