The Average Cost of a Basement Remodel Job

Average Overall Cost

• The national average cost of remodeling a basement is $90.48 per square foot in 2011. Due to economic and environmental factors, the cost of remodeling a basement throughout the country varies. For instance, remodeling a basement in New Jersey is about 25 percent more and in New Mexico it's 32 percent less than the national average.

Total Cost Factors

• Many costs go into the total amount to remodel a basement. These costs include materials and paying separate contractors, who charge a different hourly rate based on their expertise. For instance, based on the national average, painters charge $20 to $25 an hour while plumbers charge $45 an hour.

Manage Costs

• One of the overriding considerations that you need to make when deciding whether to remodel a basement is how much you can do yourself and how much you are willing to pay for. If you can hang drywall, paint and can live without a stainless steel bar sink and faucet, you could save thousands on materials and labor.

Return on Investment

• The average basement remodel throughout the country is $54,288 with the average resale value at $42,407. The difference accounts for a 78 percent return on investment. Many factors go into these figures, including the supply and demand of homes with refinished basements and the overall housing market in a certain part of the country.

Quotes

• When determining the cost to remodel your basement, get at least three estimates on labor and materials, and negotiate the price of both labor and materials.