The Average Costs of Finishing Basements

Average Costs

• According to "Remodeling Magazine's" 2010-11 Cost Vs. Value Report, the nationwide average cost of a basement remodel is $64,519. However, this includes a bathroom and wet bar, both of which are expensive and add thousands of dollars to the overall cost. The costs also vary greatly by region. For example, the West South Central region (including Texas and Oklahoma) averages $55,071, while the New England region (including Massachusetts and Connecticut) averages $68,253. ServiceMagic lists the average costs of a more basic basement at $20,680.

  One method frequently used to estimate costs is per square foot. The average range varies from $20 per square foot for basic remodels to more than $50 for higher-end remodels. A medium-range price is $25 to $35 per square foot.

Factors that Influence Costs

• There are many factors that influence the cost. One factor is the size of the basement. A smaller basement requires fewer materials, fewer workers and less time to complete the job. Another factor is the scale of the project. If you are doing a basic remodel, which may include staining cement floors, adding drywall and finishing the ceiling, the cost will be much less per square foot. However, if you choose to include a bathroom, use higher-end fixtures or add new flooring such as carpet, the cost will increase. If you need to add plumbing or electrical outlets, that will increase the cost even more.

Recouping Costs

• According to "Remodeling Magazine's" Cost Vs. Value Report, on average 70 percent of the costs of refinishing a basement are recouped at resale. While the cost of remodeling has been steadily going up, recouped costs are down, from over 90 percent in 2005, likely due to the housing recession.

Do-It-Yourself vs. Hiring a Contractor

• An estimated 70 to 75 percent of basement finishing costs are labor and expenses, while only 25 to 30 percent are finished products. So do-it-yourselfers who have the skills and time to do the project could potentially save a significant amount of money. Costs per square foot could be reduced to $7 to $15. However, keep in mind that you may still need to hire an electrician or plumber.