If you recently moved into a home with an unfinished basement – or have been living with one for a while – you may be itching to transform it into additional living space, such as a bedroom, guest bathroom, kitchenette or bar. This month, we’re covering the top three basement remodeling projects, their associated costs, and why you should consider them for your next home improvement project.
Finishing vs Remodeling
To be clear, finishing your basement and remodeling your basement are two separate projects. An unfinished basement typically has concrete flooring, exposed pipes and electrical, and no walls, or just the wall framework. Before you can remodel your basement, (adding a bedroom, bathroom, or other living space) you’ll need to tackle the necessities first. These can include hanging drywall, framing in walls with studs and adding insulation, installing flooring and electrical outlets, and finishing a ceiling. Check out this article for a comprehensive list of projects.
Added Value and Return on Investment
Finishing your basement not only means you gain more living space, but the money invested can increase your home’s value. According to HomeAdvisor, the average basement remodel project can have up to a 70% return on investment.
Generally, homebuyers prefer a house with a finished basement and may even increase their offer if the basement was recently updated or finished. Basement projects are often less expensive than an above-ground addition (depending on square footage and the type of remodel), making them a great bargain for additional living space. However, the appraised value often does not increase based on the renovations. In general, the deeper your basement is below-grade, the less the added square footage will appraise for. An appraiser may calculate the value based on several factors, including the total number of windows, access to the outside, and quality of the materials. With this in mind, consider these top three basement remodel projects that can add value to your home.
Adding a Bedroom
Bedrooms are a great addition to a basement because, if your family grows, you can increase living space without having to put an addition on your home above-ground.
Keep in mind, you’ll be required to install egress windows in your new basement bedroom or other living space, and obtain a permit before you start the project. Egress windows are required so you can leave the basement in the case of an emergency, or to allow firefighters a way to access the basement. Permits are required to ensure compliance with building code safety.
Project costs will largely depend on the square footage of the area. At a minimum, the project will include framing, drywall installation, flooring and ceiling installation, and electrical — if these projects haven’t already been completed. Overall, it can cost anywhere from $40-90 per square foot to finish a basement depending on the materials used.
Adding a Bathroom
Adding another bathroom can add huge value to your home. Especially if you currently have just one, as too few bathrooms can be a dealbreaker for some homebuyers when you look to sell your home in the future.
You have several options when adding a new bathroom. You can choose to add in a full bathroom, which is a toilet, bathtub, shower, and sink. A three-quarter bath, which includes a shower, toilet, and sink, or a half bath, which is just a toilet and sink. Knowing how you will use the remainder of the basement space can help you choose which bathroom style to go with.
Most of the essentials listed above to add in a bedroom are also applicable when adding in a new bathroom. We recommend working with a professional to install the proper plumbing and to ensure you’re abiding by local zoning law regulations for adding in new plumbing. Costs can range anywhere from $15,000-$20,000, depending on the square footage and materials used.
Adding a Wet Bar or Kitchenette
If you’re planning to host events or spend a significant amount of time in your basement, a wet bar or kitchenette may be a great option to add to reduce the time spent going up and down the stairs.
At a basic level, a bar or kitchenette includes a sink, countertops, cabinets, lighting, plumbing, and electrical. More extravagant kitchenettes or bars can also include appliances, such as a refrigerator and microwave, or a backsplash for additional flair.
Costs associated with a kitchenette or bar installation are more focused on the materials used (cabinets, countertops, sink, fixtures), and the electrical and plumbing installation. Plan to spend anywhere from $2,000-$12,000, varying based on materials used, the square footage, and the cost of plumbing.
Finishing your basement can be an overwhelming task, especially if your project has a lot of moving parts, like installing the plumbing, electrical, sourcing materials, and obtaining the required permits. At Kegonsa Plumbing, we cover all the bases so you don’t have to worry about hiring and managing multiple sub-contractors yourself. If you’re looking to finish or remodel your basement and would like the simplicity of working with a team that will handle your project from start to finish, reach out to us. We’d be happy to supply you with a custom quote and free consultation for your project.