Basement finishing has become an extremely popular way to add space to a home.
You may not believe this but finishing your existing basement can be more cost effective than putting on an addition to your home. There are many reasons why basement finishing is more attractive than other options for homeowners who want to expand their living space. Some of those reasons include;
- Affordable cost per Square Foot
- Small Lot size
- Zero impact to landscaping
- Time to completion
- Real Estate taxes
Price per Square Foot – Basement Finishing Price per Square Foot v. Building per Square Foot
Price per square foot is one of the main reasons to finish your basement versus an addition. The average addition on your house can range anywhere from $90-$125 per square foot. In comparison, the cost to finish the basement will be half as much with a price tag of $45-$65 per square foot. In today’s economy, these savings have led to a strong push by homeowners to create extra space by looking at the basement. Typical project costs will include;
- Moisture control
- Walls, Ceiling, Trim
- Electrical and Lighting
Like any remodeling project, the cost can swing in either direction based on the quality of workmanship and the products chosen. Cutting corners can save money on the front side of a project. Unfortunatly it usually has a negative impact in the long run. Budget accordingly and understand this is a solid investment in your home. The ROI on basement finishing is between 70-80%, one of the top 5 home improvements according to Forbes. As always just remember that “you get what you pay for”.