The average cost of a basement refinishing project can be anywhere between $6,500 and $30,500, even higher. The costs that you will need to deal with depend on numerous factors – here are some:
- The size of the basement – the larger the basement, the more material is needed for the refinishing process and the more work the process needs;
- Labor costs – while most basement finishing projects require skilled Basement Finish Specialists, many homeowners choose to contribute with work of their own to reduce the costs. Handling simple tasks, such as wall painting, floor removal or the installation of insulation, can significantly lower the overall costs of your new basement;
- What the basement will be used for – you can convert your basement for almost any purpose. You can convert it into an entertainment room, an extra living room, a man cave, a bar or you can transform it into an apartment for your guests. Each type of space has a specific set of applicable building codes, such as extra exit doors or special insulation. The costs of the finishing project will largely depend on these extra features, so it is recommended to check the applicable regulations and to include the mandatory extras into your calculation before starting the project.