A basement can be so much more than a place to store unused exercise equipment and old lamps. It can be a lounge for entertaining guests, a space for pursuing hobbies, or even an additional bedroom! Once completed, basement renovations add value not just to your property, but to your life as a whole. However, before you start investing in new appliances and flooring, be sure to do your due diligence. Keep local laws and your wallet in mind.
How Much Do Basement Renovations Cost?
On average, a basement remodel costs around $30,000. The cost to remodel a basement varies based on size, location, and quality of materials—to name just a few factors. To start, the cost of basement renovations depends on whether your basement is finished or unfinished. In other words, does your basement need to be converted into a livable space? There may be a light fixture and a couple of electrical outlets, but that won’t be enough for an entertainment room. Plus, you may need proper flooring. You could go for an industrial look and polish the concrete, but for a cozier, more aesthetically pleasing environment, a material like wood, carpet, or tile may be a better choice. You may also need to build some walls—at least for the bathroom. If your basement will include a bedroom as well as an entertainment area, your guests or residents may want a sense of privacy for their sleeping quarters. Walls will reduce noise, allow space for more electrical outlets, and help insulate the space.
One question you need to start with is, can you legally remodel your basement? Make sure you check the building code regulations set by your local jurisdiction. Even if your house already has a basement, it may not meet the standards for a living space. For example, if you want to remodel and then rent out your basement, there may be requirements for windows and a private entry. You may also need to inspect it thoroughly for leaks and mold. Additionally, it will likely need plumbing, electrical, and insulation upgrades. A professional contractor will help you navigate your local building codes so that you can transform your basement into a safe, comfortable living space.
Basement Renovation Ideas that Add Value
There are different ways to upgrade your basement—and some can even earn you a bit of income. Once you account for those basic costs, you have to consider furnishings and decorations, including paint. Bring your space life with modern furniture and new appliances, or choose a style that fosters a fun environment. After considering your costs and restrictions, the fun can really begin. We have a few ideas for how different kinds of basement renovations add value to your home.
En Suite Apartment
Whether you regularly host guests from out of town or you want to rent the space for a little extra income, an en suite apartment is an ideal upgrade for any basement. If you have limited space, you can modestly transform it with just a bedroom, bathroom, and a kitchenette. Visitors will get a sense of privacy and comfort without imposing on your daily routine. With a larger space (and larger budget), you can make your basement into an ideal weekend rental. Build out a bedroom, bathroom, living room, and kitchen for a completely independent living space. And with a separate entrance, your guests can come and go as they please.
A game room can be an escape for both adults and children! With a modest budget, a kid’s game room can simply be a soft, well-lit space for playtime. If it’s a large enough space, you can include bigger equipment such as tents, playhouses, slides, or swings. Either way, it’s a great option for storing toys away in one room. Or, if your family is tech-savvy, a basement can be a perfect space for video games and VR. Set up multiple screens for PC gaming or one large screen with an open area for VR and interactive games. Plus, by moving all or most of your digital entertainment systems to the basement, it may be easier to enforce screen time limits for the whole family. For teenagers and adults, go for a classic game room with a pool or ping pong table. But if you’re into card games, a poker table may suit your style better. Or, if you prefer tabletop gaming, build yourself a space where you can campaign for hours.
If you enjoy hosting events, basement renovations add value to your entertaining possibilities. Regardless of size, a bar can fit in almost any basement. You can design it like a classic pub or a sleek modern club. Add a few stools and, if you have space, a few high-top tables, too. Hang some TVs for an in-home sports bar, or even add a small stage and sound system for live music and karaoke. Or take your entertainment plans in a different direction and transform your basement into a dining experience. Install a wine rack and add an extra-long table to seat multiple guests. Whether you prefer a rustic look with wood and brick or a sleek modern style, a professional contractor will help you build the entertainment basement of your dreams.
Create a separate business environment within your home for your clients. These basement renovations add value not just to your customer’s experience, but also your own productivity. With a modest space and budget, you can have a built-in desk and a seating area for meetings. Even in a small space, you can impress clients by installing a monitor on one of the walls for presentations. If you have a larger space, you can build office space in addition to a waiting area and meeting room.
The possibilities for remodeling your basement are endless.
Ready to Renovate?
Upgrading your basement requires more than just a nice area rug and a comfortable couch. The greatest cost, however, is often labor. It may be tempting to get your friends together to help with the remodel, but if you want basement renovations with a high ROI, hire a professional contractor to ensure a job well done. With some careful consideration, the possibilities are endless.
Want to know more about how basement renovations add value to your home? Contact us for a quote!