Need a home office or a playroom for the kids and the basement is the only space available at your home? Finishing your basement will give you more living space and also increase the value of your house. If you do not want to spend a lot of money on remodeling the basement, then there are several other ways to finish your basement on a budget. So get to learn some of the powerful ways of cutting down the basement finish costs in this guide.
While looking for ways to start off with finishing your basement on a budget, you might perhaps be driven towards doing the entire project by yourself. In such a case, always make sure to know what you are getting yourself into. Not only this, but you should also know what’s allowed by building codes in your area. Otherwise, you may end up costing yourself a lot more money in the long run. If you want to save money on finishing your basement, then spend it wisely. Having said that, let us now find out some of the leading factors that impact the cost of finishing a basement.
What are the Factors that Impact the Basement Finish Costs?
There are several cost-effective ways to create your desirable extra living space. So without any further ado, let’s start discussing the most common factors that impact the pricing of the basement finish.
- Waterproofing
The most expensive part of finishing a basement is waterproofing. It is very crucial to keep the space dry. Waterproofing can help to improve the drainage outside or around the home, seal the interior concrete blocks, and repair gutters.
- Materials
The cost of the materials plays a vital role in the basement finish budget. This includes drywall, flooring, and lighting. But the best thing is that you can save a lot of money on this portion.
- Design and Labor
The design you include in the basement finish project will affect the overall budget of finishing your basement. It always costs more on adding a bathroom or a kitchen. In addition, the residential building code needs the bedrooms to have an exit point other than the door. So in case, your basement has small or no windows then you will need to add ideal-sized bedrooms into your design.
Now that you know the factors affecting the budget, let’s have a look at some of the effective ways of saving money on finishing a basement.
How to Save Money on Basement Finishing Project?
Please note that finishing a basement can be pretty expensive. But there are some effective ways to reduce the costs without compromising the safety or resale value of your house.
Use Standard Materials
A great way to keep your basement finishing costs down is by keeping it simple. It is always better to use standard materials instead of using expensive and premium alternatives. You might perhaps plan to set up the space with extraordinary features such as a wet bar or home theatre. But have you been aware of the additional electrical and plumbing costs involved in it?
Use Carpets
Hardwood might look stunning on the floor but it also costs much higher than the carpets. Carpeting, on the other hand, is a low-cost alternative for flooring. Also, it prevents your feet from the cold floors.
Keep Open Space
Always try to keep an open floor and stay away from the basement walls unless you really require separate rooms for extra storage, workshop, home office, or utility room. One open space can save many additional costs such as drywall, doors, pieces of hardware, and electrical wiring costs.
Final Note
You might save a little on your basement finish cost by doing some work yourself. But do not try to take on all the responsibilities including electrical work, painting, or hanging drywall. Remember, taking up a project without any prior experience or knowledge may lead to more costs in the long run. Then you might likely end up paying a huge sum to the contractor for fixing your mess. Therefore, it is always better to hire the right contractor for figuring out the areas in which you can cut down the costs and work out a payment schedule within your budget.
