For those looking to create more functional space in their home while also increasing property value, a basement finishing project is an excellent idea. Basement finishes are known to provide fantastic ROI for the homeowner, but confirming this does require a full understanding of what your project is likely to cost before you can make the proper calculations.
At Crown Finish, we’re here to not only help with a wide variety of basement finishing and other home remodeling services in Orem, but also to provide clients with quality cost estimates for any of our solutions beforehand. We want to ensure you can make your important budgetary decisions with the most information possible no matter which of our services you require. In this two-part blog series, we’ll go over some of the factors that play into the cost of your basement remodel so you have a solid baseline to start from.
First and foremost, as you may have already guessed, the size of the space you’re looking to work with will have a big impact on your basement finishing cost. A standard “finished” basement within Orem is going to be around 1,000 square feet in size, which can give you an idea of what most companies are likely to charge for their own finished basements regardless of price.
How much more a company may charge from there will depend on the quality of finishes being used, as well as what kind of options you have for your space. Larger basements are going to naturally cost more per square foot than smaller ones, so basement refinishing prices can vary dramatically depending on how much work needs to be done.
Specific Project Scope
Not all basement finishing projects will be the same. Some may require only the most basic refinishing of drywall, paint, tile installation, etc. while others may need more extensive work done on plumbing, wiring, finishing electrical features like lighting and ceiling fans, extending exterior entrances with attractive entries or building new ones elsewhere in the space to allow for better traffic flow throughout your home. And naturally, the more work that needs to be done, the higher you can expect your costs to be.
Average labor costs in a basement refinishing tend to range from 10% to 25% of the total project cost, depending on the size and scope of the project in question. Of course, this range can be stretched by either end depending on whether you’ve hired a general contractor or simply an individual for your basement finishing task. A highly skilled and experienced contractor may command higher rates than someone who’s less experienced, naturally raising their costs above what they would be if they worked for a lower-level company.
For more on the factors that influence the cost of your basement finishing project, or to learn about this or any of our other home remodeling services in Orem and other parts of Utah, speak to the staff at Crown Finish today.