How much does it cost to finish a basement?

Basement finishing often includes installing flooring, walls, windows, doors, a ceiling, trim, built-in shelving, lights and more. Contractors can oversee the relocation or installation of new outlets and switches, lighting or heating and cooling element. And your final touches may include carpet and painting.

With so many factors affecting the overall cost of finishing a basement, it's important to do your research. After you're done reading this cost guide, contact basement finishing professionals near you to receive personalized price quotes for your unfinished basement.

The average cost to finish a basement is $35-$150 per square foot. However, some professional may charge less. For example, a general contractor in Rockville, Maryland, charges an average of $24-$34 per square foot for basement finishing. 

Your basement's total square footage isn't the only factor contractors consider when creating your estimates. They consider all the components of a job, including the materials and skilled labor required and the amount of time and permits needed to finish the basement. Using these details, they can create a quote with a cost per square foot, which will include all the work to be done.

The cost per square foot may increase when basements are small because the amount of work remains high, and the company needs to charge a minimum fee to cover the cost of doing business. No true estimate can be given until a contractor sees the project in person.

Basement electrical wiring cost

A professional electrician or contractor licensed to do electrical work can safely install wiring if a basement has none. The average cost to install electrical outlets in a basement $75-$500.

For example, Ingram Construction LLC in Washington, D.C. charges about $180 to move two outlets and install a third in an exposed basement wall with no drywall. The more switches and outlets installed, the lower the cost per item.

Finished basement floor cost

Your flooring selection also affects the total cost of refinishing a basement. The least expensive option may be to stain the existing concrete. Bringing in professionals to install carpet, vinyl, tile or hardwood floors will cost more.

As an example, W&B Villa Construction in Deerfield Beach, Florida, charges $3.20-$3.50 per square foot to install wood-look tile in spaces ranging from 6x24 feet to 8x48 feet.

Basement plumbing cost

Installing a laundry room, basement bathroom or kitchen all require water and drainage pipes. If there are no existing plumbing lines in the basement, professional plumbers and some licensed contractors can safely install the system. Plumbers charge roughly $450-$1,000 per fixture.

Basement drywall cost

The cost to install drywall ranges from $30 and $60 per panel or $649 and $1,200. These costs estimates include material and labor.

Egress windows

Unless your basement already has window or door access directly to the outdoors, area building codes may require installation of exit windows (for emergencies) when transforming a bare basement into livable space or sleeping quarters. Adding an egress window may require contractors to excavate land and reframe part of an exterior wall to meet this building code, resulting in a higher overall cost.

Material costs

Materials greatly affect the cost of basement refinishing. The high-end basement straight out of a remodeling magazine will have a higher price tag than a basic basement finished with contractor-grade (entry level) flooring and fixtures.

Repairs and damage

Addressing any needed repairs before finishing a basement is a good idea and will also increase overall costs of your project. In addition, if pros discover water damage, evidence of termite infestation or structural concerns during a finishing project, the timeline will shift and costs will increase.

Depending on whether plumbing lines already exist or need to be installed as well as the grade of fixtures and other materials selected, the cost to finish a basement with a bathroom could range from $3,000-$15,000 or even as much as $30,000, explains the bathroom building pros at Viewpoint NW in Vancouver, Washington. A standard full bathroom with a shower should average about $5,000.

Keep in mind the cost could be lower if the price is rolled into a larger basement finishing project instead of a standalone bathroom addition to the basement.

It costs $500-$3,500 to waterproof a basement. Basement waterproofing will likely have a lower cost if it's part of a larger basement finishing project than if you hire someone to tackle this task alone.

Basement waterproofing uses a range of methods to ensure water seepage and collected moisture don't damage your foundation or bring mold into your home. Before renovating your basement space, communicate with your general contractor about what, if any, steps need to be taken to waterproof your basement. Ignoring moisture issues and installing flooring and drywall before waterproofing your basement will lead to more money lost in the long run.

Installing a sump pump is one way to address water that's collecting due to leaks, poor drainage, or foundation seepage. The pros can also apply concrete sealer to prevent moisture from creeping through the foundation.

The average cost to remodel a basement is $18,500. Overall, costs can range from $5,000-$70,000. Remodeling a basement is technically different from finishing a basement. Typically, you will remodel a finished basement and it often entails changing the structure or layout.

There are some seriously lucrative benefits to basement finishing. Here are some reasons you should consider finishing your basement. 

• Boost your home's resale value. A previous study found that you can recoup 70% of the cost of finishing a basement.
• Create more living space for your household. Do you plan to grow your family? If so, finishing your basement and converting it to a living area may be cheaper than adding a room or moving to a new home.
• Increase your happiness. One study found that 85% of people had a greater desire to be home after converting their basement into a living area, and 65% had an increased sense of enjoyment while at home.
• Finished basements can provide rental income. Looking for way to make passive income? Renting out your basement might be one way to do so.

To find a contractor to help you finish your basement, start by searching for professionals online. Read their online reviews from past customers to get an idea of their experience and expertise. You should also look for photos of basements that the contractors have completed. 

Once you've pinpointed several potential contractors, reach out to them for cost estimates. To get an accurate price quotes, give the contractors as much information about your project as possible. For example, how big is your basement? What features and finishes do you want to add? When do you want the project completed? 

As an example, you'll pay less to add a basement bathroom when you also hire the same general contractor to do the flooring, electrical wiring and whole basement project at the same time, as opposed to hiring someone just to install a bathroom. 

Finally, make sure any professional you hire is reputable and licensed in your area. Check out Thumbtacks smart hiring tips to learn more about safety when making hiring decisions.

It's finally time to finish your basement. Start planning your project now by contacting contractors and basement finishing professionals near you for price quotes.