How to Save Money on Basement Renovation Costs

Remodeling a basement can quickly rack up costs. But there are ways to cut those expenses without compromising style or functionality.

Waterproofing a basement remodel typically costs an average of $4,500; other major expenses include materials and a new egress window.

1. Skip High-End Finishes

Installing plumbing, electrical wiring, or HVAC in your basement requires you to obtain a building permit and inspections, typically costing around $1,200-$2,000 on average but more if you opt to add high-end features such as kitchens or bathrooms.

Framing walls and ceilings of your basement typically costs $7-$16 per square foot, while insulation may incur more expense depending on which kind you select – fiberglass batting being the least costly choice, followed by spray foam and blown-in insulation options.

An effective way to save money when renovating your basement is opting for basic updates that add significant value. Doing so also makes the project easier, since you won’t need as much plumbing and electrical work than if your goal were creating an actual living area in the basement.

2. Look for Discounts

For your basement to become a full living space, you will require both a bathroom and kitchen as well as an egress window, which typically costs around $2,000. However, prefabricated versions can often be ordered and installed independently – saving you money.

Framing, which involves creating the framework of walls and ceilings, typically costs $7-$16 per linear foot. Insulation costs may also add significantly; fiberglass batt insulation is the least costly choice while spray foam insulation and custom solutions could add significantly.

Painting colors creatively can add style and depth to your finished basement for less. Instead of opting for traditional can or recessed lighting solutions, try hanging pendants or lamps instead; alternatively you could also consider rope lights with variable color changes to give the room an energetic atmosphere. Also paint exposed pipes and ducts the same hue so they blend in more smoothly.

3. Keep the Layout the Same

While it might be tempting to completely renovate your home, this can become very costly. A more cost-effective approach would be to maintain its current layout while adding features tailored specifically for you needs.

Waterproofing costs can be one of the greatest expenses associated with remodeling your basement, making it essential to find a contractor who can keep costs to a minimum while still offering quality workmanship.

Installing egress windows can be another significant expense, which must meet code regulations for safety. Installation typically costs around $4,500 per window on average.

Lighting can be another significant expense, so it is crucial that the ideal balance is struck between functionality and aesthetics. Can or recessed lighting are standard solutions; however, hanging pendants or floor lamps add an extra splash of style and warmth.

4. Do Your Research

If you’re planning a basement bar, home gym, or in-law suite, chances are it will require drywall and insulation to keep it comfortable for guests. This could cost between $1,500-$4,000 depending on its size and whether a drop ceiling will be added or not.

HomeAdvisor reports that waterproofing is one of the largest expenses when remodeling a basement, costing between $4,500-$8,000 on average. This could involve improving drainage around the house and foundation, sealing interior cinderblock walls and repairing guttering systems.

If your basement will be used as living space, meeting local code requirements for egress windows could add another $7,500 to its renovation cost. One way to reduce these expenses is leaving some of the area unfinished and using it solely as storage; doing this also prevents adding too much additional square footage that increases taxes.Basement renovation costs between $19,000 and $71,000 depending on the size, scope, and finishes of the project.