Basement Finishing Costs
How do you determine basement finishing costs when you’ve decided you want to renovate your lower level space? First, you’ll want to determine what specific types of spaces you would like to develop. Then you can delve more into detail as to the costs for each – and compare the “done for you” systems versus the do it yourself costs. Of course, you also have the option of hiring a contractor to build it for you to your specifications.
For instance, my basement area is nearly transformed to this point in time. There’s only a little finish work that could be done to the laundry room.
But the rest of the downstairs living area was done a room at a time – and as I could afford it. That is certainly doable!
Basement Finishing Options
I personally have a studio in the basement where I meet with clients, so I have a foyer area (which has a sliding door closing off the laundry room), a waiting area with a piano, a studio with a small bathroom off of it, and a bedroom. For a small basement, it sports a lot of functionality!
Perhaps you’re looking for more of an entertaining space rather than a business space. That’s great! Simply make a list of what types of spaces you would like to have in your basement, and then prioritize those according to what you want (or need) most to start.
Then you can begin pricing each room in 3 directions: DIY (do it yourself), a “basement system”, or a hired contractor who works to your specifications.
Basement Finishing System,
Hired Contractor, or DIY?
Basement finishing costs don’t have to be out of this world – you can transform spaces one at a time without breaking the bank – enjoy your research and decision making process and keep the end result in mind – your expanded dream space will be worth the temporary disarray – believe me!
You also will want to keep in mind that if you use part of your basement for a home business, that you may be able to deduct a percentage of your home expenses from your taxes.
This is an amazing (and often unexpected) bonus! Even 10-25% deduction off of your homeowner’s insurance, repair and maintenance and office supplies for tax purposes can add up in a hurry. Talk to your accountant or check out this simple (yet amazing)
TAX MINIMI$ER System
that I use.
You might find a number of ways that you can offset your basement finishing costs – and enjoy that unused lower level space real soon!
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