What Will It Cost to Remodel My Basement in Maryland?
If you’re reading this, you likely have a goal to create more living space in your home, or maybe you want to add to your home’s value. Why not accomplish both goals with one wonderfully creative project.
Basements tend to be large, unfinished spaces, and remodeling or finishing them might require structural changes creating a significant investment. The added value to your home, however, may be so substantial that you recoup the entire cost of the project if you plan to sell your home down the road.
Before you decide to finish your basement, you might be wondering, “how much will a basement remodel cost me?” Unfortunately, there is no one-size-fits-all answer to this question.
There are different answers depending on who you ask:
Basement remodeling costs can range from $6,500 to $18,500, according to some websites that claim you will get your FREE ESTIMATE. Beware! Their aim is to acquire your contact information and sell it to different contractors for a profit. The truth is a complete remodel or finishing of your basement will cost a lot more.
Remodeling Magazine conducted a study and found that, according to general contractors, basement remodeling costs are approximately $70,000 in the state of Maryland. Remodeling Magazine is the most reliable source for this information.
The bottom line is that there is no real “average” cost for basement remodeling. It completely depends on many factors such as the size of the space, where you live, what improvements you want to make, what materials you use, and more.
What Does Remodeling a Basement Include?
A basement remodel will look different in every home, depending on the state of the current basement. Finishing a basement can include:
Walls, Framing, Flooring (carpet, wood, LVT, or tile), Electrical, Lighting, Plumbing, Drywall installation, Cabinets, Countertops, Painting, Clean-up, Egress Windows, Duct Work, Ceiling, Closet, Gas Fireplace, Kitchen, Wet bar and much more!
How Much Do These Additions Cost?
Each of these additions have different costs and price ranges.
Most of your budget will most likely go towards flooring and walls. Expect to spend about 15% of your budget on each of these. After flooring and walls, plumbing and electrical work will be the most expensive aspects of a remodel. Plumbing will probably take up about 14% of your budget, while electrical will take up 11%. About 10% of your costs will come from interior carpentry—think trim, molding, and railings.
The rest depends on what extras you want to add. Maybe you’re installing a wet bar or want to add a bathroom. Each of these things will alter your budget.
Breaking Down Basement Remodeling Costs
Prices will vary from region to region, and from contractor to contractor, but we put together some general estimates to help you plan your basement remodel.
- Permits, Building, Plumbing, Electrical may cost you anywhere between $1000 and $2500 for basement remodeling.
- Depending on what flooring you choose, you can spend as little as $5000 or as much as $20,000. Vinyl flooring isn’t so expensive, costing an average of $8,000 to $20,000 for an average-sized basement. Contractors’ grade carpet will come in around $5,000 -$10,000. Tiles can run you $15,000-$30,000 or even more depends on your choices.
- If you are concerned about water damage, you may end up paying around $4,000 – $8,000 to seal your foundation and basement against moisture, while a sump pump with a french drain will cost around $10,000-$15,000.
- Drywall costs approximately $1.50-$3.00 per square foot to install and finish.
- If your home’s foundation needs significant work, it will cost around $10,000.
- Depending on what work needs to be done, ceilings will cost between $1 and $6 per square foot. If you only need to have your ceilings covered with wallboard and finished, it will cost significantly less than if you need to maneuver around duct work or lower the ceiling.
- If you want to add a bathroom to your basement, your cost can shoot up by as much as $20,000 to $35,000.
- If you want to use the area as a bedroom, it must have an egress window to act as an emergency exit. Each egress window installed will cost you approximately $8,500-$15,000.
- Adding a wet bar or kitchenette will add between $20,000 and $40,000 to your bill.
- A closet will cost $2,500 to install.
Ready to Remodel?
Do you want to expand your living space for a fraction of the cost of an addition to your home? Do you want to boost your home’s resale value? Then contact TradeMark for a consultation about remodeling or finishing your basement. Our experts will talk you through the process, including costs. Call or email today! 410-633-2308