Plain and simple, buyers want to have maximized space and functionality in the home they buy. Working with a basement finishing contractor will give you the functionality you want today and the value you need for the future. According to the 2017 annual “Cost vs. Value” report by Remodeling Magazine, basement remodels on average in the Chicago area have a 52% recoup rate of investment when the homeowner sells.

The balance between adding new basement renovations and the value added to your home by doing so should consider two things: time you will remain in your home and home values in your local neighborhood. Basement remodeling companies like Waldron Construction always start with understanding your priorities and goals. Moving in 2 years? Starting a family and staying through high school graduation of the children? We create a plan unique to your family’s goals.

If you are just starting out in the planning stage, a good rule of thumb to follow is that basement remodeling projects can represent between 10 and 15% of the price of the improved home. As an example, if your home is worth $269,000 you can prudently budget $ 26,900 to just over $40,000. You certainly do not have to spend the full budget. The rule of thumb is meant to give a range in where you can be confident that you will not “spend too much”. Your home value and marketability will increase by taking on the project. Your goals will be a main factor in determining your basement renovations budget.

Most homeowner spend between $10,000 and $27,000 when they remodel their basement. The current conditions of your basement also influence the range of costs.

The three main considerations to develop the best plan for your basement finishing project can be determined by a getting a good assessment of current conditions from your qualified basement remolding construction company. Height of the ceiling, the need for emergency exits, and the water tightness of the basement space are central to the cost considerations of your project Having a list of “wants” for your basement is fine, but being able to check off the list of “have to haves” is essential to the budgeting process. The first consideration is to know the ceiling heights of 7 feet minimum are required by most codes. Using existing or planning for escape windows, direct access such as walk out patio doors, will count as a direct egress from the basement without using the stairs to the 1st floor. The third consideration is the need for a dry basement, or the remedies to make the basement water tight.

Understanding the current conditions and any changes required is a good start for your budget. These three main existing conditions will establish the start to understanding the project time, budget and the scope of work for your basement finishing project.

Have a detailed plan for the work to be completed along with a schedule and work to it. The plan and time line are essential to completing your project on time and on budget. Changes to the plan can be enticing but also can add to your budget and delay your time line

Keep in mind, your basement is typically a large open space. Developing a plan that may include remediation of damp issues or installing egress windows, may be considered in phases. Establishing a sound, dry, safe interior space is Phase I of all basement remodeling. A well rounded, capable basement remodeling contractor like Waldron Construction has all the skills, tools and capacity to ensure your basement is prepared and ready to be transformed.