The cost of finishing a basement varies greatly. The costs will depend on the features you want to add. For example, installing a kitchenette in a finished basement can run you up to $1,6 per linear foot. If you are going all out, you can expect the finished basement to cost several thousands of dollars. Here are some tips to help you get started:
Framing a basement costs
For framing a Basement Remodeling Boston, poured concrete walls cost from $2.30 to $5.52 per linear foot, and will cost about $5,290 to $9,740. In addition, precast panel basements are more durable, more insulated, and quicker to install. Framing a basement in Boston costs $1,795 and up, but you should check the quality of the work to ensure that you get what you pay for.
If you’re not handy, a professional framing company will come out to frame the walls for you for around $1,795 per square foot. Using quality lumber, such as 2-by-4s, will help ensure that your finished basement will last for decades. You can also save money on drywall and finishing if you hire a professional. Framing a basement in Boston can be a complicated process, but professional framing services will take care of it.
Installing a kitchenette in a finished basement costs
Materials make up 15% to 50% of the total cost of the project. Depending on the size of the project, you can expect to pay anywhere from $25 to $120 per linear foot. You can expect to pay about $1,6 per linear foot for drywall panels. Typically, drywall panels measure four feet by eight feet. A typical panel is about 1/2″ thick, but you may want to consider specialty types for greater durability. Additionally, drywall will be expensive if you want it to be mildew resistant, so you should budget for additional costs per square foot.
Saving on property taxes by finishing a basement
Adding a bathroom to your basement can turn it from an uninhabitable space into a habitable area that can also increase the value of your property. Property values are higher in homes with two or more bathrooms, so adding a bathroom to your home can help you recoup some of the cost of finishing your basement. Adding a bathroom to your basement will require plumbing and electrical work, as well as tiling.
If you’re planning to sell your home in the near future, you may be able to make more money by renting out your finished basement. It is not unusual to see a 70 percent return on investment in a finished basement, but that number varies depending on the area. Finished basements in Boston and Washington, D.C., are often considered more valuable than unfinished basements in other cities. Remember that square footage counts in these areas, so if you’re planning to rent out your unfinished basement, you can maximize your return.
Financing options for finishing a basement
You may find it useful to borrow money from the equity in your home to finance your basement renovations. This type of financing can be used for many different purposes, and is particularly useful if you don’t have much equity in your home or are worried about using it as collateral. The main advantages of this type of financing are that you can draw on it whenever you need to, while paying off the balance over time.
Conclusion
One option to save for a basement renovation is to open a high-yield savings account. Although this may take years to accumulate, it is the cheapest option since it won’t require closing costs, appraisals, or interest charges. Another option is to borrow the money through a mortgage. This type of financing requires a higher down payment than a personal savings account. For this reason, it is essential to understand the exact costs associated with each option.