Finishing a basement offers many benefits from increasing home value to increasing the usable space of your home. It’s an exciting home project to take on, but how much does it cost?
On average, homeowners in Ohio spend between $14,000 – $130,000 to remodel/finish a basement or $29-$87 per square foot. This is of course a broad estimate so let’s jump into the factors that will ultimately determine how much your basement remodeling project will cost.
Calculating Average Cost to Finish a Basement
If we look at the average sized home in America which Google will tell you is currently 2286 square feet, that number constitutes the amount of current finished living space in that house.
We then factor in that the home has a first and second story in most cases (while ranch homes do exist and in abundance they are not currently the most common design in new home construction).
Now, we end up with an “average” basement with a dimension of something close to 25’ x 40’ or approximately 1000 square feet.
We then take into account that there needs to be an area left unfinished that contains the home’s mechanical fixtures, furnace, hot water heater, etc. We would also want to ensure we leave enough unfinished space so the home has adequate storage space.
Once all of these factors have been figured in we can then consider the “Average Finished Basement” to consist of one room usually used as an added family room of approximately 400 to 700 square feet.
This single room finished with quality durable materials made for the subterranean basement space will then cost between $15,000 and $30,000 to finish.
Cost to finish a basement based on the size:
| Basement Size | Basement Cost |
| 20×25, 500-sf basement | $14,000 to $43,000 |
| 20×30, 600-sf basement | $17,000 to $52,000 |
| 20×40, 800-sf basement | $23,000 to $69,000 |
| 25×40, 1,000-sf basement | $29,000 to $87,000 |
| 30×50, 1,500-sf basement | $43,000 to $95,000 |
Adding a kitchen, wet bar, or bathroom will result in pricing towards the upper end of these estimates.
If you are just finishing the floors and walls of a basement, look to the lower end of these estimates.
Data provided by HomeBlue.
For competitive pricing and exceptional craftsmanship, contact Beautiful Basements in NE Ohio for a free estimate.
Material Costs since 2022 and Beyond
We are all aware of the exploding costs of materials during the pandemic and while they have receded somewhat they have not gone back to pre-2020 prices….and they never will.
Just like how a brand new Mustang convertible no longer has the same sticker price of $2814 when it first came out in 1964. The cost of material….heck, everything… is only going in one direction… Up.
When Is the Best Time to Finish a Basement Economically?
The best time is when you are building the house. This way all of the material and labor for the basement is added to the already large volume discounts afforded to the builder during initial construction. The labor just adds a few days to each of the already lowest bid labor quotes used to build the rest of the home. Lastly, it can all then be done under the same permits as the rest of the construction.
So, if you are here wondering if you can get the basement finished cheaper after the initial construction than what the builder is offering to do it for you are very, very mistaken. It is logistically more costly to do the basement after the fact.
Now, if you want something better or more “custom” than the cookie cutter lack of options your builder is offering you, or if you want better materials that are more durable and suitable for the basement environment, then have a speciality basement contractor do the work. But if “Cheaper” is your most important factor in deciding, let the builder do it.
If you are not in a new construction situation, then the best time is now. Again, there is no “waiting for prices to come down.” They are only going to go higher the longer you wait.
Basement Upgrades Worth the Investment
Investing in specific upgrades can significantly enhance the functionality, durability, and value of your basement remodel. Here’s some common upgrades worth discussing with your basement contractor:
Basement Waterproofing
Basement waterproofing prevents moisture problems, improves energy efficiency, and creates a comfortable environment year-round. Most importantly, installing proper waterproofing prior to refinishing a basement is a critical step to ensure your nicely finished basement remains dry and damage free. There’s nothing worse than completing a basement remodel only to have to make costly repairs shortly after. A professional remodeler will help guide you on what waterproofing is needed prior to refinishing.
Basement Insulation – Rigid Foam vs Fiberglass
Using proper insulation is another critical step in the basement remodeling process. The debate is between cheap fiberglass batts vs. superior rigid foam insulation. Even with proper exterior waterproofing, concrete and brick foundations will hold moisture and cold/hot air depending on the time of year. Rigid foam is installed up against the foundation walls using tongue and groove locking to ensure tight seals. After the rigid foam is installed, cheaper fiberglass is placed in between the studs for additional insulation. This is the best method for insulating a basement and worth the upgrade!
Basement Framing – Metal vs Wood
There are two types of materials commonly used to frame basements – metal and wood studs. Although wood studs are generally cheaper per stud, metal studs are much quicker to install. With this consideration, you will end up spending about the same, but metal studs will provide a superior build. Overtime wood studs become susceptible to issues like mildew, warping, nail pops, rotting, and termite damage. When you choose metal studs all of these issues are prevented – saving you money in the long run.
Basement Flooring
When it comes to flooring, there are many options to choose from varying in cost and durability. Some of the most common flooring types for basements include:
- Laminate
- Ceramic Tile
- Vinyl Tile
- Cork
- Linoleum
- Carpet
- Concrete
Basement Subfloor
The latest and greatest material for basement subfloor is DMX 1-Step as it allows for moisture to dissipate given its dimpled profile, absorbs sound due to its foam insulation, and helps improve temperature control. Be sure to upgrade your basement subfloor with this revolutionary underlayment!
Basement Drywall
Standard drywall is susceptible to mold and moisture, especially in the dampest part of a home – your basement! Upgrading to mold and moisture resistant drywall is a worthy investment to ensure your basement will remain dry and safe for many years to come.
Egress Window
Installing a Rockwell Egress Window is a game changer for basement remodels. They provide peace of mind knowing you have an extra way out of your basement and deliver additional natural light to commonly dark basements.
Custom Built-Ins & Cabinetry
Custom cabinetry and shelving maximize storage and organization, providing a polished, tailored look.
Lighting
Upgrading to LED or smart lighting systems improves energy efficiency and allows for customizable lighting schemes to suit different activities and moods.
Plumbing and Electrical
Modernizing plumbing and electrical systems ensures safety, functionality, and compliance with current building codes, which is crucial for spaces like bathrooms and wet bars. Ensuring your electric and plumbing systems are up to code is an important step to any basement remodel.
Popular Types of Basement Additions
- Family Room or Entertainment Space: A popular choice for expanding your home’s usable area, providing a comfortable space for relaxation or entertaining guests.
- Home Office: With more people working from home, converting a basement into a home office can create a quiet, productive environment away from household distractions.
- Guest Suite: Adding a bedroom and bathroom can accommodate visitors comfortably or serve as a potential rental unit for extra income.
- Home Theater: A high-end addition that can enhance your entertainment experience with a dedicated space for watching movies and sports.
- Fitness Room: A private gym area equipped with exercise machines and equipment saves on gym membership costs and encourages a healthier lifestyle.
- Game Room: Perfect for families with children or those who love hosting game nights, this space can house pool tables, video games, and other recreational activities.
- Bathrooms: Adding a functional, finished bathroom to your basement is a worthy investment. Residents and guests will appreciate a private space to take care of their business.
Hire A Local, Dependable Basement Remodeling Company
Remodeling your basement in Ohio is a worthwhile investment, enhancing your home’s livable space and potentially increasing its market value. By understanding the average cost per square foot and considering the types of additions and upgrades available, you can make informed decisions that align with your budget and vision. Whether you’re creating a cozy family room, a productive home office, or a luxurious home theater, a well-planned basement remodel can significantly improve your quality of life.
For more information and specific price estimates, contact our team at Beautiful Basements located in NE Ohio to get started on your basement remodeling project.
