Finishing a basement is a major home renovation project that can add valuable living space to your home. However, it can also be quite costly. Determining whether to finish the basement yourself or hire professionals is an important decision that can impact your budget as well as the quality of the finished space. Here is an in-depth look at the costs, considerations, and differences between DIY vs professional basement finishing.
Factors That Impact Basement Finishing Costs
Several key factors influence the total cost to finish a basement, whether DIY or hired out. The main elements that affect the bottom line include:
Size of the Basement
The total square footage of the area being finished is a major cost determinant. Larger basements require more materials, labor, and time to complete. Smaller basement spaces are more affordable to finish. According to HomeAdvisor, the average cost to finish a basement is $20-50 per square foot.
Layout and Complexity
The complexity of the floor plan, fixtures, and features impacts costs. A basic open living space is cheaper than adding multiple rooms, plumbing for wet areas like bathrooms, complex electrical and HVAC work, etc. Simple drywall walls are less expensive than building out separate rooms.
Quality of Finishes
Higher-end finishing materials, trims, and fixtures add to the total project price. Luxury vinyl plank flooring, granite countertops, and custom built-in cabinetry cost more than basic carpeting, laminate counters, and simple trim finishes.
Geographic Location
Regional labor and material rates result in location-based price differences. Hiring contractors in high cost urban areas generally costs more than in suburban or rural locations.
DIY vs Professional
Opting to do it yourself or hire professional contractors greatly sways the price. While DIY is cheaper in terms of labor costs, mistakes and having to redo work can drive up the total price. Professionals charge more for labor but save money by doing the job correctly the first time.
Basement Finishing Tasks
Finishing a basement involves a range of construction and renovation tasks. The main types of work involved include:
Demolition
Existing walls, flooring, etc may need to be removed before new construction. Demolition waste disposal fees also add to costs.
Framing and Drywall
Building stud walls and installing drywall is necessary to divide the space into rooms. Fire-retardant drywall may be required.
Insulation
Insulating exterior foundation walls, framing cavities, and ductwork helps control temperature and humidity.
Electrical and Lighting
Additional wiring, outlets, switches, and lighting circuits are usually needed in a finished basement. Hardwired smoke detectors are also required.
HVAC
Extending ductwork and vents into the basement for climate control adds expense, especially if installing new HVAC equipment like a furnace or AC.
Plumbing
If adding bathroom(s) or a wet bar area, connecting new drain/vent pipes, water supply lines, and fixtures is required.
Flooring
New flooring like carpet, laminate, tile, or vinyl plank flooring must be purchased and professionally installed throughout the finished space.
Fire Protection
A fire sprinkler system may be recommended or required depending on local building codes.
trimwork
Baseboards, door casings, crown molding, and other trims finish the space. Prefab or custom cabinetry and countertops may be added as well.
Cost Factors: DIY vs Professional Finish
Choosing between a DIY or professional basement build-out involves weighing several cost factors:
Labor Costs
The DIY route means providing free “sweat equity” labor versus paying professional rates for experienced contractors. Paying for pro tradespeople will quickly add $10,000 or more in basement finishing costs.
Material Costs
Both DIY and professional projects require purchasing all needed materials. Pros may get discounts that homeowners don’t. But DIYers can shop sales and buy direct.
Tools/Equipment Rental
DIYers need to own or rent tools like compressors, nail guns, miter saws, etc. The professional contractor already owns these assets. Rental fees can add up.
Permits and Codes
Most areas require permits and inspections when finishing a basement to ensure compliance with building codes. Pros are experienced in navigating this bureaucracy.
Timeframe
Professionals can complete basements much faster than DIY. Homeowners usually need to work nights and weekends, stretching projects for months. Time is money.
Experience and Expertise
Contractors have years of experience and expertise that prevents costly mistakes. DIY learning curves lead to having to re-do flawed work.
Warranties
Professional contractors often provide warranties on their basement work. DIY means being 100% liable for any defects or flaws.
Average Cost: DIY Basement Finishing
According to HomeAdvisor, homeowners can expect to spend $7,500-20,000 or more to finish an average 400 square foot basement themselves. This breaks down to approximately $18-50 per square foot.
However, many factors affect your particular DIY basement cost. Here are typical price ranges for finishing a 400 square foot basement yourself:
- Demolition – $400-$1000
- Framing and Drywall – $1200-$3000
- Insulation – $800-$1500
- Electrical – $1000-$2500
- HVAC – $2000-$4000
- Plumbing – $2000-$4000
- Flooring – $1200-$3000
- Fire Protection – $500-$1500
- Trimwork/built-ins – $1000-$2500
- Painting – $400-$800
- Misc supplies and materials – $1000-$2000
Total DIY Cost Range: $12,500-$25,000
Average Cost: Professional Basement Finishing
Hiring professional contractors to finish your basement typically costs $25-$100+ per square foot, or $10,000-$40,000+ for an average 400 square foot space.
Here are typical price ranges for major aspects of professionally finishing a 400 square foot basement:
- Demolition – $1000-$4000
- Framing/Drywall – $3000-$8000
- Insulation – $1000-$2000
- Electrical – $2000-$5000
- HVAC – $4000-$8000
- Plumbing – $4000-$8000
- Flooring – $2000-$5000
- Fire Protection – $1000-$3000
- Trimwork/Built-ins – $2000-$5000
- Painting – $1000-$2000
- Misc supplies and materials – $1000-$3000
Total Professional Cost Range: $25,000-$55,000
In general, expect to pay professional contractors around double the price of a DIY basement build. But that higher cost comes with increased quality, speed, expertise, proper codes/permits, and warranties.
Financing Your Basement Project
Due to the high costs of professionally finishing basements, many homeowners secure financing to pay for the project:
- Home Equity Loan/Line of Credit – Leverage your home’s equity via loan advances as needed to pay project costs over time.
- Cash-Out Mortgage Refinance – Refinance your home loan for a higher amount to cash-out equity to use on your basement.
- Personal Loan – Unsecured personal loans or lines of credit offer set loan amounts to fund your renovation.
- Credit Cards – Contractor credit cards offer 0% intro APR periods to defer interest costs on purchases.
- 401(k) or IRA Loans – Borrow against your retirement savings and repay yourself over 5 years or less.
- HELOC – A home equity line of credit provides flexible access to revolving credit funds.
Recouping Basement Renovation Costs
A finished basement adds livable square footage to your home, which can boost property value. However, the general rule is that basement updates only increase resale value by 50-80% of the total project cost.
Still, a finished basement can provide expanded living space to enjoy now and helps sell your home faster when the time comes. Home buyers are willing to pay more for a move-in ready, finished space.
Should I Finish the Basement Myself or Hire a Contractor?
Deciding between DIY or professional basement finishing basically comes down to budget, skills/ability, and time constraints.
Benefits of DIY Basement Finishing:
- Significant cost savings on labor
- Learn new construction skills
- Customize to your style and needs
- Feel personal accomplishment when completed
Benefits of Hiring Pro Contractors:
- Faster project completion time
- Higher quality workmanship
- Handles all permits and inspections
- Licensed and insured
- Provides warranties
Conclusion
The cost to finish a basement starts at approximately $25 per square foot professionally or $15 per square foot as a DIY project. Exact pricing depends on the size, layout, finishes, and complexity involved. Location also impacts labor and material rates.
Carefully weigh the pros and cons of DIY versus hired contractors in light of your budget, skills, and schedule flexibility. Many homeowners use a combination approach – hiring pros for complex work like plumbing and electrical, while doing more basic tasks like framing and drywall themselves.
Finishing a basement is a major undertaking but adds valuable living area and customization to your home. With proper planning and budgeting, you can successfully complete a basement renovation project either on your own or with professional assistance.
Frequently Asked Questions
How much does it cost per square foot to finish a basement yourself?
The average DIY basement finishing cost is around $15-25 per square foot. At $15/sq ft a 400 square foot basement would cost approximately $6,000. At $25/sq ft the cost would be $10,000.
How can I finish my basement cheaply?
To save money finishing a basement yourself, utilize DIY labor, buy discounted or used materials, avoid complex layouts/features, install mid-range or budget finishes like laminate floors instead of hardwoods, use paint instead of more costly accent walls, and only add essential lighting/electrical.
Should I get quotes from multiple contractors?
Yes, when hiring pros it helps to get 3-4 quotes. Make sure all contractors bid from the same plan and list of finishes. This allows you to accurately compare fair bids apples-to-apples. Avoid choosing based only on lowest bid.
Can I do part of the work myself and hire pros for the rest?
Absolutely! This is a great way to save money while ensuring specialized work like HVAC, plumbing, and electrical are done properly. You can frame the walls, install insulation, paint, and handle various finish tasks. Pay pros for what you can’t tackle or feel uncomfortable doing yourself.
Is it cheaper to finish a basement after building a house or down the road?
Finishing during initial home construction is usually more affordable. The pros are already on site and can complete work efficiently. Less demolition of existing structure is needed too. However, some homeowners lack the budget for both and prefer to finish later.
Cost to Finish a Basement: DIY vs Professional – Final Considerations
Finishing a basement is a complex project that should be thoroughly researched before starting. Be sure to:
- Get all required permits and meet local building codes
- Determine if planning approval is needed for layout changes
- Hire only licensed, bonded, and insured contractors
- Secure any required financing beforehand
- Thoroughly evaluate pros/cons of DIY vs hiring out
- Get at least 3-4 professional bids to compare pricing
- Ask contractors lots of questions and understand exactly what is included
- Carefully compare materials and finish options in terms of durability and costs
- Realize projects often have unexpected costs or issues arise
- Build contingencies into your budget for overages and delays
- Read all contracts closely and understand payment terms before signing
- Confirm start date and projected timeline for completion
- Declutter and move storage items before work begins
- Install safety rails on stairs if stairs will be blocked during work
- Keep family members and pets away from active construction zone
- Hold back final 10-15% payment until completely satisfied with finished basement
With proper planning, diligence, and realistic budgeting, you can have a cost-effective, smooth basement finishing project resulting in beautiful new living space that your family can enjoy for years to come.