When thinking about refinishing a basement, you have to consider two things. What do I need to do, and how much is this going to cost? Although it can be a daunting task, it has great rewards. There is so much that you can do to remodel a basement.

Average Cost

Depending on how extreme you are going in this remodel, costs can vary. The average price for basement remodeling is around $69,000. Although that is a pretty penny to shell out, think about adding value to your home. A Cost vs. Value calculation in Remodeling Magazine says basement remodeling will allow you to recoup an average of 70.4% of your costs when you sell.

It is also essential to think about what you can use this added square footage for. You can create more bedrooms, recreational space, an extra bathroom, or even some kitchen space.

What to Consider

Basement finishing does not come without challenges and considerations. You need to think about plumbing, electrical, drywall, insulation, etc.

You will need to make sure that groundwater and rain are adequately routed away from the house. If not, it can enter basements through foundation cracks, windows, or doors if not sealed properly. After spending all this time and money to remodel, you do not want a flood.

Flooring decisions are necessary downstairs. Because water is such a threat, carpet and hardwood are not the best options. Consider a concrete floor to avoid any damage. Concrete is also a more affordable option.

Consider having a Radon Test done. Radon is a naturally occurring gas that accumulates in the basement of homes. According to the U.S. Environmental Protection Agency, radon is the leading cause of lung cancer among Americans that do not smoke.  It accounts for over 20,000 deaths annually. It is quickly dealt with via a radon mitigation system.  Radon mitigation systems generally cost between $300 and $600, including installation.