Basement Finishing – How much will it cost?
Every person who has believed in finishing their basement has probably wondered, “How much will this gonna cost?” While no contractor can give an exact price without inspecting the actual basement, several recommendations can help provide you with a quick initial estimate.
Before we even get into the recommendations, it’s important to suit your needs as being a consumer to know what form of contractor you prefer to complete the job. Since you’ve arrived at an internet site that only chooses qualified and experienced contractors, we’ll assume that you will need to work with a contractor which is fully insured. Fully insured ensures that your contractor will have valid liability insurance, workman’s compensation insurance, and that their subcontractors could have all required insurance policies as well. It’s not unusual for smaller, self-performing contractors to get missing one of these policies, as well as a consumer can be having a large personal risk by hiring uninsured or under-insured contractors.
There are a couple of additional circumstances that influence the cost payable for the basement finish. An experienced contractor using a long track record of proven performance will typically charge more than “two guys plus a pickup truck” type contractors that recently going in the basement business. Ask any prospective contractor the number of basements they have got finished. You don’t want these to learn in your home.
Find out about their warranty. Is it for at least one year? Anything less might signal a reluctance to revisit and fasten an issue. Ask the contractor about his payment schedule. If you are inspired to pay a deposit more than 10% from the contract price before any effort is done, this may indicate a cash flow problem which could lead to problems later. Everyone has heard the horror stories of paying a contractor a large deposit beforehand all night. he disappears. It is important to link your progress payments towards the finishing specific construction milestones.
Finally, make an effort and call several references to determine if your contractor provides exceptional customer satisfaction. Great service usually costs much more but can be the difference between an even, fun construction project or a difficult, painful project.
After you’ve determined that your contractor meets your quality and service standards, the final thing to figure out is the price. Here are some rules of thumb for basement finishing by the reputable contractor fitting the principles shown above:
- Less than 1000 square feet – $30 per square foot
- 1000 sq. ft. (basic specifications) – $27 per square foot
- higher than 1200 sq. ft. – $25 per square foot
- Full bathroom using existing rough-in $4,500
- Wet bars $3,500 – $10,000+
A typical customer will choose luxury upgrades within the selection of $2 to $5 per square foot. Additional charges will occur for moving rough-in plumbing locations, adding for the existing electrical service, or bringing other existing items approximately code. A good contractor can identify these items for your preliminary meeting.