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How do I know what my basement remodel will cost?
Most contractors can provide you with a ballpark price per square foot for a remodel. Get a couple of ball park quotes from reliable, licensed and insured contractors. Then use the hints below to go from there.
Include room for architect fees.
In most areas, architect approved and stamped drawings are required for permitting. If you don't have plans already, be sure to include up to $1500 in your budget for your architect to draw your plans.
Include room for engineering fees.
If you plan to relocate any load bearing walls as part of your basement remodel, you may need to provide an engineering report to the contractor. An engineering report will tell the contractor how to remove the wall without compromising the structural integrity of your home. The engineer will give specific directions as to the size and type of beams that will be required in order to ensure that the house won't collapse when the wall is demoed.
Include costs for permits
Your project will more than likely require a city-issued permit. Most permits cost a flat rate plus a percentage of the total cost of the remodeling job. Check with your town hall to find out what their process entails and how long it will take for you to secure your permits.
What types of finishes do you prefer?
Door hardware, flooring, electrical fixtures, appliances, and plumbing fixtures can very easily dictate the cost of your basement remodeling project. Your faucets, door knobs, cabinets and other finish items can cause you to miss your budget - by A LOT! Depending on your design taste and expectations for quality, you may need to include 15%-20% more money than you thought in your budget for selection items.
Are there any ways that I can save money and still get my basement remodeling project done the way I want it done?
There are a few major design considerations to think about in order to get the most bang for your buck! Just like purchasing a car, remodeling can be as expensive or inexpensive as you allow it to be. Below are some helpful hints that will save you money on the actual construction costs of your basement remodel.
Don't move plumbing and electrical sources.
Moving plumbing and electrical components is a really easy way to increase the costs of your remodel. By incorporating your existing plumbing and electrical sources into your design, you will save thousands of dollars.
For example, if the plumbing for your kitchen is at the corner of the north and east walls, then don't plan to put your basement bathroom in the southwest corner of the basement. Simply manipulating your plans to accommodate what already exists will save time and money on your build.
Get a solid estimate.
Before giving your contractor the deposit to build your project, be sure to get a written and agreed upon estimate that includes the scope of work to be performed. This way, you know exactly what you are getting for the agreed upon price. Without this documentation, you risk potential discrepancies about whether the contractor was suppose to purchase the fixtures or not, and whether you stated that you wanted wood floors as opposed to ceramic tile.
It requires more work on the contractor's end to prepare this information for you, but if he/she wants to build your project, he/she will provide you with the documentation that will make you comfortable. And, you won't have to worry about being asked for additional money that you weren't made aware of originally.