3 Main Costs of Finishing (Remodeling) a Luxury Basement

3 Main Costs of Finishing (Remodeling) a Luxury Basement
9/2/2018

Learn how to budget ahead of time for your next basement remodeling or finishing project.


3 Main Costs of Finishing (Remodeling) a Luxury Basement

The cost of a basement finishing (remodeling) project always depends on the basement’s size and the number of improvements being made. At the very least, luxury basement remodeling and finishing almost always involves adding or removing walls, installing new flooring, electricity and lighting.  

When budgeting for a finished basement or a basement remodel, remember these general guidelines:

  • Basement flooring and basement wainscoting, wooden panels and other wall custom coverings are usually the biggest expense.
  • Basement plumbing and electricity usually costs around the same amount as basement flooring and wall coverings. Custom wet bars, kitchenlike areas, and home theaters will require extra electric work and plumbing.
  • Interior custom millwork is usually the third biggest cost when finishing a basement (depending on the total amount of custom countertops, custom made-furniture and other interior custom millwork involved).

Other Cost Considerations When Finishing or Remodeling a Basement

Design Layout – A finished basement with an open layout as opposed to a finished basement with many rooms is always going to be less expensive. The additional studs, wiring, drywall, doors and other costs for adding rooms can quickly add up.

Carpeting – Many luxury basement owners opt to use carpets in place of hardwood flooring or luxury vinyl tile (LVT) flooring. Some prefer the bounce of a fine carpet compared to wood when walking, others simply do not want objects to break as often during our clumsier moments, and others still appreciate its fine appearance fair price.

 

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