Your basement offers a lot of space that can be used for more than just storage. It can add value to your home in many ways.
If a finished basement is on your wish list, take some time to learn about what goes into the project. Once you know how you want it to look, create a budget that fits your financial needs.
Let’s Get the Remodeling Started
Keeping your basement remodel within a budget does not have to be difficult. Home improvement projects can very well be expensive. However, with a little planning, you can finish your basement without going overboard.
Starting a basement remodeling project without a clear end goal can lead to overspending. If a budget isn’t thoroughly considered before a basement remodeling project is started, it can be a costly mistake. Here are a few tips to get you headed in the right direction.
1. Research
Gather ideas of what you need and want in your basement. You can use ideas from trade shows, home improvement magazines, TV shows, websites like Pinterest, or by visiting other homes.
There’s a plethora of information out there, so it’s always best to begin your project with at least a general idea of the look you’re going for in your basement. It can get overwhelming due to the many choices and decisions that must be made.
Once you figure out how you want your basement to look, you can research what's involved to achieve your objectives. Hiring a professional remodeler who has years of experience can guide you if you’re having trouble deciding what you want.
Once you have an idea of what you want, a professional will let you know how much it will cost for the desired look. They will let you know if your plans are unrealistic and if they will fit into your budget.
2. Stick to Your Budget
Be realistic about what you want to accomplish with your remodel and how much you can comfortably spend. Realistic expectations and approaches to your basement remodel project are the keys to a successfully finished basement.
It is recommended that homeowners should spend 10-15 % of their home’s value on a basement remodeling to avoid overspending. Make a plan and stick to it.
3. Stay within Project Scope
Like all home improvement projects, basement remodels can get out of hand. If this happens, there’s a good chance you won’t stay within the budget you created or go way past the scheduled finish date for the project.
Major construction changes can quickly add additional expenses. That does not include any unforeseen issues that can also add time and money to the project. You should add at least 20% to your remodeling budget for unplanned costs of refinishing your basement as a safety net.
4. Go with Less Expensive Flooring
When it comes to choosing your remodel materials, bargain shopping can help with expenses. Expensive flooring is not necessary and could potentially be a waste. You can cut a few corners and save money on the flooring because basements are susceptible to leaking.
Inexpensive flooring options generally have the same look and function as their premium counterparts, whether it be tiles or carpet. Basements are usually designated as casual spaces, so the flooring doesn’t need to be top-of-the-line. You can spend less while achieving the same look.
5. Choose Standard Features
Don’t customize your furnishings and other items. Choosing custom finishes and materials will greatly increase the cost of refinishing a basement. Using standard sizes and materials can save you a ton when it comes to things like cabinets and countertops.
There are many prefabricated materials to choose from that are beautiful and much less expensive. By using these prefabricated pieces, you can use the money you save to spend elsewhere in your basement remodel.
6. Utilize Open Spaces
Most unfinished basements don’t have any walls. To create individual rooms, you would need to pay for the drywall, studs, wiring, and doors, which can add up quickly. You can take advantage of the open space and make the basement multi-functional.
If you want to separate different areas, you can always use portable room dividers. There is a lot of flexibility when using open spaces, and it will leave some money in your wallet
The Remodeling Pros
Following these budgeting and planning tips will get you on your way to starting your next remodel project. Hiring the right team is just as important as sticking with your budget.
Finnteriors has plenty of experience refinishing basements to fit any homeowner’s needs. Our professionals offer quality workmanship on every project we take on. Contact us today to get started on your next remodeling project.
