Basement remodeling, or finishing your basement, is by far the most economical way to increase living space and value in your home. It can also be one of the quickest ways to add extra space since it is already part of your home.
We looked at the 2014 Cost Vs. Value Report, compiled by Remodeling Magazine, to review the average cost and resale value of a basement remodel in the Northern VA area. Pricing will vary depending on your project, however, this is a good baseline to compare pricing to.
What does a mid-range basement remodel entail?
- The lower level of the house is finished to create (approximately) a 20-by-30-foot entertaining area with wet bar
- An area that is 24 linear feet of finished partition to enclose mechanical area
- Walls and ceilings are painted drywall throughout
- Insulated exterior walls
- Painted trim throughout the space
- Includes five six-panel factory-painted hardboard doors with passage locksets
- Electrical wiring to code
- Main room: Includes 15 recessed ceiling light fixtures and three surface-mounted light fixtures, and flooring of your choice
- Bathroom: Include standard white toilet, vanity with cultured marble top, resilient vinyl flooring, two-piece fiberglass shower unit, a light/fan combination, vanity light fixture, recessed medicine cabinet, towel bars
- Includes stairs and provides a complete railing using a matching system made of the same composite as the decking material
How much will it cost?
The average cost is $62,834 for a mid-range basement project. See the list above for a summary of what a mid-range project includes.
What is the resale value?
The average resale value is $48,777. These numbers are based on averages in the Washington Metro area in 2014.
How long does this project take?
The amount of time to complete this type of project varies. Things to keep in mind are the size of the space, whether it is a full remodel, number of rooms, among other factors. It can take anywhere from 4 to 6 weeks to complete, depending on these factors.
What does the process and schedule look like?
Here’s a hypothetical overview of what your project schedule may look like:
Days 1-2: Framing
Days 3-5: HVAC, plumbing and electrical rough in, set fireplace unit (if there is one)
Days 6-8: Deliver drywall and install insulation
Days 9-10: Put up drywall
Days 11-16: Tape, mud and texture drywall
Days 17-18: Install trim, doors, window frames
Days 19-23: Painting
Days 24-26: Install lights and electrical, HVAC, shower/floor tile
Days 27-29: Install cabinetry and door hardware
Days 30-31: Masonry at fireplace, determine counter top materials/dimensions, mirrors and glass shower door
Day 32: Drywall touch ups and finish fireplace
Day 33: Install countertops
34-36: Install shower door and mirrors
Day 37: Install carpet (if any)
Day 39: Touch up painting and final inspections (electric, HVAC)
Day 40: Final cleaning
Planning a similar project? This free eBook was written for you.
Richard Lensis, the President of Lensis Builders, Inc., has compiled must-know information from his 35 year career in the construction industry.
About Lensis Builders, Inc.
Lensis Builders, Inc. is a build/design firm proudly serving the Northern Virginia area. We specialize in kitchen and bath design and remodeling, additions, whole house remodels, home energy and comfort solutions, porches, garages, and more. Our firm works closely with you to design and build the house of your dreams. We are passionate about our work and have been helping homeowners “love where they live” for 20 years.
If you live in the Northern Virginia area and would like to know how Lensis Builders, Inc. can make your home even better, give us a call at 703-367-8999.