When it comes to finishing an unfinished basement, the costs can easily skyrocket with each additional amenity, material, and unforeseen expense. The size and condition of your basement could dramatically impact your budget for creating a liveable and comfortable space. Staying within budget may seem daunting but it is definitely possible when determining materials and settling on a basement plan and style. Flooring, walls, electricity, and plumbing are four of the most expensive things to consider when finishing a basement.
1. Determine and prioritize your budget
Your budget needs will depend on the size and the condition of your basement. Finishing and renovating are two different projects entirely. To help you out, we’ve put together a few ways to save money on your basement finishing project. You may choose to finish the basement first (i.e. make it liveable by updating/adding electricity, plumbing, flooring, and walls), and refinish or renovate later when the budget allows. Before starting on the project, set a budget and prioritize the areas where you hope to cut costs and the areas you plan to splurge.
Once you’ve determined a budget and researched basements, contractors, and plans, it is important to refrain from deviating. Stay within the scope of your project to avoid adding unplanned expenses and increasing the timeline of your project. The best way to stay on budget is to stick with the original layout of your basement, stairs, doors, and windows if possible. Though plans can be changed, the changes can easily add up and topple the budget it you’re not careful.
2. Flooring
New flooring can quickly and easily become an expensive and laborious undertaking. But there are methods for finishing your basement floor without dropping thousands of dollars on expensive materials. Two of the cheapest options are linoleum and carpet. In fact, an inexpensive carpet with a quality pad underneath can add a high end feel to a low-end price tag. Because basements are more prone to flooding, it is a good idea to choose less expensive options that can be easily replaced in the event of flood damage.
Another affordable and increasingly popular flooring option is painting the basement concrete floor. This can be done quickly and cheaply — just add a few cozy area rugs (which can be affordably purchased at websites like Amazon, Overstock, and Wayfair).
3. Simple vs. complicated
Choose affordable and easily installed features. The bones and layout of your finished basement are the most important components to focus on during the finishing process as cosmetic details can be changed or updated later as your budget allows. Avoid adding extras (like extra closets or an extra bathroom) that will just increase the budget and add extra time to the construction process.
4. Open concept is ideal
An open floor plan means fewer walls, studs, and wiring. An open basement will be much easier to finish, and provide a more welcoming and cozy aesthetic by not being so closed off by multiple walls and rooms.
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