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Average Cost of a Basement Remodel

  • July 31, 2022
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Once considered gloomy spaces void of much glamor, basements are now being pushed to the spotlight as an opportunity to reclaim space. 

The popularity of having a finished basement is a side effect of the pandemic, says Jamil Damji, co-star of the A&E series “Triple Digit Flip” and a wholesale real estate expert based in Phoenix. “When we were cooped up during the quarantines, we became very aware of how small some of our spaces were,” Damji says. “That led people to add space or remodel their homes.”

Basement remodels may cost more than you have in cash reserves, though. The average cost of a basement remodel is $21,632, according to HomeAdvisor. As with most home remodeling projects, that figure varies widely, depending on factors like the scope of the project, the square footage of your basement, the quality of the materials you use, and the cost of labor in your area. 

That can be an expensive project, and many homeowners don’t have tens of thousands of dollars sitting in savings. There are ways to finance a basement remodel, including home equity loans, home equity lines of credit (HELOCs), and other options.

Here’s a breakdown of the average cost of a basement remodel, with how to save money and finance the work toward that perfect finished basement.  

How Much Does a Typical Basement Remodel Cost?

On the cheaper end, a basement remodel starts around $9,000 for a 700-square-foot area. Remodeling a space twice that size puts the price range around $21,000 to $112,500. You can

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