In addition to floors and walls, upgrading your basement ceiling is another option to consider. Finishing your basement creates a new room in your home and a part of any room is the ceiling. While it’s cheaper to leave the ceiling the way it is, many basements have exposed wiring and duct work that service the home above. In certain cases, leaving all this exposed may be the better option, but for others, upgrading the ceiling could be the right choice. Understand that any addition to the room will up the overall price, so be sure to make the right choice for the space and your wallet.
The cost to refinish a basement will range between $22,000 to $46,000 for a 1,200-square-foot home or around $38 per square foot for most homeowners. Basement refinishing can be easier for significant changes because no demolition is required and the framing is open, so all electrical and plumbing work can be done first without any need to drill into or cut open drywall.
According to real estate agents and appraisers, a bedroom must have a door, window and closet. Adding a closet to your basement bedroom is crucial to adding value to your basement addition. There are a few components that will affect the cost, the size of the closet being the biggest. The average cost to install a closet is $1,779, with most homeowners spending between $1,272 and $1,917. More than likely, your closet cost will be lower seeing that the size of the closet won’t be nearly as large as your master bedroom or other main bedrooms.

Basement waterproofing costs about $1,480 for simple crack filling with an average of $2,000 to $6,000 for drainage improvements. Costs range from a minimum of $250 up to $20,000. Most homeowners waterproof after they discover water in the basement from poor drainage around the foundation and walls. Waterproofing will be a lower cost if it's included in a larger basement finishing project.
Add to this any custom work that you may want to have done to turn the basement into the type of room you have in mind, and the labor could continue to mount. Most people also find that they need a painter ($20-$35 per hour), and in older homes, asbestos 10 testing and removal ($1,500) is also recommended before the work can begin. For these reasons, many homeowners often choose to use a basement finishing system, which often has one set price for materials and labor (around $50,000 per basement) and decorate later as they choose.
Get estimates from several companies; request and check references. Understand exactly what is (and isn't) included in each estimate, and whether the contractor will do the paperwork for required building permits. Ask about the contractor's length and type of experience, especially if there's anything unusual about your project. Be sure a company is properly bonded and insured and licensed in your state[10] . See if there are any complaints with the Better Business Bureau[11] .
Because a basement is prone to moisture problems, consider installing steel floor joists and cross-bridging and cover with board sheathing for a total of $4.08/SF. The best flooring for a basement is vinyl or laminate which should be installed as a floating floor to allow for changes in the concrete caused by moisture and temperature. Below are the least expensive options for each flooring material.
Homeowners in search of a warm, professional look for their basements often turn to drywall. Drywall ceilings help the basement look as good as upstairs living areas. Drywall can be treated with a variety of textures that are applied by roller or spray applicator. One difficulty associated with drywall ceilings is the necessity of framing in duct work.
Basements are a key part of many homes, but too many homeowners overlook their basement’s potential. While a basement can be used as a larger storage room, they are capable of so much more. While unfinished basements can function well as storage rooms, you can take steps to waterproof and finish your basement to transform it into a fully functional extra room in your home. If you want to finish your basement, here are some tips to help you along the way.
An unfinished basement serves as a valuable blank canvas. The finishing process begins with basics such as hanging and painting drywall and installing plywood floors at a relatively low cost. Basement finishing means taking a space that currently is not livable and transforming it into a space you can use and enjoy. In an unfinished space, there may be nothing but a concrete floor, exposed pipes and electrical, and no walls or only the barest of wall framework in place. On average, the cost to refinish will fall anywhere between $6,500 to $18,500, or more for larger spaces.
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