Overhauling your basement is one of the most impactful renovations for your home’s resale value. Real estate experts indicate that you can recoup more than 70% of the project’s costs at resale. At the same time, you are adding tens of thousands to your home’s value.
The key lies in adding living space to your home. Adding 1000 square feet to your home can increase the home’s value by 30%.
On average, it costs over $61,000 to finish a basement. Very few homeowners have that type of money lying around.
Read on for a comprehensive guide to basement renovation on a budget. Explore how to renovate your basement without breaking the bank.
Flooring
Flooring is a critical component of finishing your basement. You will have to choose between carpet, hardwood, tile, and other flooring products.
Moisture is a key consideration for planning basement flooring. Depending on the property, your basement may have moist conditions. This makes carpeting a tough sell because it is vulnerable to mold and mildew.
Hardwood flooring is also susceptible to moisture. The last thing you want is warped floorboards or dry rotting.
The best option may be vinyl or laminate flooring. They are scratch resistant and tougher against moisture.
In addition, these types of pre-fabricated flooring are cheaper and easy to install. This article here describes the best basement flooring methods for your consideration.
Walls
Finishing walls is likely the most expensive element of a basement overhaul. It requires significant labor and material expense. Framing and installing sheetrock is not easy and typically requires professional assistance.
There are a few different ways to address the walls without busting your budget. Some homeowners elect to paint the concrete walls. Here, you can change the dreary gray concrete walls to a vibrant, welcoming color.
Another option is to purchase commercial products that do not require framing. Products like pegboard or plywood wall panels are cost-effective alternatives to drywall.
Ceiling
Finishing your basement’s ceiling is another expensive element of the total project. It is costly to install drywall and add elegant lighting.
The good news is that creative homeowners are using many other strategies. For decades, drop ceilings have been a cost-effective method of choice.
Now, people are turning to HD wallpaper and sheet paneling. Others are using heavy-duty fabric and stapling it to the ceiling joists.
You may be wondering how to cover up ugly ductwork that drops down below the ceiling joists. You could build soffits from framing lumber on the cheap. This adds a three-sided framework around the ducts and does not obstruct their ventilation purpose.
A Recap of Basement Renovations on a Budget
We covered several basement renovation ideas to help your bank account. Methods like heavy-duty fabric ceilings and laminate flooring save significant money. Some owners use paneling for both the walls and ceiling.
The key is to eliminate professional labor and find jobs that you can do. If you enjoyed this article about the best basement renovation methods on a budget, check out our blog for more great content.
