How To Finish A Basement on A Budget (Practical Guide)

Let’s face it. There is no space less cheerful in a home than an unfinished basement. For most of us, it’s the space where we shove holiday decorations or toys that our kids have grown out of to gather dust. Or maybe you slip down there to do laundry and hurry upstairs as soon as the clothes are out of the dryer.

If you’re feeling ready to finally finish your basement, you might be wondering if it’s possible to do it while sticking to a budget. Our answer?

Absolutely!

If you’re looking to do a basement remodel on a budget, we’ve got the ideas to make your dream a reality.

Why Should I Remodel My Basement?

A finished basement comes with all sorts of benefits for your family, your home, and your wallet.

• Usable Square Footage – A finished basement can double the usable square footage of your home. This will allow you to use all the space in your home fully.
• Increased Home Value – Your basement remodel could help increase the value of your home significantly. Studies have shown that you can expect to recoup around 70% of your financial investment.
• Better Energy Efficiency – An unfinished basement is often lacking the type of insulation that would be required to make it a usable living space. A finished basement will help your house become more energy efficient and lower your bills.

How Much Will It Cost To Finish My Basement?

So, you’re feeling convinced that it’s time to start your basement remodel. You’re probably wondering how much it is going to cost.

The cost of your basement remodel will depend on a variety of different things, from the size of the space to the projects you need to complete.

The average cost to finish a basement ranges from $3000-$35,000. That’s a wide range, but we’ll help you break down exactly where you should prioritize your spending.

Two Things You Shouldn’t Skimp On

While there are lots of ways for you to save on your basement remodel project, there are a few things that are worth paying full price for.

• Structural Problems – If you have an older home, you might find that the concrete walls and floor of your basement have settled and cracked over time. Before beginning your renovations, it’s important to fix any structural problems within the basement.
• Waterproofing – If your basement is an unfinished space, it’s important to make sure that it is waterproofed. If not, your new basement is at risk of water damage further down the line. Hiring a professional to help you waterproof your basement will save you a headache further down the road.

7 Budget Basement Remodel Ideas

Ready to get some ideas on how to remodel your basement on a budget? Here are some of our favorite ideas.

1) Epoxy Basement Floor

A new basement floor can quickly add up whether you choose carpet, hardwood, or vinyl flooring. If you want a beautiful floor without breaking the bank, consider using epoxy. An epoxied concrete floor is highly resistant to moisture and mold growth. Epoxy floors can last up to ten years before needing to be replaced.

The best part? Epoxy is very affordable. You can DIY your own epoxy floor for around $700.

2) Partial Finished Basement

If budget is your main concern, you might want to consider partially finishing your basement. You can still have a beautiful and effective basement makeover, even if you only choose to finish part of the basement.

In general, we recommend focusing your money and attention on the living space in the basement. This will help you get the most impact. Storage spaces and laundry rooms can always be finished later on but can also be tucked out of sight from guests.

3) Get Creative With Storage Solutions

If you’ve been using your completely unfinished basement as a dumping ground for all of your things that need to be stored, it can be tough to wrap your head around where you will store all those things.

As you are planning your basement remodel, take this opportunity to get creative with your storage solutions. We love the idea of using your basement walls as a place to store things by installing shelves or hooks. This can help add character and function to your space in an affordable way.

4) Make Conscious Lighting Choices

Basements are naturally dark places. When you finish your basement, you’re trying to turn a formerly unwelcoming space into a welcoming one. Lighting can make a huge difference in the overall feel of your basement without spending a lot of money.

If you don’t feel like investing in new lights for your basement ceiling, you can still make an impact by using lamps. We recommend sticking with warm-toned lightbulbs that will help the room feel cozy and welcoming.

5) Start Painting

Painting is one of the best tools in a DIYer’s arsenal. A coat of paint can transform your basement walls and the entire feel of the room for very little money.

Most basements are naturally dark places. Many of them have no windows or natural light. Picking the right paint color can really lighten the whole space. We recommend sticking with crisp whites, light grays, or other warm neutrals. Or, if you love a dramatic look, you can lean into the moodiness of your basement with a dark, statement wallpaper.

6) Consider Carpet

Basements have a tendency to be colder than the rest of your house, no matter how well-insulated they are (after all, heat rises). And who likes stepping onto a cold, hard floor?

Carpet is an easy solution to make a cool room feel warm and cozy. Installing carpet will cost money but can be $3-5 cheaper per square foot than standard laminate flooring.

Still nervous about the cost? Consider installing carpet squares. Carpet squares – also called ‘carpet tiles’ – can be purchased cheaply at most large home improvement stores. They are easy to install and can take a lot of wear and tear. This is a great option for those who are transforming their unfinished basement into a kids’ playroom.

7) Shop Secondhand

Creating a new living space is exciting, but on top of all of the expenses to finish a room, it then needs to be furnished.

Save money by shopping for furniture secondhand! Thrift stores and Facebook Marketplace are great places to score deals on things like couches, tables, and even fun things like pool tables and freestanding bars.

For more money saving tips, read our blog: 10 Money Saving Tips Your Contractor Won’t Tell You.

Contact A Professional Today!

While there are numerous to save money when creating a finished basement, it’s’ always a good idea to consult with your local professional. They can help assess your space and guide you through the decision-making process.

At Homeworx, we offer full-service basement finishing services to help you create the basement of your dreams. Are you ready to get started on your basement remodel? Or are you unsure of the timeline of your basement remodel? Contact us today to set up a free consultation!