There are several ways you can finish a basement, and we name a few below. The skilled contractors in our network can help you evaluate your basement to determine the most effective way to turn it into a functioning space according to your vision.
The average cost to finish a basement is between $12,000 and $36,000, depending on the location, the materials used, and the project’s complexity. The square footage of your space is the biggest cost factor, and most basement remodels cost between $12 and $30 per square foot.
| Type of Basement Finishing | Estimated Cost (1,000 sq. ft.) |
| Partial finishing | $7,000–$23,000 |
| Full finishing | $20,000–$37,500 |
| Basement apartment | $45,000–$65,000 |
Finishing a basement includes involving several tradespeople to complete the project, such as electrical, plumbing, framing, drywall, and more. Consult your contractor to understand what projects will be involved in turning your unfinished basement into a finished living space.
Here is a breakdown of the related project costs associated with finishing a 1,000-square-foot basement.
| Project Type | Estimated Cost (1,000 sq. ft.) |
| Sump pump installation | $575–$2,090 |
| Framing | $700–$1,800 |
| Painting | $1,500–$3,000 |
| Ceiling | $1,600–$2,500 |
| Drywall | $1,750–$3,000 |
| Insulation | $2,000–$6,300 |
| Plumbing work | $2,500–$5,000 |
| Egress windows | $2,500–$5,500 |
| Flooring | $3,000–$9,000 |
| Electrical work | $3,000–$5,300 |
Here are some of the common basement finishing problems Renovate’s top-tier contractors can help you avoid:
Our professional network of contractors can help you consider key factors andmake informed decisions that align with your budget and needs.
By determining how you’ll use the finished basement, you make it easier for you and your contractor to budget appropriately. Transforming a basement into an additional living space is a lot more involved than creating a spot for a home office. The former project might require adding a bathroom, closet, and kitchenette, which impacts your budget and project timeline. The professionals in Renovate’s network can help you consider design choices, the budget, and even required permits according to your specific needs.
It’s likely that your basement refinishing project will require permits, especially if you’re adding bathrooms, installing windows, or putting in new heating and cooling systems. Zoning laws may also impose restrictions on adding rental units or modifying structural elements. Our experienced contractors include the cost of obtaining permits in their quotes and can help steer you toward a project timeline that satisfies the required permits and building codes.
Basements are susceptible to moisture, which can lead to mold and mildew and affect air quality. When planning your project, consider implementing moisture control measures, such as waterproofing walls and doors, installing drainage systems like sump pumps or French drains, and ensuring proper ventilation. This will help ensure your basement is safe and dry for years to come.
Renovates simplifies the process of connecting homeowners with contractors. Here are a few other benefits of using Renovate to explore financing.
It’s free to use our form to connect with contractors who may offer basement renovation financing that meets your needs. After submitting your request, Renovate will try to match you with experienced professionals who offer flexible payment plans so you can start your project without a large upfront cost.
Renovate partners with reputable contractors who have financing options for homeowners of different credit backgrounds. This means you can explore personalized and inclusive financing for basement refinishing with competitive interest rates that make the project more affordable, no matter your budget.
Using Renovate’s simple online form is quick and efficient. You might get a preliminary offer from a basement finishing contractor in minutes, allowing you to begin your project without delay.
Most basement finishing projects cost between $7,000 and $65,000, or an average of $22,850. The total expenses depend on the size of your basement, the complexity of the design, the quality of materials, and labor costs. The cost to fully finish a 1,000 square foot basement averages between $20,000 and $37,500.
You can still find financing with bad credit, but your interest rates will likely be higher than those offered to applicants with good credit. Private financing available with home improvement contractors typically have basement finishing financing offers available to homeowners with varying credit profiles, including those with poor credit. Some lenders may also consider other factors during the approval process, such as your employment history and monthly income.
Interest rates vary based on your creditworthiness, the loan amount, and term length. These loans typically fall between 8% and 15%.
Repayment terms for basement finishing financing range from 12 months to 15 years. Longer repayment periods have lower monthly payments, but you’ll pay more interest over the life of the loan. Shorter terms have higher monthly payments but reduce the total interest paid.
