Half the Cost (and Hassles) of Upstairs Improvements
Economics, psychology and land restrictions are some of the reasons why basements are receiving a higher profile, remodelers say. Finishing a basement usually costs about half of what upstairs improvements run, and basement remodeling is unlikely to trigger the regulatory hassle or neighborhood fuss of a building addition.
Prices for lower-level remodeling can begin at about $15,000-$20,000 for basic drywall, wiring, paint and carpet. From there, it can go well into six figures, sources said. For contractors who oversee the entire project, prices can begin at $20-$25 a square foot.
“We have noticed an increase in lower level remodeling — most homes in our area have a full un-finished basement — and an increase in the total dollar amount spent by our customers,” says Robert De Haan, of De Haan Remodeling Specialists, Inc. of Kalamazoo, MI. The average cost of his last three basement projects has been $51,000.
What Lies Beneath Is Worth Reclaiming
Now that home owners realize the potential for their basements — more flatteringly referred to as the “lower level” in today’s market — the design opportunities appear to be endless.
“If the level of finish (comprised of thoughtful and creative design, quality materials and top-notch craftsmanship) is equal to, or exceeds the level of finish on the existing main levels of the home, this space is no longer considered ‘second class,’ ” says Stephen M. Schmitt CGR, of Timberline Custom Homes, Inc. in Highland, NY. “Clients often are willing to spend whatever it takes to do the job right.
“The uses for this space are as varied as the families. Often the project is initially thought of as a playroom for the kids, but once the clients see the possibilities and get a feel for the finished product, they find ways to reclaim the space for themselves and keep the kids upstairs where they belong,” Schmitt noted.
Indeed, the remodeling possibilities are endless. Scott Sevon, CGR, CAPS, GMB, of Sevvonco in Palatine, IL, says his clients have run the gamut with their basement remodels. “We have done extravagant large basements that have stone fireplaces, full kitchens, hot tubs, full baths and steam areas along with a basement for a client that was having triplets and wanted a fun, color-filled basement with a built-in kids’ fort and slide,” Sevon said.
“We even had a family put in a full basketball court with an official floating hardwood maple floor with all the NBA team logos painted on it and with the Bulls’ red and black full-wall custom pads.”
The lower-level amenities people are focusing on include drywall ceilings with recessed lighting, home entertainment systems and interior design elements such as sofa sectionals, silk window treatments, crush-proof carpet and brighter colors for the walls.
The Lowdown on Remodeling Down Low
While the possibilities can be endless when renovating the lower level space, so can costs depending on the original structure. Remodeling-happy home owners need to beware.
According to Brindley Byrd, CGR, CAPS of Qx2 Contracting, Inc. in Lansing, MI, there is a debate about square-foot construction costs between basement build-outs vs. additions.
“The argument states that a basement project does not require an increase in the building’s footprint, thus saving building elements such as footings, roof systems, floor systems and ceiling systems,” he said. “However, these potential savings can easily be offset if the scope of work includes a new bathroom, wet bar or the relocation of mechanical systems or the laundry where none has been roughed in.”
Byrd also says building codes have significant requirements for basement living spaces. “Codes include requirements to have a second means of egress for a living area and for each separate bedroom. This may require three to four separate egress window wells.
“On some higher density lots there may not be enough property easement to allow for an adequate well. Smoke detectors are also a requirement — one to serve the basement level and one for each bedroom. And there is also the possibility of being required to install hardwired/interconnected smoke detectors throughout the remainder of the home.”
Despite the costs incurred and a low return on investment, the cost of finishing lower levels ranks among the lowest of the major home improvements, with a national average of just 79.3 cents on the dollar, according to Remodeling Magazine's 2003 Cost vs. Value report. There are no signs of this trend slowing in the future.
The NAHB University of Housing Offers Designation Programs and Other Courses
The NAHB University of Housing offers CAPS, CGR, CGB and a variety of other professional designation programs and business management courses that set builders and remodelers apart from the competition. To learn more about NAHB’s designation programs, visit www.nahb.org/designations. For a complete list of all current education offerings, click here.
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