How to Renovate Your Basement On a Budget

If you are considering renovating your basement, you’re probably wondering if you can get the additional space your family needs within a reasonable budget. A basement renovation can be handled cost-effectively, but you need to have a clear idea of how the space will be used. Plus, you need to watch for certain pitfalls along the way. Here are some budget-friendly tips to get you started.

Why Renovate Your Basement?

Having additional space is attractive for most families. Moving to a larger home during the pandemic may not be possible. A recent Bank of America survey found only 18% of respondents were considering a move due to pandemic concerns. With moving not currently being a viable option, many are turning to renovate their basements into more useful spaces. This will also increase your home’s value.

To set budgetary goals, first look at how long you intend to stay in your home, whether it be five, 10, or 20 years. This lets you set realistic goals for the investment return when you sell your home. If you are staying for 20 years, the ROI won’t have a big impact. If you intend to sell within 10 years, your budget should reflect this. As a rule of thumb, the basement will be 10-15% of the home’s value. If the home is valued at $30,000, the budget can safely be within the $30,000-45,000 range. This will give you the ROI you need. You don’t have to spend this much, though.

Consider a Half Storage/Half Open Space Layout

Before you ever talk with a contractor, know exactly how you will use the basement. This will keep you from overspending. Many homeowners want to add a bar, kitchen, and bathroom. Bathrooms and kitchens are expensive installations. Will you be using the kitchen often or only once a year? Will the area be a guest bedroom? These are questions that need to be answered before the project begins. One option is to designate an area for storage. The balance of the space can then can be used for entertaining, a guest room, or something else. If you feel that there will be times when walled areas are needed, look into portable room dividers. This will give you more flexibility in how the space is used.

Check for Leaks and Moisture Buildup

Basements frequently have problems with either leaks or moisture buildup. 98% of basements will have a moisture-related problem at some point. Even if your home doesn’t flood, a remodel is a good time to invest in waterproofing. This will greatly reduce the risk of developing mold growth.

Ask an Expert at the Home Improvement Store for Flooring and Wall Material

It is not necessary to install premium flooring and wall material in the basement. Because the basement can have moisture problems, a flood would destroy expensive carpeting and wall coverings. A home improvement expert in your local store can provide you with options that deliver a high-quality feel at a lower price. You’ll save a little money while still having a nice basement.

Carefully Follow DIY Videos for Best Results

If you are attempting the remodel on your own, turn to the pros online. There are many detailed videos to guide you through your project. These resources are available to help, but you need to pay close attention to the steps and any cautionary advice.

Thrift for Furniture and Decorations

Online resources can be very helpful when you are planning, remodeling, and decorating your new basement. Internet Live Stats reports that Google experiences 3.5 billion searches each day. You can find information about arranging furniture and color schemes. It’s also a helpful tool when you are looking for area thrift stores, gently used furniture, artwork, and decorative elements. If you are saving money on furniture and decorations, those funds can be allocated toward one of your wish list items or be pocketed.

Renovating a basement on a budget can seem like a challenging project. However, if it is done thoughtfully, it can add to your home’s value. More importantly, it will give your family a new space to enjoy.

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