Planning a Basement Remodel

By Avery Mills | Oct 22, 2019, 8:12:19 AM

Planning a Basement Remodel

Remodeling your basement is a great way to add space and value to your current home. Before pulling out your toolbox, however, you'll need to come up with a plan. Here are some tips to help you start planning a basement remodel.

PLAN BUDGET

The first thing you need to do is come up with a budget. This will determine what you are able to do with your project.On average, you can plan on spending about $25 to $50 per square foot during the remodel. It may be necessary to break the remodel into segments so you don't throw your everyday budget out of balance. A home equity line of credit is as great way to get money at a low rate for all your home projects

CREATE PLAN

After you know what you can spend, it's time to create a plan. What are you hoping to get out of your remodel? Are you needing more space for your growing family? Do you want more room for entertaining? Do you just need a more functional space? Take the space you have into account when making this plan as you don’t want to dream too big.

HIRE CONTRACTOR

Unless home renovation is a skill of yours, you will most likely be hiring a contractor to complete much of the work. You may have to speak to several contractor options before finding the one who best fits your budget and can make your vision a reality. Reach out to friends and family to ask for suggestions if you aren't sure where to start. Click HERE for more tips about hiring a contractor.

BE FLEXIBLE

There are often times mechanical systems already in place in your basement. This includes pipes, appliances, water heaters, etc. Moving or rerouting these can cause a large expense and mess with your overall budget. When working with a contractor, see if there are workarounds that will accommodate your design first and then figure out a plan to move these systems around, if necessary, second.

Topics: HELOC, Home, remodel

Author: Avery Mills