Unlike many other home renovation projects, the basement remodel is notorious for going over budget. This could be for many reasons, with may project suffering from a lack of clarity or changing scope. This short guide will take you through five top tips to help you keep the cost down whilst creating an amazing basement space.
1. Do your research
One of the most important things to do when considering a basement remodel is to conduct some thorough research. Ensure that you know precisely what you want the space to be used for and try to come up with an idea as to what you want it to look like, before you even consider pricing up and contracting any suppliers. Consolidating your thinking will help any contractor put together a realistic quote, whilst also hopefully keeping costs from spiralling out of control.
2. Be realistic with your budget
In order to keep your overall cost down, it is vital to be realistic with your spending on this project. Consider how much it is likely to add to the value of your property, in addition to the positive impact it should have on your quality of life. A good rule of thumb is to set a budget of no more than 10 to 15% of the value of your property, with a 20% safety buffer on top in order to deal with any unforeseen issues which may arise as the project progresses.
3. Economise where possible
The old adage that if you buy cheap, you buy twice doesn’t always ring true, and there are areas in which you can absolutely economise within your basement design to keep the overall cost down. Flooring should be on the lower end of the scale, due to the decreased footfall compared with areas such as the kitchen, in addition to the susceptibility of a basement to flood. Anything other than budget flooring could be very costly to replace down the line.
4. Try not to be too unique
Unlike many other rooms in the home, where a unique feature or two can catch the eye, going ‘custom’ with any aspect of a basement remodel can send the costs skyrocketing. Sticking to ‘off the peg’ designs and items within your basement can help keep costs realistic and within budget. Standard sized cabinets, for example, generally cost substantially less than anything custom designed.
5. Use open spaces
Keeping a remodelled basement open plan can help keep the costs right down, whilst keeping the basement a blank canvas for you, and anyone who would purchase the property in the future. Most basements do not have any walls, so creating rooms down there can see the cost rise exponentially due to the work involved.
As with all projects, the best way to keep costs down is to be realistic with your expectations throughout.