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If your basement is more like a small cavern than a cozy nook, finishing it may be on your mind. But with the average cost to finish a basement coming in at just under $20,000, you’ll likely want to explore your financing options.
From secured options that use your home as collateral to contractor financing and personal loans, here are five ways to cover the costs of finishing your basement:
The average cost to finish a basement can range anywhere from $6,500 to $18,500, according to HomeAdvisor. It all depends on how much work you need done. If you’re starting from scratch, here are a few of the most common expenses:
Keep in mind that refinishing doesn’t mean remodeling. If you want a full-on remodel of your space, you’ll be looking at an average price tag of around $40,000, according to 2017 research conducted by the National Association of Realtors.
A detailed breakdown of the cost of finishing a basement
Finishing your basement may not be the most expensive home improvement project, but there are still ways to keep your costs down:
While affordability is important, don’t skimp on what’s important. You’ll want to hire experienced electricians and plumbers, and invest in systems that will prevent mold and mildew issues later on down the road.
While HUD offers home improvement financing with fixed rates, you’re limited to how much you can borrow depending on whether you back the loan with collateral or not. If you need more funds — or just aren’t happy with the rates and terms available — you might want to explore your personal loan or home equity loan options instead.
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