How much does it cost to finish a basement?

You could spend anywhere from a few thousand dollars to over $30K.

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When finishing a basement, the possibilities are endless. Depending on what you already have and what you want done, your costs can range anywhere from a few thousand dollars to over $30,000. By breaking down your potential expenses, you can determine what your budget should look like and where you might want to opt for less-pricey materials.

What does it cost to finish a basement?

Like all home improvement projects, the cost of finishing a basement will depend on the size of your space, the materials you choose and the cost of labor in your area. In general, the extent of your renovations will impact the price.

Minor project: $6,500 to $18,000

Finishing your basement could be as simple as adding new flooring, installing a drop ceiling and painting walls. More minor projects won’t break the bank, but they still need to be handled with care. By picking less-expensive materials and doing some labor yourself, you can reduce the cost and still walk away with a cozy space.

But you might have to sacrifice some things — a new bathroom, laundry room or kitchenette may not be possible on a smaller budget.

Moderate project: $19,000 to $29,000

A moderate project may involve adding a few extra rooms or reworking the electrical system so you can add more outlets. With a larger budget, you can also opt for better materials.

Or you might want to spend that money on structural aspects of your basement. Installing egress windows or replacing your hot water heater may less visually apparent, but they’ll add to your home’s safety and efficiency.

Major project: $30,000+

If you have the money to spend, a major renovation will give you much more than simply finishing your basement. You may be able to add luxuries like a wet bar, home theater system or an in-law suite to truly customize your space.

However, depending on the changes you make, your property’s value might not jump up as much as you hoped. This is because major projects leave less room for the next homeowners to customize the space to their own personal preferences.

How much do the different aspects of finishing a basement cost?

The total cost of each component depends on the materials you choose, the cost of labor in your area and the extent of the work that needs to be done.

Average prices sourced from Home Advisor as of September 2019.

Should I consider any other costs?

Beyond the material costs for your basement, there are three other areas that will eat up your budget:

  • Contractor and subcontractors. Finishing a basement is a time-intensive task that requires the work of multiple professionals, including electricians and plumbers. While you can DIY some of the more basic projects, fully finishing your basement will require you to hire outside help — at an additional cost.
  • Permits. Any changes to the foundation or structure of your home will need to be approved by your local municipality. Permits and an inspector are necessary costs to make sure everything is up to code. If not, you may have to demo your space and start again.
  • Adding other rooms. If you want to add a bathroom, kitchenette or laundry room to your basement, expect your costs to rise significantly. These are expensive renovations on their own, and adding them to your basement can get more complicated when it comes to installing the equipment you’ll need to make things functional.

How can I finance the cost to finish my basement?

You have a variety of financing options to finish your basement, including:

  • Home equity loan or line of credit. These are typically your least-expensive options, since both use your home as collateral. However, how much you’re able to borrow depends on the equity you own in your home — among other factors.
  • Personal loan or line of credit. If you’d prefer to avoid tapping into your home’s equity, you might want to consider a personal loan or line of credit. They typically have lower rates than credit cards and can go as high as $100,000.
  • Credit card. While you won’t want to use a credit card to finance your entire basement renovation, it can help pay for furniture and other small projects. These tend to come with higher APRs than the other options on this list. However, some cards come with 0% APR intro periods that can help you spread out costs over several months without paying interest.

Compare financing offers to finish your basement

Updated December 12th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 17.88%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Name Product Max LTV Min. credit score State availability
Figure
95% (CLTV)
600
Not available in: AK, DE, HI, IA, KY, MD, NY, SC, TX, UT, VT, VA, WV
Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.
LendingTree
80%
620
Available in all states
Connect with vetted lenders quickly through this free online marketplace.

Compare up to 4 providers

Name Product Purchase APR Balance transfer APR Annual fee Filter values
Blue Cash Everyday® Card from American Express
0% intro for the first 15 months (then 14.49% to 25.49% variable)
0% intro for the first 15 months (then 14.49% to 25.49% variable)
$0
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
Capital One® Quicksilver® Cash Rewards Credit Card
0% intro for the first 15 months (then 15.74%, 21.74% or 25.74% variable)
0% intro for the first 15 months (then 15.74%, 21.74% or 25.74% variable)
$0
Earn unlimited 1.5% cash back on every purchase, every day.
Chase Freedom Unlimited®
0% intro for the first 15 months (then 16.49% to 25.24% variable)
0% intro for the first 15 months (then 16.49% to 25.24% variable)
$0
Earn a $150 signup bonus after spending $500 in the first 3 months from account opening.
American Express Cash Magnet® Card
0% intro for the first 15 months (then 14.49% to 25.49% variable)
0% intro for the first 15 months (then 14.49% to 25.49% variable)
$0
Unlimited 1.5% cash back. Rates & fees
CardMatch™ from creditcards.com
See issuer's website
See issuer's website
See terms
Can't decide on a card? Get personalized credit card offers with CardMatch™.

Compare up to 4 providers

Bottom line

The cost of finishing your basement will truly depend on its current condition and the updates you’d like to make. The less finished the space, the more it will cost to turn it into a cozy hideaway.

Check out our guide to renovating your home for tips on sticking to a budget, choosing what parts to DIY and more.

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