During the early stages of planning your basement remodel, one of the first things you’ll have to determine is how much you want to spend on the project.
Finishing your basement and redesigning the space to serve a new purpose is an investment, but it also provides a substantial return by increasing the potential resale value of your home and enhancing the long-term quality of life for you and other household members.
To help you establish a preliminary budget, you’ll first want to identify your project priorities and develop a work scope. The size and current condition of your basement will dramatically affect your basement remodeling cost. If you need to finish your basement, you will likely be investing a larger sum than if you were remodeling certain aspects of your already finished basement. If you have to undergo major projects—such as raising your house, installing a foundation under the existing structure, or converting a crawlspace—those will also increase your project price.
Additionally, your basement renovation cost depends on what type of new livable space you want to create, the scope of work, and the quality and type of materials, features, and fixtures you select.
In the Des Moines Area, the cost for a complete basement finish starts at about $55,000. Now, before you close this browser, there are many "basement finishing" or "basement remodel" projects that can come in under that figure. Ultimately, if you're adding 1/3 or 1/2 of the size to your home in living space, then that figure will start at about $55,000.00.
In Des Moines, Iowa, and the surrounding area, the cost for a basement remodel starts at about $70,000. By "remodel" then that implies that we're going backward with removals, demolition, rough in relocates, framing, etc. One pitfall that we've seen in other companies is that they throw out a "low estimate" for basement finishing, then make stipulations such as: "homeowner to provide all floor tile, paint, light fixtures, and plumbing fixtures". Or, my personal favorite, to exclude portions of the project like this: "homeowner responsible for permitting, licenses, labeling of the electrical panel, yard repairs, demo, engineering or framing materials."
When Compelling Homes estimates a basement finish, it's inclusive of a white-glove, total-turn-key experience. We handle everything including every piece of lumber, to every light fixture. We could take the "confusing" way of providing an "estimate" for basements and exclude large portions of the materials or labor, but that's not a client experience we wish to perform.
Ultimately, when you hire Compelling Homes, your project can span a wide range of price points, depending on the elements you're creating with your remodel. For example, the cost to add a bathroom in your basement is approximately $150 per square foot while creating a bedroom or living room is closer to $50 per square foot.
When we talk about our prices, please understand that we aren't talking about a run-of-the-mill remodel. That's not what people hire us to do. Compelling Homes produces world-class remodels, down to the very last detail. That means taking extra time and care to get your remodel right and using quality materials that stand the test of time.
Your basement remodel includes a complete refresh of your space, with no plumbing elements. Create a home office, living room, extra bedroom, or home theater to create the living space your current home is lacking. We provide a complete facelift, installing new drywall, windows, doors, carpet, ceiling fans, lighting, and more to create your new oasis below grade.
The value of another bathroom cannot be understated. Provide the privacy and pace your current space is lacking by adding another bathroom with a shower. Your design and material choices impact the cost of adding a bathroom to your basement remodel. You’ll pay more for natural stone vs. ceramic tile, and high-end lights and plumbing fixtures.
Create the entertaining space your friends will flock to frequently with a basement remodel complete with a new bathroom and bar. For a moderate spend-up, you can add a walk-behind or walk-up bar. Your bar includes your selections for cabinetry, countertops, appliances, and light fixtures, which can impact your overall price tag.
The average return on investment (ROI) for finishing or remodeling a basement is about 70% in the Des Moines area. However, several factors impact how much of your project cost you will likely recoup in resale value. For example, your actual ROI depends on the overall condition of your home, the value of similar homes in your neighborhood, housing trends, and the state of the real estate market when you sell your home.
Additionally, a generic project—such as an extra bedroom or multifunctional game room—has a greater likelihood of appealing to future buyers than a space with a more niche use, like a wine cellar. That doesn't mean you shouldn't build one. Don't neglect the value you'll enjoy from your new basement before resale, especially if you have no immediate plans to move. The value of frictionless living with every element exactly as you desire cannot be understated.
Having a clear idea of what you want to spend for your basement finishing project is critical to developing a feasible plan that achieves your vision without going over budget. As a full-service design-build company, Compelling Homes has a top-tier team of designers and professionals as a single source for communication and accountability throughout the project. We're ready to make your basement remodel way better than good enough. You deserve for it to be...compelling.