Basement Finishing 101: The Essential Guide to Finishing Your Basement

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1 Are you tired of walking into a dark, disorganized basement? Do you wish that you had more finished space in your home? Do you want to finish your basement, but don t know where to begin? Do you want to finish your basement by yourself, or do you want to get some help? Stonebridge Builders, a Denver-based construction company, has developed Basement Finishing guidelines that can help you to begin to think through this home transformation. For more information, please visit our web site or contact us as follows: Basement Finishing Considerations Tel: There are many factors to consider when finishing your basement. The first step, and probably the most challenging, is to determine your needs and desires for the space. Be honest with yourself how will you really use your finished basement on a daily basis? There are many interesting and sexy ideas for finishing a basement, including mini-bars, home theatre systems, and more, but are these really the items that you will use on a daily basis? Make a list of the ways that you will be using your finished basement space on a daily basis, and begin to form a vision for how the basement space should be configured. The second step is to determine your budget for basement finishing. In other articles we have provided you with some ballpark figures of average costs for basement finishing. What is important in this step is to determine what you can realistically spend on your basement. Finally, take a look around your unfinished basement and note any existing considerations for the space. How high are the ceilings? How are the water pipes positioned? Where is the existing plumbing and furnace? How does the duct work run, and how does this impact the ceiling height? Where are the windows and what is currently included in the window wells? What other items protrude from the walls or ceiling? Is there any existing framing? The answers to these questions will help to dictate what may or may not be possible for the configuration of your finished basement. For example, building code requires that all basement bedrooms include a window that allows occupants to easily escape in the case of a fire. Therefore, if you are including a bedroom in your finished basement, it is more cost-effective to design the bedroom around an existing window well. Basement Finishing Steps The process of finishing a basement consists of three major phases: 1. Preparation Phase 2. Construction Phase 3. Finish Phase Basement Finishing 101: Provided by Stonebridge Builders Page 1

2 Basement Finishing Costs The thought of finishing your basement can be daunting, especially if you don't know how much to budget for the costs. The cost of your basement finishing project can vary depending on the finishes that are chosen and the amount of space to be finished. Industry standards state that the average cost to finish a basement is $30 per square foot, but the following project comparison shows how this benchmark may or may not hold true: Project A: 750 Square Foot Basement with Basic Finishes Assume that Project A is a Denver basement finish that consists of finishing 750 square feet of space, including 1 bedroom and 1/2 bathroom. The finishes chosen are basic Basement Finishing 101: Provided by Stonebridge Builders Page 2

3 including entry level carpet, paint-grade base trim and doors, and one paint color throughout the space. This particular basement could roughly cost $26,000 with basic finishes, which puts the price per square foot at $35 ($26,000 divided by 750 square feet). Next, let's assume that the home was purchased for $310,000, and has 1700 square feet of space (excluding the basement), which puts the price per square foot of living space (excluding the basement) at $182. What's the bottom line? The advantage to finishing the basement in this example is that the price to finish the basement is $35 per square foot, which is quite a bit less than the cost of finished living space in the home at $182 per square foot. In this example, the cost of finishing the basement is close to the industry standard of $30 per square foot, and the project also allows the homeowner to acquire more living space in the basement at a rate less than purchasing another house with more square feet. Project B: 1600 Square Foot Basement with Top-of-the-Line Finishes Assume that Project B is also a Denver basement finish, but this one consists of finishing 1600 square feet of space including 1 bedroom and 3/4 bathroom. The finishes chosen are more elaborate than Project A, and include elaborate custom-built entertainment niches, a home theatre, and stain-grade base trim and doors, drywall cutouts and a tray ceiling with enhanced lighting. This particular basement could roughly cost $90,000 depending on the finishes chosen, which puts the price per square foot at $56 ($90,000 divided by 1600 square feet). Next, let's assume that the home was purchased for $500,000, and has 2700 square feet of space (excluding the basement), which puts the price per square foot of living space (excluding the basement) at $185. In this example, the cost of finishing the basement is well above the industry standard of $30 per square foot, at $56 per square foot. However, the homeowner still stands to gain a significant advantage by finishing his/her basement because the cost of finishing the basement is far below the cost to buy a different house with more square footage. The key to any basement finishing project is to ensure that you have a very clear grasp of the costs, and have realistic expectations about the finishes that will be provided. Make sure to ask potential basement finishing contractors to provide you with line-item details in their bids, along with examples of the finishes they have assumed to build their pricing. Basement Finishing Permit Requirements Whether you choose to finish your basement by yourself, or hire a contractor to do the work, it is always necessary to acquire a building permit. Pulling a permit is a critical step in the basement finishing process, as it ensures that the work is done in compliance with building code. Always be wary of any contractors who do not pull permits. A construction project that is not Basement Finishing 101: Provided by Stonebridge Builders Page 3

4 accompanied by a building permit is not only a building risk, but an issue when homeowners try to sell their homes. The requirements of building departments may vary slightly from jurisdiction to jurisdiction, so it is always a good idea to research the requirements prior to applying for a permit. The International Residential Code is an excellent resource for building codes, and a quick summary of general Colorado basement finishing code requirements can be found at the following web site: To apply for a permit, the following items must be included in a drawing: 1. Scaled drawing of the space 2. Means of egress 3. Room descriptions/labels 4. Smoke detector locations 5. Electrical, plumbing and HVAC locations 6. Ceiling height A fee is charged for the building permit, and the amount is typically based on the estimated material value plus plan review fees. As of 2011, this amount tends to average approximately $1/square foot of finished basement space. After the permit is acquired, the basement finishing work may begin. The building department will inspect the basement throughout the project at particular basement finishing building milestones to ensure that the work is in compliance with building code. Once the basement finishing project is complete, the permit is 'signed off' and filed as complete with the building department. What to look for in a General Contractor If you decide to hire a General Contractor to assist with your Denver basement finishing project, make sure to ask the following questions: 1. Does the General Contractor provide design work for the basement finishing project? 2. How long has the General Contractor been in business? Can the General Contractor provide Denver basement finishing project references from the past 1, 2, and 3 years to prove business longevity? 3. What is the General Contractor's warranty policy for basement finishes? 4. What kind of regular project communication is provided? 5. What is the payment schedule, and is the contract fixed price or time and materials? 6. How long has the General Contractor been working with its vendors and subcontractors, particularly on basement finishing projects? 7. Can you get a lien-release for the basement finishing project? 8. What is the project plan, and associated timeline? What kind of management will be provided with the basement finishing project, and how often can you expect to see your project manager? Basement Finishing 101: Provided by Stonebridge Builders Page 4

5 9. What is the project change policy, and how will changes be charged? Is there an administrative flat fee for change orders? 10. What kind of cleaning is provided on a daily basis, and at the completion of the basement finishing project? 11. What levels of insurance does the General Contractor carry? Can the General Contractor provide you with an insurance certificate? Basement Finishing 101: Provided by Stonebridge Builders Page 5