How Much Does a Basement Remodel Cost in NJ?

by | Feb 16, 2022

Ready to start your project?

Are you looking for more livable floor space inside your home?

You may be surprised to learn that the best place to find the additional space you and your family are looking for is right below your feet.

Chances are, you are not currently using your basement or below-grade space to its fullest potential. That is why you should consider converting it to something that will not only improve your quality of life but bring added value to your New Jersey home.

Basements offer endless remodeling possibilities. Whether you are looking to add a bedroom, a media room, a home office, a man cave or some other space to your home, basements can be the perfect space to meet those needs.

Ultimately, your decision to embark on a basement remodeling project is going to come down to cost. That cost will be determined by what exactly you hope to achieve with your basement remodeling job.

What is the average cost of a New Jersey basement remodeling or refinishing project?

Like any other home improvement project, the cost of a basement remodeling job will depend on many factors. These factors may include the size and condition of the basement space you intend to remodel, the scope of the work you wish to undertake, and many other factors. It is important to remember that finishing a basement is different from most other home remodeling projects.

Depending on the project’s scope, finishing a basement can include adding new insulation, new electricity, new HVAC, new basement flooring options, and new walls and ceilings. If adding a bathroom or a kitchen, you will likely need to install new plumbing as well.

When it comes to finishing an unfished basement, you are essentially creating a living space where none currently exists, which is not cheap. Sometimes, there are features that will make remodels more difficult! The typical cost of refinishing a basement in New Jersey can start at $40,000 and run as high as $115,000.

Suppose you already have finished space in your basement and are looking to remodel the area. In that case, you can expect that the improvement will include repairing or replacing existing features, fixtures, and appliances. You may also want to consider reconfiguring current layouts by adding or removing walls. The average cost of a remodel is around $40,000.

Of course, these average prices can increase or decrease depending on the quality of materials, finishes, and fixtures you choose for your New Jersey basement refinish or remodeling job. It also comes down to what kind of space you wish to create. For example, converting your basement to a home office, gym, playroom, or a simple man cave, will be a heck of a lot cheaper than adding a bathroom, bedroom, or kitchen. The latter will add costs based on the additional plumbing, electric, and ventilation work required. A full-fledged apartment or any of the elements associated with creating a separate living space can push the starting cost of the project beyond $75,000.   

Can a basement refinishing, or remodeling project add value to my New Jersey home?

Several factors will determine the return on investment that can be achieved through a basement refinishing or remodeling project on a home in New Jersey. These factors include your property’s overall condition, assessed value, current market trends, and neighborhood and statewide comps. But no matter what, a good basement remodel can certainly add to your property value.

Of course, the nature of the project will ultimately determine the return on investment as well. Specific below-grade spaces are more desirable to prospective home buyers than others. A basement apartment or living suite or a children’s recreation space with an attached bathroom, for example, may appeal to buyers more than specific niche uses like a wine cellar or home theater space. 

However, any renovation to an existing home, particularly one that adds additional useable space, will increase your property value.

Upgrading your New Jersey basement with a remodel or refinish is worth consideration.

Hopefully, this article has given you a lot to consider when thinking about a basement remodel or refinish. There is a lot to consider, but one thing is for sure – a basement offers valuable indoor space that homeowners often neglect.

An expert NJ basement remodeling or refinishing job will enhance the value of your New Jersey home, add flexible and useable space, and enhance the quality of life for you and your family. Thankfully, the New Jersey basement remodeling experts at Interior Excellence are here to help you do just that. Whether you are looking to expand your home with the addition of a new bedroom, some extra storage, or an entire living suite for your in-laws, we can help you design a basement remodel that can meet your unique needs.

At Interior Excellence, we create happy homes. We have served countless satisfied customers in New Jersey with quality basement refinishes and remodels for three decades. Call us or  contact us today to find out how our experts can help you.