The average cost of a basement conversion is $30,000-$50,000, depending on location, how extensive the renovation is, design and the condition of the basement at the start of the project. Converting your basement offers the opportunity for an additional bedroom, which will in turn add value to your home, as well as the necessary space. Basements can feel unwelcoming, but with some careful planning and good design, you can convert your basement into the perfect bedroom.
Getting Your Basement Ready
Your basement will need electrical wiring adding to it to provide additional lighting and outlets, and it’s worth checking the current wiring to ensure it’s up to standard. You’ll need to insulate the basement to help it maintain its temperature and reduce noise to make for a cozy bedroom. Check wood, stone and concrete for signs of pests or moisture damage, such as rot, and, if so, seal off any pest access and replace anything that has rotted to avoid further problems. Most basements will have a concrete floor that will be cold and colorless, so look into putting engineered wood or carpet down for a suitable bedroom floor. The staircase leading to your basement will likely be dark and rarely used, so consider upgrading the lighting, putting in a handrail and making sure it’s safe and sturdy for regular use.
Funding Your Project
45% of Americans planning to do home renovations depend on credit cards, home equity or a home improvement loan to do so. Converting your basement can be expensive, but an additional bedroom is going to increase your home’s value, in most cases by more than the conversion will cost, so it’s worth doing. If you can’t afford to wait to save up the funds needed for your basement conversion, there are plenty of other ways to acquire the funds. You could look into refinancing student loans or debts to decrease monthly payments, making it easier to save, or come up with the finance for immediate funds.
Once your conversion is finished it’s time to do the fun part: decorating. This is your chance to personalize your new bedroom and make it into the room you imagined. Painting the walls with light colors will help to brighten up the space and incorporating mirrors will reflect light and open up the room. A colorful and cozy rug will make it feel homely and welcoming, making it easy to forget the atmosphere basements usually give off.
It’s important to get several quotes for your basement to bedroom conversion and always add on 15-20% more to your budget as projects often go over by this amount. Your conversion will likely add on a chunk of value to your home once it’s completed and give you much needed extra space.