Want to finish your basement? 5 tips to get you started

Want to finish your basement? 5 tips to get you started

By Zions Bank

April 15th, 2014 @ 10:03am

Instead of ignoring all the spiders and bugs living in your basement, finish it and update your living space by adding a theater room, a large game room, extra bedrooms, office or much more. Explore the options of what it would take to made these changes to your home, and see what best fits you. Here are some tips to get you started.

Decide on your budget

Remodeling experts from HGTV say, a basic makeover that you do yourself can range from $10,000 to $27,000. It depends, of course, on how much renovating you need. But if you want an extensive remodel say, you want plumbing or electric done then hiring a contractor is in your best interest.

The price range of finishing a basement with a contractor is more in the $60,000 range. HGTV also says there is a basement finishing system option, a sort of "all-in-one kit" that has everything you need from moisture-proof, insulated wall panels to light fixtures. You will need to hire professionals to install them, but if your budget is around $45,000, this might be a great option for you.

Know the best way to pay for it

Once you know your budget, you should also know how you will be paying for it. If you don't have the funds to pay straight up for a renovation, thenest.com suggests that homeowners can tap into their home equity, pay with a low interest credit card, take out a Title 1 loan, or get financing through the contractor. But remember, the best option is to save money and pay upfront for renovations, thus avoiding debt.

Design the best living space for your needs

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Want to finish your basement? 5 tips to get you started