You may have lots of untapped potential in your home if your basement goes unused. If you need a guest suite, a home office, a place to enjoy the game, or anything else your home is lacking, your best option may not be to create an addition but to look down.
Finishing or remodeling your basement can also increase the value of your home. How much value does finishing the basement add to your home? How much does a basement remodel cost? What are the most popular basement remodeling ideas?
Average Basement Remodeling Costs in New Jersey
Whether you’re finishing your basement or remodeling your basement, expect the cost to range from $40,000 to $145,000 on average. This is a pretty wide range, but for good reason.
As with most home improvement projects, the cost of remodeling your basement in Morristown or the surrounding area will depend on several factors, including the size and condition of the space and your intended scope of work. It’s also important to keep in mind the difference between finishing a basement and remodeling a basement (which we'll explain in the next section).
Keep in mind that if your plans include more extensive work and high-end finishes throughout, this cost can reach $175,000. It's not as common, but still worth mentioning. This is one reason why setting a budget early on is so important. Your basement remodeling design-build contractor will be able to design within your budget rather than watching the costs add up only to have to rework your plans.
Planning Your New Jersey Basement Remodel
What is the first thing to do when finishing a basement? Planning. Take some time to think about the type of space your family needs or wants. Are you tired of working from home in a noisy home? Do you often have weekend guests that could use more privacy? Maybe your family really just wants a cool place to hang out with movies or a spot for you to hang out with friends in your own basement bar. From that point, you can begin to gather ideas from online or friends' basements.
Then, you'll contact a design-build team with great reviews and lots of experience finishing and remodeling basements to ensure your basement is moisture-proof and designed beautifully and within your budget.
What’s the Difference Between Finishing and Remodeling a Basement?
Finishing a basement includes insulating, drywalling, painting, extending electricity and your HVAC system, adding a ceiling, and laying down flooring. So, what is considered a finished basement in NJ? A finished basement includes everything you’d want in your home upstairs that will make the space climate-controlled and functional.
Remodeling your basement, on the other hand, involves improving or replacing existing features, adding new fixtures and appliances, possibly removing or adding walls, and turning the room into something new and exciting, like a basement theater, or necessary for everyday life, like a home office. The overall price will depend on the amount and grade of finishes and fixtures your reimagined space will need.
Additional Costs of Basement Remodeling
Other costs to include in your budget are based on what jobs will be required to accomplish your design goals. Depending on the current condition of your basement and how you want it to function and feel when you’re done, you’ll need to include certain jobs in your remodel.
Permits
In New Jersey, you must obtain a building permit from your local township before remodeling a basement. As part of that, you will have inspections done to make sure various aspects of the space are up to code in terms of health and safety. You should factor the cost of obtaining the proper building permits into your overall budget.
For example, according to the Morristown Building Department’s fee schedule, you pay $25 in permitting fees for every $1,000 in residential renovations and alterations up to $50,000. On projects that are above $50,000, you pay $20 per $1,000. There are also separate fees for electrical, fire protection, plumbing, and alarm systems.
Furnishing
It's a good idea to set a budget aside for furnishings and decorations while you're planning your basement remodel with your design-build team. Your design-build team may also have a network of interior designers to help you complete the space that aligns with your vision, and you may want to bring them onto the project earlier than you think.
For example, if you're planning to create a home theater, it's a good idea to understand the size and type of theater seats you'll want to add to your space so you'll know how the layout of your space should be planned. The interior designer can also help you source the perfect furniture for your space, relieving you from going from store to store looking for the right pieces.
FAQs From New Jersey Homeowners Like You
We've gathered the most common questions about basement remodeling in New Jersey to help you feel informed and confident about starting your basement remodeling project.
How Much Value Does a Basement Remodel Add?
In general, remodeling a basement in New Jersey increases the potential resale value of your home by about 80%. Although, in general, the value a basement brings to your home is higher than most other home remodeling projects. So, is finishing a basement worth the money? It definitely is.
Keep in mind that certain uses for the space may be more universally desirable to prospective buyers than others. For example, a family room with a half bathroom, a versatile home office with built-ins, or an in-law suite holds wider appeal than a room with a unique purpose, such as a wine cellar, home theater, or bowling alley.
What Is the Most Expensive Part of Finishing a Basement?
The most expensive part of finishing a basement is often the initial setup of basic structural and functional elements if the basement is completely unfinished. This includes the installation of framing, electrical wiring, plumbing, and possibly HVAC systems, which are necessary to turn an unfinished basement into a livable space.
Does Adding a Bedroom in the Basement Add Value?
When we talk about the ROI of a basement remodel, you'll get the most bang for your buck when the remodel is something that appeals to a wider audience. A basement guest suite, a basement home office, and a recreational room are the most common basement remodels because they're the spaces families need in their homes. Family rooms and workout spaces or home gyms are also increasingly common.
Can You Turn a Regular Basement into a Walkout Basement?
Absolutely! Turning a standard basement into a walkout basement can be an exciting project that adds significant value and appeal to your home. This transformation involves some digging around your foundation to create a new exit, but the results are well worth it, enhancing natural light and accessibility.
Upgrade Your New Jersey Basement
Your basement is a valuable indoor space that often goes under-utilized in many homes. Upgrade the value of your home and your quality of life by finishing or remodeling your Morristown basement.
JMC Home Improvement Specialists are well-experienced in a variety of basement remodels and we have the personnel to handle your project from start to finish. Whether you need a guest suite, home office, or extra storage, our team at JMC can help you develop a remodeling design and bring it to life. Contact JMC to schedule a consultation today.
