You may have lots of untapped potential in your home if your basement goes unused. If you need another bedroom, a home office, a place to enjoy the game, or anything else your home is lacking, your best option may not be to add on 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
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.
Finishing and remodeling a basement are widely varied, with big differences in finishes and materials, which include a large range of costs. Whether you’re finishing your basement or remodeling your basement, the cost per square foot could be from $75 to $175.
What’s the Difference Between Finishing and Remodeling a Basement?
Finishing a basement includes insulating, drywalling, painting the walls, installing heat and electricity, adding a ceiling, and laying down flooring–everything you’d want in your home upstairs. The cost to finish a basement typically ranges from about $40,000 to $115,000.
Remodeling or converting your basement, on the other hand, involves improving or replacing existing features, adding new fixtures and appliances, possibly removing walls, and turning the room into something new and exciting. The overall price will depend on the amount and grade of finishes and fixtures your reimagined space will need.
Converting your basement into a home gym or office space will cost less than creating an in-law suite with a functional bathroom and kitchen to support multi-generational living. The plumbing, electrical, ventilation work, and amenities required for a kitchen or bathroom calls for a larger budget. A premium basement space that’s been turned into an extravagant home theater, luxurious bar area, or an in-law suite, for example, could cost from $75,000 and well above.
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.
In New Jersey, you also 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.
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 70%. Your exact return on investment (ROI), however, depends on the overall value and condition of your property, current housing trends, the value of neighborhood comparables, and the state of the real estate market when you sell your house. Although, in general, the value a basement brings to your home is higher than most other home remodeling projects.
What else affects your basement remodel ROI?
The type of remodel also impacts your projected ROI. 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 hold wider appeal than a room with a unique purpose, such as a wine cellar, home theater, or bowling alley.
You will also want to make sure your remodeled basement complements the rest of the house. If your upstairs area mostly includes midrange-level materials, finishes, and appliances, an upscale bedroom and bathroom remodel or extravagant wet bar addition is unlikely to provide a high ROI. To get the highest ROI, blend the basement in with the design and quality of the rest of your New Jersey home.
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.