First and foremost, get a permit before you decide to take on a project to make a basement. If you are remodeling a basement or making a new one will help determine the cost factor involved in the process. If you are beginning afresh, you can save yourself a hefty $2,000.
In most events, you will have to up the ante of your electrical and at times even drainage system. The heftiest cost, however, comes from the flooring and the finishing up jobs. If one includes carpeting, drywall and ceiling as well, the total monies to be spent would be to the tune of $6,500 to $15,500.
Remodeling a basement will first levy a cost of about $1,500 to $3,000 for just the demo and site preparation. The electricity bit will be about another $1,000 to $4,000. Finishing up with something grand like having hardwood flooring and other luxurious items can further bolster up the total cost by another $7,000 to $10,000.
Naturally enough, if you are converting a basement into a luxury suite kind of a space, there is tons of work to be done. Obviously, the cost will scale up quite a bit too. If you add in a washroom, a kitchenette, some sort of storage space et al as well, it can push up the total amount to anywhere between $ 20,000 to $50,000, even.
For a small size basement which is less than say about 700 square feet in size, doing the whole job by yourself will enable you to finish up the work in about $5,000. If you call in professionals to do this for you, the costing will be in the region of about $15,000.
If the area is between 700 to 1,000 square feet, work by yourself will be for about $8,000, on average. This amount shoots upto $18,000 with professionals coming in. Large-size basements, which are of more than 1,000 square feet in size, will levy a burden of about $15,000 for a DIY project. With outside people coming in, this amount goes upto $30,000 to $40,000.
Naturally, if one chooses more expensive ceilings, floorings and related works, the total cost will spiral up further. Also, per chance, the time factor goes up due to some issue or another, again the labour costs will pummel up. There are times when the labor is taken on a project basis and other times when they work on a per day basis. Be careful and discuss these issues with some professional before you decide upon them.
Also, there is a definitive cost given by professionals for making the walls, ceiling and flooring, all put together as one package. This is in the range of about $30,000. The kind of utilization you wish for your basement will also increase or decrease the cost of the final package involved in its making. For example, if it is a home office you are fashioning out, there will be some extra cost for installing space for the workstation. A bit more of additional low level lighting may be needed as other amenities like phone cabling and seating area for guests and visitors.