Most homeowners spend around $22,700 in Kansas City on basement remodeling projects. The median rate is slightly higher than the low-end price of $22,000 in the U.S. You can just spend almost $8,450 for smaller projects, although this amount may not be enough if you wish to turn the area into an extra livable space.
Fixtures such as a bathroom and kitchen will increase the price to more than $36,000.
What are the Primary Cost Factors?
Ceiling, drywall, flooring, finishing and framing work primarily influence the actual price of your remodeling project. Your expenses on ceiling installation may range between $3.50 per square foot and $4.30 per square foot. Ceiling installation is necessary, especially if you have to install joists and insulation systems.
Your chosen contractor should have framed the basement before installing insulation packing, wiring and plumbing. Drywall installation costs at least $1.60 per square foot, but the price for putting drywall on the ceiling can be different due to its more complicated process.
If the floor is unfinished, you may spend $2 per square foot for polishing and scoring concrete. An epoxy paint application may cost at least $3 per square foot.
How to Save Money on Remodeling Work
An open-plan basement design is one of the best ways to reduce the cost of basement remodeling. For instance, you would spend almost $1,500 for framing a 600-square-foot basement with rooms. The average rate for the same work on an open-plan design would only cost around $800.
Homeowners also save almost 50% on drywall installation expenses when they choose open-plan designs. Since there are no rooms, you also get to save around $200 from installing several doors. You should consider an open-plan basement if you don’t have plans on renting it out.
Otherwise, a remodeled basement with rooms will be the obvious choice.
Things to Remember
Project expenses aren’t the only thing to consider when planning to remodel your basement. You should also think about the potential return on investment. Most homeowners recover up to 70% of their expenses upon reselling their properties, but it’s possible to regain a lot more with the right materials and contractor.
You should be more particular with hiring the right professional and using quality materials to maximize your ROI, as higher taxes await those who refinish their basements. Homeowners pay more taxes due to an increase in their livable square footage.
Your insurance premiums will also increase for the same reason. Don’t forget to ask your local city council about permits for basement remodeling work.
Once you determine how much you’re willing to spend on basement remodeling, start comparing quotes from at least three different home builders. If you hire a general contractor in Kansas City, you should expect to pay between $2,700 and $3,400 for additional fees.
An excellent way to estimate and limit your expenses requires you to get a property appraisal and inspection report. This prevents you from overspending on fixtures like a bathroom addition, which doesn’t always guarantee a higher ROI.