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Basement remodeling is one of the most cost-effective ways to
improve your home. You can transform it from a storage area to
quality living space. How much can you expect to spend? How much
can you afford to spend?
Depending on where you live, and the amount of custom features,
expect to spend from $25 - $40 per square foot to have the job
completed. If you do the work yourself, expect to spend about
half that amount on materials.
Some other things to consider when planning your basement remodeling
project:
- Will you need custom cabinetry or other fancy options? These
can add a substantial amount to your costs.
- Will you be paying cash, or getting financing? Remember the
interest on a home equity loan is tax deductible!
- Unless you have a well-stocked work room, you can expect to
spend several hundred dollars on tools
and supplies. You need to factor that in to your total cost.
- If you hire a contractor, you'll probably need half the money
up front. If you complete the project yourself, you can pace
your spending by puchasing materials as you need them rather
than spending the money all at once.
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