How much is my basement or remodeling project going to cost?

Basement and Remodeling Basics - Full Transcript

Streamed live on Feb 16, 2015
When you're considering a basement or remodeling project, having a firm grasp of what it's going to cost is critically important. Different factors affect pricing, which also has an effect on how it's financed.

Our second episode of this free online education series is about the things you should be thinking about when it comes to the cost of your basement or remodeling project. Our host Mia Voss welcomes Blue Sky's President, Adam Rossi, to answer critical questions like:

(1:29) How much does a typical remodel cost, between "pop the top" (add a floor), addition to the ground floor, or basement? General rule of thumb is between $125-$200 per square foot. But there are many different factors that go into cost that this segment covers. Materials and size are the two biggest contributors to cost of course, but what you're building and what you're building onto can play a part in cost.

(5:21) How do you create a realistic and reliable budget for your remodeling project? It's a balancing act between needs and budget, as well as what's realistic for your neighborhood from a valuation standpoint. Adam talked about some important considerations when you're working with a builder on your estimate as well.

► Remodeling Tip: let the budget drive the design, and the design be realistic to the needs of the family.

(9:40) What costs should you expect beyond the actual cost of your remodeling project? You'd be surprised.

(10:56) In the Denver area, what type of addition will add the most value to your home?

(13:16) Will the cost of a basement remodeling project or addition be higher in neighborhoods like Baker and the Hylands? Is it more expensive or harder to remodel an older home?

(17:11) Does remodeling kitchens and bathrooms increase the overall cost?

(17:50) More discussion about the other costs associated with a remodeling project, and how to plan around the inconveniences. For example, if you're remodeling your kitchen, you have to make alternative plans for meals from Day 1.

(22:01) Can you put a fireplace in a basement? If so, how does it work?

(22:55) What are the most common ways to finance a basement?

(26:20) How to do your due diligence before a basement or remodeling project.Contractors, banks, designers, all have different impacts on the overall success of the project.

(29:11) How can you project the real estate tax impact of your basement or remodeling project?