How Much Is the Cost of Building a Basement?

There are many ways to build the foundation of a home. Monolithic concrete slab foundations, stem wall concrete slab foundations, pier & beam foundations, crawl space foundations, and basement foundations. Of these, the basement foundation may be the most expensive option, but it is the foundation that adds the most value to a home. It provides extra storage space, a drive-under garage, a game room, and any other living space function as per the owner’s preference.

This is why everyone who owns a house or is building one, needs to consider adding basement to it if this is possible. But the big question remains, just how much is the cost of building a basement? While the simple monolithic concrete slab will cost anywhere from $4,500 – $12,000, a well-built basement foundation will range anywhere from $10,000 – $175,000. The exact amount will depend on a range of factors. 

First is the type of basement. A basement can either be finished or unfinished. The latter refers to a basement that is not prepared for use as a living space. It, therefore, looks ragged, and incomplete, with construction elements bare. It is mainly used for storage. To upgrade to the finished basement, this kind has to be remodeled, painted, cleaned, and fitted with household features and furniture to convert it into a living space. Finished basements go for $30 to $100 per square foot while unfinished basements cost anywhere from $10 to $25 per square foot.

Another factor that impacts the final cost of building a basement is prevalent land conditions. These include the type of soil, which has to be tested beforehand. The cost of running a soil test ranges between $10 and $100. The land terrain also dictates the amount of soil to be removed, as well as grading necessities. Since excavation and grading could make a substantial increment in the cost, land conditions greatly influence the overall cost. 

Other parameters that affect the cost of building a basement are the desired basement style and refinishing. This is determined by the expected final use of the basement. As such, a lounge will cost more than a garage. The use also determines the need for partitions into more rooms, which increases the cost, though this will add tremendous value to the house. Walkout basements also increase the cost of grading to incorporate a walk-out space. The foundation of the basement also matters, whereby a slab costs less than a complete foundation. 

Moreover, the location of the house will determine the average cost of manual labor required to build the basement. Materials costs, waterproofing, the height of the basement, and drainage also influence the final figure. As previously stated, the cost of building a basement could range anywhere from $10,000 – $175,000. The wide margin is, evidently, due to innumerable varying parameters. 

In a nutshell, when calculating construction costs of a basement, to get a ballpark figure, a project has to be evaluated individually. This way, all specifications are laid down on the table