It’s no secret the housing market in Colorado is booming, and with that, there are certain things that will cause the cost of your basement remodel to go up. But we’ve got some ways you can save money and still get the basement of your dreams.
Average Basement Finishing Cost in Lone Tree
The cost of an average basement in the Denver metro area is between $40-$50 per square foot. However, there are some things to note about what is “average.” When you add special features, like wet bars, custom cabinetry, built in entertainment areas, etc, the cost per square foot will go up.
Secondly, smaller basements with a bathroom and bar area (under 900 sq. ft.) will average out at a higher price per foot than a larger space, like one around 1500 sq. ft. A per foot price is not an accurate way to gauge the final price of your basement finishing cost, because the additional costs of bathrooms and other custom features significantly affect the per foot price.
Other factors that affect your basement finishing cost:
1. Increased Labor Costs
As housing prices and the cost of living increases in the Denver Metro Area, the cost of labor will go up. Natural disasters in other parts of the country also affect the cost of labor in the area, when laborers leave to go help rebuild areas affected by natural disasters.
A contractor that does not use licensed tradesman is putting your home and family at risk. So make sure you consider this if you receive an estimate that has rock bottom prices.
Some contractors may suggest that you obtain your own permit, meaning you would act as your own general contractor. This trick allows them to low ball the estimate and allows them to do electrical and plumbing work with unlicensed workers, avoiding the higher cost of using licensed and insured contractors.
So not only will the work be done by unlicensed laborers, you will be taking on the liability and risk of the work being done on your home.
Although labor costs have gone up, it’s incredibly important to work with general contractors that hire the best licensed tradesmen while finishing your basement, like Custom Integrated Designs, Ltd.
2. Need for the project to start sooner
With the booming housing market in Colorado, more and more people are looking to finish basements, and most of them want it done yesterday. Perhaps you have a party, or are hosting extended family and need the spare bedroom finished before they arrive. If you need to start a project in a month, it’s likely that your cost will be higher because of other jobs already scheduled. .
Contractors will be more willing to give discounts to those with a flexible schedule, who are willing to wait a couple months before starting a project. So it’s best to hire a contractor long before your mother-in-law is coming for a visit, so you can reap the benefits of being a flexible client.
3. Timing
Did you know that summer is the slowest time of year for basement finishing? This might seem counter intuitive--isn’t summer prime building season in Colorado? Yes, but for things like decks, outdoor spaces, add-ons and new construction. People are more focused on spending their time outside and want to get those outdoor projects done, instead of the basement.
So if you’ve got a basement finishing project in mind, summer might be the best time of year to complete it. You’ll be able to get the job done sooner because contractors are likely to have fewer jobs and more flexibility.
To Wrap Up
The “per square foot” estimate should only be used as an initial starting point. A professional basement remodeler will take into consideration the number of rooms, types of rooms, special features and the type of doors and trim work that will be used to match your existing home.
Custom Integrated Designs, Ltd. will compile a line by line estimate which will show exactly what special features will cost, and Jerry will make recommendations on how you can save money while not losing out on quality of the work being done.
CID offers custom built wet bars, entertainment systems, custom shelving/cabinets and office systems, which are built in our very own dedicated cabinet shop.
I make the basement finishing process seamless by estimating, drawing up the contract and managing every aspect of your project. I would love to apply my 40+ years of design, cabinetry and construction experience to your next remodeling project.
Click here now for an estimate on your basement finishing project!