About one-third of the projects built by Ryan Schleper, owner of All City Builders, Buffalo, Minn., are basements. Schleper says clients want their basements finished for two reasons: They need space, and it's usually about a third of the cost of an addition, because mechanicals, foundation, and outside walls are already in place and no re-landscaping is required.
Finished basements are a regional improvement. In areas of the South -- Texas and Florida in particular -- basements themselves are a rarity. (That's why we don't list cost or value numbers for Dallas and Miami.) HomeTech puts the national average cost of remodeling a basement at $43,112 and real estate agents and appraisers interviewed for the study predict an average return of $33,911, or 79%.
Project description
Finish the lower level of a house to create a 20-by-30-foot entertaining area with wet bar, a 5-by-8-foot full bath, and a 12-by-12-foot auxiliary room. Walls and ceilings are painted drywall throughout; exterior walls are insulated; painted trim throughout. Include five six-panel primed hardboard doors. Main room shall include 15 recessed ceiling light fixtures and three surface-mounted light fixtures and snap-together laminate flooring system. Bathroom includes standard white toilet, vanity with cultured marble top, resilient vinyl flooring, two-piece fiberglass shower unit, a light/fan combination, vanity light fixture, and recessed medicine cabinet. Bar area includes 10 linear feet of raised-panel oak cabinets with laminate countertops, stainless steel bar sink, single-lever bar faucet, undercounter refrigerator, and vinyl floor tile.
| Market | Job Cost | Resale Value | Cost Recouped |
| National Average | $43,112 | $33,911 | 79% |
| Atlanta | 39,690 | 30,000 | 76 |
| Boston | 49,383 | 43,802 | 89 |
| Buffalo, N.Y. | 41,854 | 14,100 | 34 |
| Chicago | 49,071 | 45,427 | 93 |
| Cincinnati | 42,147 | 30,450 | 72 |
| Cleveland | 45,720 | 24,372 | 53 |
| Columbus, Ohio | 41,527 | 9,076 | 22 |
| Dallas | NA | NA | NA |
| Denver | 39,627 | 22,407 | 57 |
| Detroit | 44,276 | 24,897 | 56 |
| Houston | NA | NA | NA |
| Indianapolis | 41,902 | 22,000 | 53 |
| Kansas City | 41,688 | 21,250 | 51 |
| Los Angeles metro | 47,834 | 62,084 | 130 |
| Los Angeles | 48,136 | 83,835 | 174 |
| Orange Cty, Calif. | 47,532 | 40,333 | 85 |
| Miami | NA | NA | NA |
| Milwaukee | 44,786 | 28,883 | 64 |
| Minneapolis | 48,103 | 34,083 | 71 |
| New Orleans | 36,893 | 30,790 | 83 |
| New York metro | 46,483 | 42,426 | 91 |
| Passaic, N.J. | 47,808 | 35,500 | 74 |
| Nassau-Suffolk, N.Y. | 48,666 | 35,333 | 73 |
| Fairfield-New Haven, Conn. | 42,975 | 56,446 | 131 |
| Norfolk, Va. | 33,619 | 27,750 | 83 |
| Orlando, Fla. | 36,845 | 26,182 | 71 |
| Philadelphia | 45,593 | 34,795 | 76 |
| Phoenix | 39,855 | 25,833 | 65 |
| Pittsburgh | 43,433 | 33,250 | 77 |
| Portland, Ore. | 44,072 | 32,667 | 74 |
| Providence, R.I. | 43,529 | 25,200 | 58 |
| Sacramento, Calif. | 45,967 | 35,000 | 76 |
| Salt Lake City | 37,298 | 26,300 | 71 |
| St. Louis | 45,291 | 27,167 | 60 |
| San Antonio | 37,937 | 34,032 | 90 |
| San Diego | 45,809 | 41,250 | 90 |
| San Francisco metro | 51,428 | 68,659 | 134 |
| San Francisco | 51,428 | 67,100 | 130 |
| Oakland, Calif. | 51,428 | 70,217 | 137 |
| Seattle | 45,981 | 36,317 | 79 |
| Tampa, Fla. | 35,141 | 20,750 | 59 |
| Washington metro | 37,743 | 30,606 | 81 |
| Washington, D.C. | 40,133 | 47,667 | 119 |
| Baltimore | 38,046 | 19,276 | 51 |
| Richmond, Va. | 35,050 | 24,875 | 71 |