How to Estimate Construction Costs for Finishing a Basement

1). Walk through the basement and list everything you need or want to finish it. This list will change based on what type of finishing projects are tackled, but it is a start. For example, some homeowners might prefer the installation of new flooring. Others might wish to add a working kitchen complete with refrigerator and running water. Take an inventory of what the space will include and how extensive the materials will be to get the job done.
2). Calculate the basement's square footage by multiplying its length and width. This helps determine how much tile or carpeting may have to be purchased. Measure the individual length and width of all walls in the basement to calculate how much wallpaper or paint will be required.
3). Make a list of all the furniture you want for your finished basement, as well as appliances and electronics. If you know you want two chairs, a couch and a big-screen TV, write these down on a piece of paper.
4). Research the individual costs for everything written on your list. If you know you have a 200-square-foot basement, visit a hardware store and use the number to calculate how much tile or flooring will be required. Visit retailers that sell fixtures and appliances and find out the total costs of installing a sink or refrigerator. Go to furniture stores and find out how much couch and chair sets cost. Much of this information also can be found using online retailers.
5). Find out the labor rates of any contractors you will be using to establish electrical wiring, plumbing, wall construction or demolition, ceiling treatments and painting and wall installation. If you've had an estimate supplied for your basement and know a contractor charges $100 an hour and plans to work for 32 hours finishing your basement, include that $3,200 total in your final list of costs.
6). Add up all of the estimated prices for one lump sum. Note that these might not be the final prices paid for all products and services, but these initial steps should give you a clearer estimate of what it will cost to finish your basement.