Considering placing an offer on a house that has a relatively small unfinished basement (19x28). The sellers are having polyurethane foam installed to improve insulation, but the buyer has to cover drywall costs and further renovations. I would like to turn it into a studio rental property (which might entail relocation of stairs). On average, how much would this cost?
Basement developments can run anywhere between $40 per square foot to around $60. There are many factors to consider, such as; bathroom rough-ins, kitchen requirements, furnace upgrades, secondary entrance requirements, etc. In older homes asbestos testing and abatement needs to be considered as well.
A qualified and responsible contractor should be able to have a look at the space and provide you with pricing for such a project ahead of time so you know what you're getting into.
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