Cost Comparison:
Basement vs. Addition
Let's take a realistic look at the difference in cost to construct an addition and compare that to the cost of increasing your living space by finishing your basement.
A Pretty Typical Home
Let's assume your 2-story home is about 32' X 38' which would be about 2400 square feet. Each floor is approximately 1200 square feet in area. The family is growing and you'd like to have some more space.
Addition (Means Additional Expense)
You decide to plan for a new family room addition. You decide you can get by with an additional 16' x 20' room. This will increase your living space by 320 square feet. You decide to build on a crawl space foundation and finish the exterior with vinyl siding. At $150 per square foot, this room will cost somewhere around $48,000. You've increased your usable living space by about 13%.
Basement (Means Bargain Basement Price)
Now let's consider the option beneath your house. Your basement is about 1200 square feet. Let's assume your furnace and other utilities are located along one wall and you'd like to isolate them from the rest of the space. We'll say that an 8' space along one of the 32' walls will fully enclose all the utilities. That will reduce the space available to finish by about 250 square feet. That leaves us with 950 square feet.
Let's also say you want to set aside a storage area to be left unfinished but closed off from the living area. You identify an area that's about 10' x 30' that will be adequate for storing seasonal items, etc. Deduct that 300 square feet from the 950 square feet available and you're left with 650 square feet to finish off.
At $30 per square foot, this 650 square foot area can be finished for less than $20,000. And you've increased your usable living space by about 27%.
| Living Space | Cost | Increased Space | |
| Addition | 320 sq. ft. | $48,000 | 13% |
| Basement | 650 sq. ft. | $19,500 | 27% |
Double the space for less than half the price!