- The greatest and most cost efficient use of the space under your home is a basement.
- You are improving space inside your existing footprint which saves tons of money on the front end of the project.
- No Zoning issues, land development issues or architectural needs. Lack of all these professionals really lowers cost of this kind of project.
- Waterproofing the new structure, including installing sump pumps, window wells, bilco doors, bathroom, sewage pumps, new laundry tubs all can be added without huge professional costs.
The biggest problem is knowing what you want to use the space for. In most cases, the crawl space is unusable for even dry storage.
The work is very tedious and hard labor must be done to ensure the stability of your existing home. The old footers need to be undermined carefully and in small sections on opposite sides of the property at a time. This process is completed over rotating sections which eventually complete the new wall structure.
It’s a big job, but most home owners get a 125% return on investment, especially if they are planning to sell the home at some point or use a home equity loan.
The 5 major areas of work involved in a conversion are:
1. Dirt removal
2. Structural support & engineering
3. New Footers
4. New Walls
5. New Floor
All have veriable costs depending on depth and the structural needs. Some contractors can complete a 1′ dig out for as little as $50 per square foot.
In most cases, the ultimate cost of a 2′ to 3′ digout to be $50 per square foot. This covers the digging, dirt removal, fixing of structural issues (if any), adding new footers and new concrete walls and a new cement floor (which form the new basement).
If you want a rough estimate, take the square footage of your home, divide it by.5, then multiply that number by 50 and 100 dollars. This is just a guide, your home may cost more or less depending on your individual situation.