With your home being your largest investment, repairs can get pretty costly. Some homeowners may shy away from their basements due to cost concerns. However, when it comes to remedying basement moisture problems, such as standing water, wet carpets, wet walls, and leaky basement windows, it is important to look at the bigger picture rather than the price tag. So, here are the facts.
On average, you can expect to spend between $2,000 and $20,000 on basement repair costs, depending on the problem and how much area it affects.
In regard to basement repair costs, a professional contractor will suggest either an internal or an external solution.
Internal solutions, such as basement wall waterproofing methods like installing wall paneling, cost less than exterior solutions, such as installing foundation wall anchors.
Exterior basement repair solutions are more costly than interior basement repair solutions because the installation of exterior solutions calls for landscape removal and replacement.
However, when it comes to basement repair costs, the real numbers pertain to the benefits.
When you actually crunch the numbers, you will realize your basement repair costs do not even compare to the costs you would have if you decided to add an additional room to your home.
“On average the cost of finishing your basement is $70-$150 less per square feet than the cost of an additional room.”
That’s right! It’s cheaper to repair and finish your basement than to add an additional room to your home.
Your basement repair costs are around $50-$70 per square foot, whereas adding an additional room will cost you around $120-$220 per square foot.
Repairing your basement also has other monetary benefits. By ensuring that your basement is properly waterproofed and repaired, you are adding value to your home for resale.
On average, home buyers will discount the price of a home by 10% due to a wet basement. For example, if your home is worth $200,000, then the cost of not fixing your wet basement in property value alone is $20,000.
