Basement Financing Options

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Finance your basement remodel or refinish instantly & compare dozens of personalized offers from our network. Get your new basement financed quickly, because with Acorn you can easily sort the offers based on what’s most important to you: interest rate, payment amount, length of the loan term. If you have dreams of finishing the basement in your home, or want to gut it and start fresh, look into our basement loan offers today.

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Learn More About Basement Financing

Transform your useless basement space into a functional and appealing room using basement remodel financing. Remodeling your basement can add value to your home while improving your day-to-day life. It’s important to shop carefully and select the best source of basement remodel financing. Luckily, we’ve simplified your research in this blog by comparing the pros and cons of some of the top financing options. Acorn Finance is a leading provider for basement financing. On approved loans, you can borrow up to $100,000 and take as long as 12 years to pay it back. Keep reading to explore the various basement financing options available for good and bad credit.

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Can get a loan for basement finishing?

Yes, loans and financing options are available to help make your basement remodel more affordable. One of the most responsible financial decisions you can make is to do your due diligence to find the best lender. When you evaluate financing options there are a few things you should consider including:

#1. Is the interest rate fixed or variable?

Variable interest rates may start out lower but can fluctuate over the duration of the loan. This can make your payment unpredictable and cause other complications. Fixed interest rate loans will have a fixed monthly payment and the rate will not change.

#2. Will the lender loan you enough money?

You should make sure you select a lender that will loan you enough money to complete the basement remodel you desire. In most cases, a personal loan can provide sufficient funds for your basement remodel.

#3. How long are the repayment terms?

Longer repayment terms may offer a more affordable monthly payment. However, keep in mind that longer repayment terms can also increase the overall cost of your loan.

How much does a typical basement remodel cost?

On average a basement remodel typically costs around $40,000. You can also look at the average cost per square foot which can range between $30 – $75. Since this is a nice chunk of change it’s important to decide if you really need the space. If you need the space and don’t have enough cash to fund the remodel you should consider financing. Basement remodel financing allows you to make affordable monthly payments. Bring the basement you envision to life sooner than your imagined using basement remodel financing.

Types of Basement Remodeling

When you have an entire basement that can be transformed into livable space, the possibilities are endless. People often get creative with design and furnishings to make the space more useful. For example, perhaps the primary purpose of your basement remodel is to have a game room in your home. However, sometimes you need the basement / game room to serve as a guest room as well. Perhaps you can get a couch that pulls out into a bed or build a murphy bed. Now you have a game room and a guest room! Let’s take a look at the top 5 most popular uses for a basement remodel…

#1.Game Room

Imagine having an entire space designed for fun and entertaining. You can with a game room basement remodel. Create a space for ping pong, card games, pool, and just hanging out while making priceless memories.

#2. Den

Dens or informal living rooms are a great space for casual gatherings. Dens can be a useful space for watching TV, doing homework, or hanging out. They can also be a safe space for the kids to play or hang out with their friends.

3. Home Theater

What if you could have the movie theater experience in the comfort of your own home? You can with a home theater basement remodel – and as technology improves it’s becoming more and more affordable. Many homeowners convert their basements into home theater rooms with reclining chairs, popcorn machines, large projector screens, surround sound, and more.

#4. Home gym

Building a home gym in your basement is a great way to help you live a healthy and safe lifestyle. It can also help you save money in the long term because you can finally get rid of that monthly gym membership.

#5.Home office

Creating a quiet and functional workspace is a key part of being successful. Transforming your basement into a home office can be a great investment. Whether you are expanding your side hustle or working full time from home, a home office is a great way to add value to your home.

How do you finance a basement remodel?

When it comes to financing a basement remodel, you may have more options than you think. Personal loans can be an easy solution for all credit types. A little later on we will dive into some different basement remodel financing options.

Can you get a loan to finish a basement?

In most cases, you can get a loan to finish a basement. If you are not sure what type of loan to use you should keep reading to learn more.

How much does it cost to repair the basement foundation?

Over time, any foundation can experience natural wear causing a need for replacement or repair. If your basement needs foundation repair it can be pricey. Basement foundation repair can cost between $10,000 to $175,000+. Costs can vary depending on the type of foundation, size, the extent of damages, and so on.

Can you get a loan to repair your basement?

In most cases, yes, you can get a loan to repair your basement. A personal loan can be used to repair your basement. If repairs exceed $100,000 you may not be able to use a personal loan. In addition, some contractors may offer financing options.

Can water damage be prevented?

Water damage can cause extensive damage and be costly to repair. One of the best things you can do to prevent leaks or floods is preventative maintenance. You should monitor your water bill regularly. If you notice a spike you may have a problem. Keep in mind, water can come from the interior and exterior of the home and cause damage. If you are finishing a basement you may want to have the rest of the house inspected while you are at it.

Can you get basement waterproofing financing?

Basements can be waterproofed and a personal loan can be used to finance the waterproofing. Waterproofing methods can be applied to the interior and exterior of the home as well as drainage systems. Interior waterproofing can be the least expensive. Waterproofing recommendations may vary from home to home so you should have a professional come out and make custom recommendations for your home.

Is finishing a basement a good investment?

Finishing a basement can be a great investment that can increase your home’s value. Finishing a basement can offer a more functional living space while making your home more desirable than others. A recent study found that the average return on investment for finishing a basement was about 75 cents on the dollar.

How much does it cost to finish a 1,000 sq ft basement?

The average cost to finish a 1,000 sq ft basement is about $15,000+. Most homeowners report about a 75% return on investment for finishing a basement making it a worthy investment. It’s important to put careful consideration into planning and creating your finished basement to ensure a fulfilling return on investment.

How long does it take to finish a basement?

If you are finishing a basement you can expect it to take about 4-8 weeks. If you have a larger basement with a lot of customization it may take longer.

Does finishing a basement increase property taxes?

Tax laws can vary based on location but in some cases finishing a basement can increase property taxes. In most areas, if your assessed home value increases so do your property taxes. Turning a basement into a livable area can increase your home value and be considered new construction.

What is the most expensive part of finishing a basement?

If a basement is not framed, this can easily be one of the most expensive parts of finishing a basement. There can be high labor and lumber costs associated with framing a basement.

How much does it cost to put a bathroom in the basement?

Adding a bathroom to a basement can be a rewarding investment. Not only are you creating more living space for your home but you are also adding an extra bathroom. On average, it can cost between $10,000 to $15,000 to add a bathroom to a basement.

How to Secure Basement Financing

Personal Loans

There are many online and local lenders that can provide a personal loan for basement financing. When shopping for a personal loan you should compare rates and terms to score the best deal. One of the best places to secure a personal loan is AcornFinance.com. Acorn Finance is a reliable and top-rated company that provides personal loans for basement remodel financing. Take advantage of affordable payment options and free services while saving tons of time.

Three steps to get started with Acorn Finance:

  • #1. Complete and submit a short loan application online
  • #2. Receive multiple pre-qualified offers
  • #3. Get connected with lenders to obtain your pre-qualified loan

Let’s take a look at the pros and cons of a personal loan.

Pros

  • Loans available up to $100,000
  • Competitive interest rates as low as 4.99%
  • Terms up to 12 years
  • Receive pre-qualified offers without impacting your credit score
  • Easy to activate

Cons

  • Not a direct lender
  • Credit may be required for approval

HELOC (Home Equity Line of Credit)

Home equity lines of credit (HELOC) are lump sum loans that extract value from your home but add to your debt. If you have equity in your home you may be able to use a HELOC loan for basement remodel financing.

Let’s take a look at the pros and cons of a HELOC loan:

Pros

  • Lower interest rate typically compared to a credit card
  • Fairly easy to obtain if you have equity in your home
  • Can be less expensive than a personal loan

Cons

  • Variable interest rate can make monthly payments unpredictable
  • Annual fee may apply
  • Must use your home as collateral

Credit Cards

Credit cards can provide financing for a basement remodel. However, you may be better off using another option. Credit cards may cost you more in interest than other comparable options. In addition, it can be may be difficult to qualify for a high enough credit card limit.

Let’s take a look at the pros and cons of using a credit card…

Pros

  • Build your credit
  • Convenient
  • Pay over time
  • Potential to earn rewards

Cons

  • Higher interest rates
  • Fees may apply
  • Limits may restrict remodel plans

Does a finished basement raise your taxes?

Most likely, yes. Home improvements often increase the overall value of your property and home, thus causing an increase in property tax. It’s important to note that property tax should not increase by the same percentage as the increase in property value. For example, if a basement remodel increases property value by 30%, your property taxes should not increase by 30%. You can expect them to increase some but in some cases they may not be much higher than what you are already paying. If you want to estimate property taxes you should use the tax rate multiplied by your assessed property value. Tax rates can vary based on location so be sure to use the tax rate specific to the location of your home.

What is the best flooring for a basement cement floor?

The type of flooring that is best for a basement cement floor usually depends on the look you are trying to achieve. Some of the most popular choices include luxury vinyl tile, marmoleum, ceramic or porcelain tile, carpet, and concrete. That’s right your regular concrete basement floor can be treated with epoxy coating, stain, or paint. If you are going for a modern or industrial look this may be a cost effective option. However, if you are trying to create a warm and inviting space you may want to go for another option. Luxury vinyl tile comes in many different colors and styles and is fairly easy to install. In addition, it’s known for being extremely durable – making it a top-rated choice for basement flooring.

How difficult is it to finance finishing a basement?

Whether you have good credit or mediocre credit, financing a basement can be as easy as you make it. Acorn Finance can simplify the basement financing process. Shopping for the best rates can be time consuming, but not at Acorn Finance. Acorn Finance allows borrowers to submit one online inquiry form and receive multiple personalized basement financing offers within seconds. Borrowers can review offers from multiple lenders without affecting their credit score, which is a huge bonus. The offers you receive at Acorn Finance are offers that you actually qualify for. Shopping basement financing offers this way is much more effective than just reading advertised rates and terms that you may or may not qualify for. If you choose to use a secured loan, basement financing may be a bit more complicated.

How much does it cost to frame and drywall a basement?

According to Home Advisor, framing and drywall usually costs between $20 to $30 per linear foot. Load bearing walls may cost slightly more than this. The cost of wood and metal framing is about the same nowadays with a recent spike in the price of wood. Wood may be easier to work with but metal is usually more durable.

How long does it take to finish a basement?

In most cases, you can finish a basement within 4-8 weeks. However, the time it takes to finish a basement can depend on the complexity of the design and the size. It’s important to allow as much time as needed to ensure the job is done right. The time investment for finishing a basement begins far before the project begins in most cases. Homeowners need to strategize what they want, gather estimates, select materials, finalize permits, and much more. Finishing a basement can be a big investment so make sure you invest the time necessary to make the best decisions.

Does adding a bathroom in the basement add value?

Adding a bathroom in the basement can make your basement more functional while increasing home value. Whether you add a half bath or full bath it should increase home value. Experts recommend keeping the basement floorplan as open as possible. While you may use the basement as a mini suite, a potential buyer may have other plans.

How much does it cost to add a bathroom in the basement?

Belowground plumbing is usually more complex. If you are going to add a bathroom in the basement you should hire a professional. Some costs you may incur include piping, doors, shower, sinks, faucets, electricity, plumbing, and more. While adding a bathroom in the basement may increase project costs, it can be a wise investment. According to Basement Guides, adding a bathroom in a basement can range between $3,000 to $25,000. If you are building a new bathroom you can expect to be on the higher side of the price range. If you are adding to an existing space it may be cheaper.

How much value does a basement bedroom add?

Transforming a basement into a functional mini suite with a bedroom usually always adds value. In areas with high cost of living, an extra bedroom can especially increase home value. When you think of a basement you may think of a dark and damp space that is either sweltering hot or freezing cold. However with some ventilation and imagination, you can turn your 3 bedroom home into a 4 bedroom home. Almost all home buyers can comprehend the value of an extra bedroom. Experts suggest that a basement with a bedroom typically increases home value by about 70%.

What makes a basement bedroom legal?

Just because your basement has a bed in it, does not mean it’s legally considered a bedroom. Requirements for a legal bedroom can vary based on location but here are some of the main requirements in most areas. . .

#1. Square footage
Bedrooms should be 70 to 80 square feet or larger. This translates to 7 feet in any horizontal direction. If your basement bedroom is smaller than this, it may not be considered a legal bedroom.
#2. Two ways to get out
A bedroom should have at least two ways to get out i.e. a door and a window. Two doors won’t cut it because one of the “ways out” needs to go to the outside. If you have a window but it’s very small it may not qualify. Both “ways out” should be large enough to walk or crawl in and out of.
#3. Height
If your ceiling height is not tall enough for adults to comfortably walk under, your basement bedroom may not be legal. At least half of the ceiling height should be 7 feet tall.
#4. Temperature control
Bedrooms should be comfortable living spaces with a means to heat up or cool down the space. While a source of A/C may not be required, a source of heat usually is.
#5. Closets
Most homebuyers will want to see a closet in order to perceive a space as a bedroom. However, a closet may or not be legally required in a bedroom. In some areas you may be able to include an armoire or similar in place of a closet.

Does every bedroom in a basement need an egress window?

Every bedroom in a basement should have a window. If they do not have an egress window, they should have a door to the outside of the building. As we mentioned above, most areas have requirements as to specific window sizes for bedrooms. The window should be large enough for a person to crawl in and out of if needed. The size of the window is what makes it egress. To find regulations regarding bedroom windows in your area you should check local safety codes.

What to Know Before finishing a basement?

You may be seeing no reasons to reconsider remodeling your basement. So what are you missing? You probably are not missing anything, but there are some things you should consider. Before finishing a basement you should plan carefully. You may be excited to get to the finish line but take your time and enjoy the process. We recommend having a professional come out to evaluate the bones of your basement and home. Is your foundation sealed? Do you need more headroom?
Is basement remodel financing worth it? Do you need backup pumps? This is all part of a thorough planning and preparation process that can pave the way for a seamless basement remodel.

Conclusion: Is basement financing the right choice?

In conclusion, the basement of your dreams can be a reality using financing. Paying cash for a basement remodel may be the cheapest option on paper. However, for most of us this is not an option at the present time. Basement remodels can be expensive meaning this will be a decent size loan. If we haven’t said it enough, do your homework! AcornFinance.com can be a great place to shop for basement remodel financing. They partner with reputable lenders to provide competitive basement remodel financing. You can apply online using their simple three step process to receive multiple offers for financing. This allows you to save time and compare offers easily. Ready to take the next step? Apple online today!

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