It's difficult to give any kind of estimate because prices across the country and even across regions can vary so much. If your father is an electrical contractor he should know some folks who do good work; which is far more important that the lowest price.

So you're looking to finish 500-600 square feet. The price per square foot is going to be higher than a larger basement because there are some fixed costs that need to be accounted for. It doesn't matter, for example, if the contractor orders 100 2x4s or 300, he still needs to sit down a place an order.

It sounds like there aren't a lot of variables in your project but you should make sure that everyone is bidding on the same specs. so you can compare apples to applies. If you go with a drop ceiling you can spend less than 50 cents per square foot for panels to well over $2. Do you want painted trim, stained, how about that staircase?

I know this is an old thread and I'm not sure if you have done this yet, but I'm right across the border from you in NY.

I've had 4 contractors come in and they could finish my space for $30 - $70 per sq.ft all depending on finishes. So if you are just doing framing, sheet rock, painting, it would be closer to $30 per sq. ft.

It depends what needs to be done and who is doing the job. They have basement guys who advertize $9,999 for 1000 SF basement they have guys who do basements for $30-100 per SF. Some use metal studs, some use 24" OC framing, some include flooring and some don't... At the same time some guys will lowball the job just to get a foot in the door and try to milk the job and if they don't get extras along the way, some will pack up and leave.

Just set a budget how much you want to spend, make sure you have a detailed list of everything you want and make sure you have a detailed scope of work in your proposal and have all the specs listed in your contract... that is very important and that will protect you. With that said, be sure to file for a building permit and make sure you use licensed contractor, without that you taking a huge risk to get ripped off.

Good luck

I'm down in Maryland but have gotten 4 quotes recently for my ~300 sq. ft. of to-be-finished basement space which also includes a small full bath. All of them have been in the $30k range. This includes busting up the floor to install plumbing for the bathroom, all framing, electrical & lighting, floors, doors, the bathroom itself, and moving some plumbing that runs along the ceiling so we can install sheetrock. YMMV.

Good to know. I need to put in an egress and may just finish off a side of the basement. The entire space is about 1600 sq ft and I'm thinking of finishing off 800. If all the electrical and plumbing is installed and the only thing that doesn't go up for the remaining 800 sq ft is the drywall, is that still considered unfinished in most locales? The area that is unfinished is where all the electrical and plumbing starts and I just don't want to finish that area for now and would rather not pay the incremental taxes if I can avoid it.

Thanks for the advice. lots to think about as we plan this out.

Did you go through with your basement renovation? Could you please share your experience and how much it cost at the end? I am also looking to finish my basement which is around 1000 sq. ft. in central jersey. That includes a bathroom and a small wet bar. So far I got quotes for 21K, 31K, 28K but none of them includes flooring and cabinets.

The difference between the 21k and 31k.... 10k spread is a bit unrealistic...

which price is more realistic? The 31K price includes injector pump for the toilet and the 21K price is for traditional plumbing. Both includes changing 5 windows and insulation in the ceiling for office/entertainment area.