You've decided it's time to remodel your basement, but a pressing question remains: How much does it cost to finish a basement? Here, we'll discuss the cost of a basement remodel in and around Minneapolis, the factors that impact it, and how you can keep your remodel on budget. Let’s break it down with clear numbers, expert insight, and local factors you won’t find in a national average article.

The Cost Range for Remodeling a Basement in Minneapolis

What is the cost range for remodeling a basement in Minneapolis? Your basement remodel costs vary widely based on the size, finishes, features, structural work, any water damage, and how you intend to use the space. On average, in Minneapolis, a basement remodel ranges between $80,000 and $200,000, depending on the size, layout, and finish level. Our team at Executive Remodeling works hard to help you understand where your basement remodel might fall.

Basement Finishing

A standard basement finish is your entry point into livable square footage. You’ll get framed and insulated walls, drywall, standard trim, carpet or LVP, and simple recessed lighting. It’s ideal if you need open space without structural changes or high-end custom features. Optional features may include a half bathroom or simpler HVAC changes.

Mid-Level Remodel

Mid-level basement remodels offer more functionality and flexibility. Think full bathroom, defined rooms for work or guests, and upgraded finishes like better lighting and flooring. You might choose this level if you want a dedicated guest suite, gym, or entertainment space, without extensive structural work.

High-End Remodel

In a high-end basement remodel, your space becomes truly custom. High-end remodels may include a full kitchen or wet bar, luxury flooring, structural changes, smart lighting, and high-performance insulation. This is your bracket if you convert your lower level into a full apartment or high-end hangout space.

Factors Impacting Cost

Several key factors influence your spending. These factors work as levers, and each one impacts the cost of your project differently. You may have a smaller basement with extensive water damage or a larger basement with minimal needs. Our cost guide resource breaks this all down in detail for you. 

Here are a few elements that will influence the cost of your basement remodel:

• Square footage

• Plumbing & HVAC changes

• Moisture control

• Ceiling height & framing

• Egress windows & code compliance

Each tier also has its own set of cost drivers, like structural changes and smart home features in high-end projects. 

These elements require specialized trade work and permitting. Planning ahead with a clear scope helps minimize surprises and ensures your investment is focused on features that truly add function and value. Some factors impact the timeline of your basement remodel, which is something your remodeler should be able to talk to you about.

The Biggest Price Tag

What's the most expensive part of a basement remodel? The priciest part is typically adding a bathroom or kitchenette, especially if plumbing needs to be installed or relocated. HVAC upgrades, egress windows, and structural changes like raising ceilings or moving support beams also drive up costs.

Getting an Estimate

You're not alone if you're wondering, "How do I estimate my basement remodel?" Our cost guide and this blog are resources you can use. Understanding what goes into the process and what you really need to do, along with talking to the right remodeler, will help you get an accurate estimate for your basement remodeling project. 

In What Order Do You Renovate a Basement?

When you use our basement remodeling services at Executive Remodeling, we focus on making the experience smooth, clear, and personalized to you. Here's the order you can expect when remodeling your basement:

• Free consultation

• Plan and estimate

• Contract and selections

• Trade partner walkthroughs

• Construction

• Final walkthrough

• Thank-you meeting

The Beginning

We start with a free in-home consultation to discuss your goals, style, and how you want to use the space. This is our viability assessment, where we pinpoint your goals and how to make them happen. Whether you’re creating a family room, guest suite, or full lower-level apartment, we’ll help you design something that fits your needs and your budget.

The Middle

Next, we present a custom plan and detailed estimate so you know exactly what to expect. Once you're ready to move forward, we get you on the schedule and guide you through selections like flooring, lighting, and cabinetry. Our trusted trade partners visit your home early to finalize bids, and your entire project is tracked in a live Google calendar that we update along the way.

Final Steps

From construction to final walkthrough, we keep the process personal and collaborative. At the end, we wrap things up with a thank-you meeting and a small gift.

Staying on Budget

What are some ways to keep your basement remodel on budget? Budget creep can make or break your remodel and is something every homeowner worries about. Below, we've provided 3 big ways to stay on budget, no matter what. 

1. Finding an Experienced Remodeler

An experienced basement remodeler will guide you through honest cost conversations and help you avoid unnecessary upgrades. Look for someone who knows local codes, has experience with older homes, and provides transparent pricing upfront. A good fit will also help you problem-solve along the way, saving you time, stress, and surprise expenses down the line.

---

2. Establish Plans 

One of the biggest ways to stay on budget is to finalize your layout and scope before construction starts. Making changes mid-project can lead to delays and added costs. A solid plan from the start ensures your remodeler can schedule the right trade partners, order materials early, and keep your project on track.

---

3. Identifying Needs vs. Wants

Before diving in, clarify what’s essential and what would be “nice to have.” Maybe that wet bar can wait, but the extra bedroom or bath is non-negotiable. Prioritizing needs over wants helps you make informed trade-offs and ensures your investment is going toward the features that matter most to your family. 

Finding the Right Basement Remodeler in the Twin Cities

Choosing the right basement remodeler is one of the smartest ways to keep your project on budget. An experienced basement remodeler can help you avoid costly surprises by guiding you through smart design decisions and creating a plan that fits your lifestyle and your home.

What Matters

Look for a remodeler with an incredible basement remodel gallery, transparent communication, and a clear process. A team that knows how to work in older homes and navigate city codes can save you thousands in unexpected changes. At Executive Remodeling, we’ve spent years helping homeowners turn underused basements into beautiful, functional spaces that you want to be in.

Serving More Than Minneapolis and St. Paul

We remodel basements throughout the Twin Cities metro, including Eden Prairie, Minnetonka,  Plymouth, Edina, Maple Grove, and Bloomington. Our team tailors each project to the specific needs of the home and neighborhood. The best basement remodelers in Minneapolis and St. Paul (and the surrounding area) help you make smart choices every step of the way. 

Contact Us

We'd love to hear from you if you're ready to discuss a basement remodel.

Contact us today for a consultation or to learn more.