Basement renovation costs can vary widely, depending on the size of the space and the level of finish you are looking for. In general, you should plan on spending anywhere between $10,000 and $30,000 to completely renovate and remodel your entire basement. If you are just finishing the basement, the cost should be between $6,000 and $18,000, and finishing generally means making space livable, by covering up exposed pipes and ductwork. The process above includes materials and labor. If your plan is to transform a basement into a guest suite for family or an apartment to rent out, the cost can be even higher. However, the advantages of all that extra space in your home are obvious, and it’s also worth remembering that a finished basement will add value to your home if and when you ever decide to sell it.