We are about to close on a 2 family home in Newton, MA. We are debating on renovating the basement to add additional living space for the first unit (2 bedroom and a full bath). This will require waterproofing the basement, moving some piping, adding a doorway, moving heating and water heater. We were hoping to add about ~600 sq ft. How much do you think it will cost? Is it worth it? Should save that money and buy a second house instead?
@Gina S. what you are proposing sounds very expensive in my experience. Water proofing could easily cost 10-15k on the cheap end and as high as 20-25k if you have the wrong contractor. Moving mechanicals is also expensive, and I wouldn't be surprised if this endeavor ended up costing 60-70k when it was all said and done. I have done a lot of renovations here in the Chicago market, and I recently have installed water proofing and done mechanicals so these ball park quotes are what I have been paying.
Why does it need waterproofing? Is there a lot of water coming inside now? If not, can you just Drylok it yourself? My experience is that most water issues are due to the dirt around the foundation sloping toward the house, or gutters/downspouting that are clogged or not directed far enough away from house. Both simple and inexpensive fixes.