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You’ll hear remodeling, renovation, and finishing used interchangeably. But they have slight technical differences.

• Remodeling means changing the look, function, or both of the space. Remodeling often means adding walls and rooms that didn’t previously exist.

• Renovating means restoring the space to a like-new condition. You usually won’t change any structural elements or add upgrades during this process.

• Finishing your basement takes it from bare concrete to full walls, ceiling, and floors.

Framing a basement cost about $4 to $10 per square foot. It’s usually less expensive than framing a house because you’re not typically building load-bearing walls, and it doesn’t require a lot of planning. You can expect to spend $1,500 to $6,000 framing a basement. A single wall will cost about $1,000 to $2,900.

The time it takes to finish a basement remodel depends on your specific plans for the project. Most remodel projects take 4 to 8 weeks, as long as the necessary materials, appliances, and fixtures aren’t backordered.