Anonymous wrote:Your quote is right on. Might end up over that to the extent there are surprises.
I've had a few friends do this project with around 700 sf of basement, but slightly higher ceilings, i.e. walkable ceilings already but not legal height. Costs around $100k-$125k to dig the extra 1 foot, move pipes, condition, drywall, frame, drop a cheap bathroom down there. Our basement is a crawl space only 4.5 feet high and 600 sf and we were getting estimates on upstairs work, so we had three contractors stick their heads downstairs to give me an on-the-spot ballpark quote and all three said $200k. This is very, very labor intensive work. You'll see other people on here talking about merely "finishing" a basement (i.e. no structural work, no moving pipes - just a simple suburban home where they never put up drywall) and the quotes are usually $50k.
Are you in DC? The permits are crazy and your neighbors have to sign off. Work with a great engineer and expediter. Your quote is pretty good. But to be safe, just get a couple more quotes to compare. Don't pick the lowest bid!