Recently the DIY network had a question and answer side bar that posed an interesting question: What is the average cost of a basement remodel?

Answer: $40,000.

Now that’s a pretty steep number. In fact, $40,000 could be a nice down payment for a house. How can the average family or household afford a grand project?

The solution is pretty simple. If you have someone in the family (that’s you), or even a team, you can easily trim those expenses quite dramatically by doing it yourself. The convention wisdom of always hiring an expert in big projects can be thrown out the window. Who needs the consumate professional if the same job can be done by an average person?

If you’re a determined and diligent individual, you can undoubtly turn a barren, stone-cold basement into a warm, stylish retreat where you can sit and watch your favorite movies on a home entertainment system.

For the next few months, we at PhillyDIY.com will go to a house in the philly suburbs and transform a cold concrete basement into a livable, multi-room floor with a full bath.

We’re so confident that we will save money on this project that we will do this in less than $10,000! The owner of this house has no experience in house remodeling or in any home improvement project. Anyone with effort can build this and we’ll show you how. Brian Hastings will only impart consulting knowledge to the house owner and show how to build the basement from frame to finish.

More to follow!

Home improvement costs can weigh down the average household budget. It’s important when it comes to self-starting improvement projects focus on money first. Even for the most seasoned home improvement experts, unexpected events could throw the budget ceiling out the window. Before you set out on your quest to remodel the kitchen or create the entertainment room of your dreams, plan out every detail of the project inventory.

This can easily be done with an Microsoft Excel application or even a piece of paper. Write out all of the materials that’s needed and find estimates on prices. Even if you don’t know what the cost are, you can go online or spend some time at Home Depot to get a sense of the cost. When you have the prices, you can categorize them into groups such as framing material, design, or electrical materials. Now, you may go over the budget that you’ve set from the start. That’s fine. In fact, many self starters go over budget. The key here is to prioritize. Take some time to figure out the overall goal of the project. Is it to create a new design? Is it to provide space? Is it for entertainment? Once you define your preference, you can itemize what’s the most important components and materials. And then budget or cut unnecessary items. By doing so, the budget can be more in line with your goals.

What’s budgeting without finding great savings and coupons? You’d be surprised that almost every single national chain has some secret savings or coupons for their loyal customers. For instance, Lowe’s moving coupon allowed people to save 10% on all of their purchases. These specials are not advertised in newspapers or on any major media outlet. They’re available if you join their mailing list or sign up online. Often you’ll find the best deals when you’re in their private club or email list. Just go to the store’s website and you might find a link for the special promotions. Remember, it’s not always the best to look for the cheapest material. In the construction industry, materials that are the most expensive are expensive for a good reason. If you’re set on the cheap materials, double check on the materials and ask for advice. Budgeting is crucial for a successful home improvement project. The first step is determining how much you’re willing to spend and then get a grasp of the materials needed for the construction.