Cost of a basement foundation with egress window

An architect in our network is considering adding a 400 square foot basement below a new 400 square foot addition.
It’s odd that basements are such a rare thing around here.  Basements are standard for the rest of the country.
To excavate a 20’x20′ space, it will cost $25,000.  This includes the excavation and to haul off 150 yards of soil.
Exporting soil has a fee of $700 a load.  A load in a dump truck is 7-8 yards.
20’x20′ x 8′ deep is 120 yards of soil. That is 17 loads an $15,000 in fees to the transfer station/dump
4 days labor plus machinery is $1,200/day = $5,000 for labor and machinery
Shoring is additional.
The foundation footings will be about $8,000
The foundation walls will be poured concrete for another $8000
With a contractor doing this it would be $40,000.
That’s 400 square feet for $40,000.
You can finish this space for a very reasonable cost too.
This is such a good value. Around here, real estate is valued at $900+ per square foot and construction costs are usually $300-$500+ per square foot.  There is a lot of value in a basement.
It’s tempting to have fun with this idea now…
  • Add radiant floor heat.
  • You could get a bedroom or two into a 400 square foot footprint and rent it out
  • Add a basement bar
  • Add a playroom for the kids
  • An office
  • Media room
  • Music room
This is making me wonder why we don’t do basements all the time!