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A cross-country move is exciting, but if you own a car, you’ll have to make a big decision about how to take your wheels with you. Will you drive your car yourself or hire a shipping company to move it for you?

There are a lot of considerations to keep in mind when making this decision, from weather to safety to timing. And of course, there are shipping costs to think about. To make the right choice, take the following factors into account.

Driving Distance

Getting your vehicle to your new home could be one of your biggest moving expenses. When deciding whether to drive or ship your car, the first step is to get a sense of how long the drive actually is. Use a mapping app to get a sense of the various routes you could take, the total distance, and a driving time estimate.

Understanding distance can help give you a sense of how much fuel you’d need to make the journey. Consider how many miles per gallon of gas your car usually gets. Divide the total distance by that number, and that can help you create a rough estimate of how much gas you might expect to purchase.

You may also want to factor in the average gas prices in the locations you’ll be driving through. The American Automobile Association (AAA) aggregates the average price for a gallon of gas in each state, and nationally.

Mapping can also give you a sense of what kind of conditions you can expect to be driving in. For the most part, you may expect to take major highways. But will your route take you across mountains or deserts? These regions might be tough on a vehicle, especially if it’s older and prone to overheating, for example.

Recommended: How to Save Money on Gas

Seasonal Considerations

The time of year you plan to move can make a big difference when it comes to driving conditions. Driving in balmy July weather can be very different from driving through wintry conditions in February, especially if your trip takes you across the northern part of the country where there is a chance of snowy or icy conditions.

Take geographical features, like mountains, into consideration as well. For example, there may be snow in mountain passes far earlier than in places closer to sea level. So, though moving to another state cross-country in October may be mostly snow-free, you might encounter wintry conditions as you cross the Rocky Mountains.

If driving through adverse weather does not sound appealing to you, you may consider shipping your car instead.

Recommended: How to Move Across the Country

Timing

Driving from coast to coast at a fairly reasonable clip could take as little as a few days or as long as a week. If you’re driving with someone else, you can switch off drivers and the trip may take less time.

If you’re driving solo, you may take extra time as you make stops to ensure you’re well rested enough to safely continue your journey. If you can’t afford to take the time off to drive your car yourself, shipping may make more sense.

Recommended: 13 Helpful Tips for You to Afford Moving Out

Safety

When you drive across the country, you necessarily put yourself and any passengers at a certain amount of risk. Your car will experience more wear and tear on a long drive, and you face the possibility of breakdowns.

What’s more, you risk the possibility of theft while you’re on the road, whether of your vehicle itself or its contents.

There is also a chance that you could get into an accident while on the road. Shipping your car limits potential damage to your vehicle and shields you from personal safety hazards.

Recommended: 31 Ways to Save Money on Car Maintenance

Cost to Ship a Car

The cost to ship a car across the country will depend on a number of factors, including the size and weight of the vehicle, the distance the vehicle will be shipped, and what kind of insurance you want to buy.

To a certain extent, price may depend on demand, which can fluctuate throughout the year. The more cars are being shipped along a certain route, the pricier it will be. While prices vary, September through November are generally the cheapest months to ship a car.

On average, it costs around $1,530 to ship a car cross-country on an open trailer as of mid-2025. Again, price depends on the specific locations you are shipping the car to and from and the mode of transportation (open trailer or otherwise), so expect some variation in quotes. the length of trip, but also on whether you choose an open transport or an enclosed transport.

You may also want to consider the option of shipping your car by train, which may be faster and cheaper than sending it on a truck. You may have to purchase a ticket and ride the same train that your car is on.

When considering shipping as an option, it’s also important to consider other potential costs associated with it. For example, you will have to purchase plane tickets for you and your family. If you drive your own car, you can pack it full of items you want to move with you. When you arrive at your destination, you may need to rent a car until your own vehicle arrives.

Recommended: Guide to Unsecured Personal Loans

Cost to Drive a Car

In many cases, it may be cheaper to drive your car than it is to ship it. According to Move.org, it is, on average, about $180 cheaper to drive a car than to have it shipped, factoring in the costs for food, lodging, and fuel for one person.

Lodging is one of the greatest expenses you will encounter while you’re on the road. The more nights you spend on the road, the more expensive driving your car yourself will become. You can of course consider less expensive options, like staying in an Airbnb or visiting with friends along the way.

Making the Decision

As you tackle your moving checklist, the decision to to drive across the country or ship your car will depend on a lot of factors. In some respects it comes down to convenience. Do you have the time to ship your car? Will you need it right away? Do you want to risk driving in poor conditions? In other respects it comes down to cost.

For the most part, driving costs less than shipping. However, the longer the drive, the difference in cost between the two options starts to shrink.

If you decide to ship your car, do your research. Ask friends and family for recommendations and check out company reviews and reports from the Better Business Bureau. Contact multiple shipping companies to make sure you get the best rate.

No matter what you decide, moving is potentially a pricey proposition. If you need a little extra help covering the cost of the move, consider a moving loan. These loans are personal loans that can cover the cost of shipping your car and other moving related expenses.

Recommended: How to Apply for a Personal Loan

The Takeaway

The decision about whether to ship or drive your car cross-country is an important one involving several factors. For instance, while driving it yourself may be cheaper, can you afford to spend the time on the road? Will the weather cooperate? Considering the big picture can help you make the right decision for your situation.

If you are moving cross-country and need help with financing, a personal loan might be a good move.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Should I drive or ship my car cross-country?

The decision about whether to drive or ship your car cross-country depends on your situation. Can you afford to ship it? Can you take several days off work to drive cross-country? Will the weather while driving be safe, and can your car take the wear and tear? Think about these considerations to make your decision.

What is the cheapest way to get a car cross-country?

Shipping a car cross-country on an open trailer is likely the cheapest way to get it from one coast to another.

What is the average cost to ship a car cross-country?

Shipping a car cross-country on an open trailer currently costs about $1,530.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-083

An engagement ring is an important step in a shared life together, and its price — which is between $5,000 and $6,000 on average — can be a significant investment. It’s wise to come up with an amount to be spent that works for you and your budget.

Whatever figure is right for you, there are several options for financing this expense, from credit cards to personal loans to “buy now, pay later” (BAPL) plans. Learn the details so you can decide what’s best for your situation.

Why Not Pay for an Engagement Ring Upfront?

If you’ve just begun browsing engagement rings, you will likely see they come at a variety of price points. The best price for an engagement ring? One you can actually afford.

In the past, there’s been a rule of thumb that an engagement ring should cost the equivalent of three months’ salary. But that “rule of thumb” is likely rooted in industry advertising from the 1930s and doesn’t reflect the current reality.

In fact, Americans spend just a fraction of that amount on an engagement ring — between $5,000 and $6,000 as of 2025. Considering that the average monthly U.S. income is about $4,901, abiding by the three-months rule would mean spending almost $15,000 on the ring. That’s a major sum that many would rather put toward, say, repaying student loan debt or the down payment on a future home.

Can you finance an engagement ring? Yes, and there are several avenues available to you. But no matter what the average engagement ring cost is, it can be a good idea to buy a ring you can comfortably afford without financing. But even if you have cash ready to buy a ring, you may still consider financing options. People typically finance a ring because:

•   They want liquid cash available for upcoming wedding expenses.

•   They may not be able to pay cash for a ring without significantly dipping into their emergency savings, which could become problematic if an unexpected expense crops up.

•   They may want to spread the payment of an engagement ring across several pay cycles, or may be waiting for a large sum of cash to hit their account.

•   They may want to take advantage of purchase protection available on their credit card for a large purchase. However, purchase protection may not apply for a ring, as there are exclusions for certain categories of purchase, such as antiques or one-of-a-kind items.

•   They may want to take advantage of credit card points that come with a large purchase.

Recommended: How to Apply for a Personal Loan

How to Finance an Engagement Ring: 4 Popular Options

There are multiple options for financing an engagement ring, and the best option for you may be as unique as the ring you choose for your partner.

These include:

•   Personal loans, which may be called a wedding loan

•   Credit card

•   Buy now, pay later options

•   Jeweler loan

Here are some things to consider as you mull over options for financing an engagement ring.

Financing an Engagement Ring with a Personal Loan

What is a personal loan? It’s a lump-sum loan that can be used to pay off other bills or to pay for an expense, like buying an engagement ring. Amounts typically range from $1,000 to $50,000 or even $100,000, and the term for repayment is often between two and seven years.

With a fixed interest rate and a payment end date, using a personal loan for engagement ring financing can be a good option if you have a budget for paying the ring off or want to spread the payment through a longer period of time. That way, you can still have available emergency savings and not have to liquidate other assets.

But whether or not to get a personal loan is something that takes careful thought. You may be tempted to look at more expensive rings than you might have if you had been paying cash upfront. And remember that an engagement ring loan includes paying interest in addition to the actual cost of the ring. It can also be a good idea to make sure that you can comfortably afford the loan payments and that it wouldn’t be an excessive burden if you were to lose income.

Financing an Engagement Ring With a Credit Card

Using a credit card for an engagement ring purchase may make sense if you have the cash to pay your bill at the end of the month. It also may make sense if you have a credit card with 0% APR (or annual percentage rate) and are confident you can pay off the ring before the promotional period ends.

Some people also may want to use a credit card to earn points or to take advantage of purchase protection. But before you pull out your card, consider a few things:

•   Does your jeweler offer a discount for cash purchases? If so, then that discount may be worth considering cash options rather than paying with a credit card.

•   Does purchase protection cover a ring? It may be worth calling your credit card company, since your ring may fall under exclusionary categories.

Financing an Engagement Ring With a Buy Now, Pay Later Loan

A buy now, pay later loan (BNPL) means a purchase’s price is spread out over time vs. paid for upfront. Unlike different types of personal loans, a BNPL loan (also called a point-of-sale loan) may be done through a merchant or through a virtual card. These may have no interest if you pay in a set amount of time, but the repayment period may be short and there may be fees involved.

Financing an Engagement Ring With a Buy Now, Pay Later Loan: Pros and Cons

Here, in chart form, are the pluses and minuses of paying for an engagement ring with a BNPL loan.

Financing an Engagement Ring With a Jeweler Loan

Some jewelers offer their own loan programs. These may have promotional periods where you can take advantage of a 0% interest rate, and may also come with additional perks, such as discounts for future purchases or a discount on future repairs. Jeweler loans also may have a fixed rate of interest.

But this interest rate may be higher than an interest rate you could get with a personal loan or on your credit card. You also may be required to put a down payment on the purchase.

Financing an Engagement Ring With a Jeweler Loan: Pros and Cons

Here are the upsides and downsides of engagement ring financing via a jeweler loan.

Can You Finance an Engagement Ring With Bad Credit?

If you have bad credit, you may find it a challenge to qualify for engagement ring financing. That said, it’s not impossible.

Some jewelers offer financing plans for customers with less-than-stellar credit. which may come with a higher interest rate or require a co-signer. You may also want to look into whether the jeweler offers a layaway program, where you put down a percentage of the total amount due and make smaller payments over time. When the balance is paid off, you can bring the ring home.

You may find some lenders who offer personal loans to those with bad credit. You will likely find that these offers have high interest rates and less favorable terms than those with higher credit scores.

Tips for Buying an Engagement Ring

Consider the pros and cons of engagement ring finance options, and remember that after the engagement ring comes wedding expenses. It may be a good idea to talk through engagement ring options with your partner prior to a proposal, especially if you’re already sharing your finances. While it may not feel as spontaneous, talking through big purchases that mutually affect you may be good practice for combining your lives.

Other tips for buying an engagement ring:

•   Ask your partner what they want. Also, talk to your family and their family: A relative may have heirloom jewelry they’d like to pass down.

•   Browse together. In addition to looking at jewelry stores, consider estate sales, antique stores, and browsing online to get a sense of styles and prices.

•   Negotiate. Some jewelers may offer a discount if you pay in cash.

•   Remember ring insurance. An engagement ring may not be covered under your homeowner’s policy without an added rider to the policy or may be covered only in specific circumstances. Research insurance policies before you buy the ring.

Looking for a Personal Loan? What to Consider

While there are many uses for a personal loan, it can also be an avenue that makes sense for engagement ring finance. Having a fixed interest rate and a finite loan term allows you to know exactly what you’re paying each month, and spreading the cost over time may mean the purchase fits within your monthly budget.

Here are some things to consider if you are planning to apply for a personal loan to buy an engagement ring:

•   What are the fees? Some loans may have fees, such as an origination fee (when you open the loan) or an early termination fee (if you pay off the loan early). Make sure you know any potential fees prior to applying for the loan.

•   Know your budget. Just because you can get approved for a certain size loan doesn’t mean that’s the best choice for you. Make sure you choose a loan size you’re comfortable with.

•   Know the loan terms. Some loans have hardship clauses that may help if you are at risk of falling behind on payments due to an unforeseen financial strain.

•   Shop around. Compare loan terms and personal loan interest rates. Comparing rates won’t affect your credit score. A hard credit check will only be done when you apply for the loan.

Recommended: Personal Loan Calculator

The Takeaway

With a big purchase like an engagement ring, there are several avenues for paying for the purchase. Considering the pros and cons of each option can help you decide on the best one for you. And remember: An engagement ring is only one expense in the future you are creating for you and your partner, so consider it the first of many financial steps in your future as a married couple.

If you decide on a personal loan to finance an engagement ring, consider what SoFi offers.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Can you finance an engagement ring?

Yes, you can finance an engagement ring. Some of the options include personal loans, credit cards, BNPL loans, and jeweler financing.

What is the best way to finance an engagement ring?

The best way to finance an engagement ring will depend on your personal goals and financial situation. For one couple, using a credit card and earning rewards could make sense. For another, a personal loan with a favorable interest rate could be the right choice.

What credit score is needed for engagement ring financing?

Credit score requirements vary for engagement ring financing. For many personal loan lenders, a score of at least 580 or 600 is required. Some will want to see still higher scores, and there are also lenders who will offer financing to those with poor credit, though typically at higher interest rates and less favorable terms.

Is it smart to finance a wedding ring?

It can be smart to finance a wedding ring if it helps you meet your financial goals, If you know you can pay off the loan (principal plus interest) in the time frame offered, it can be a wise move. For others, using their credit card and earning rewards may be a better option, and some people may prefer to save up in advance and not take on any debt at all.

Are there engagement ring loans with no credit check?

It is possible to find an engagement ring loan without a credit check. In many cases, these may be offered by jewelers or online lenders, and they can involve fees and higher interest rates than you might find elsewhere.

Photo credit: iStock/Delmaine Donson

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-042

While opening up your home and your heart to a new child may seem like the natural next step for you and your family, the process can actually be pretty complicated — and costly. Currently, costs are estimated at between $10,000 and $50,000 to adopt a child.

There are a few different adoption methods and each comes with its own unique costs and fees. Read on for a breakdown of some expenses you might run into in the adoption process.

Cost of Adoption from Foster Care

Adopting a child from foster care tends to be less expensive than other options. The process is often funded by the state and, typically, there are few or no fees passed on to the parents. However, some parents may opt to hire a private agency to help them through the process, which can come with out-of-pocket expenses. Parents may be able to recoup some or all of these costs through federal or state programs once the adoption is completed.

Home Study

One of the most important costs to account for in any adoption is the home study, which is when the prospective parents’ home is screened so that the adoption agency or a social worker can get a sense of their day-to-day life. While the cost of a home study might be included in the overall adoption fee from a private agency, the fees can range from a few hundred dollars to a few thousand dollars.

Foster care adoptions will also generally have a home study where a social worker observes the interaction between the potential adoptive parents and the child. In some cases, there may be state or federal programs to offset the cost of a home visit.

Tax Credits for Foster Care (and Other) Adoptions

The tax code currently offers an adoption tax credit that can help offset some of the costs involved in adoption, whether you adopt via public foster care, domestic private adoption, or international adoption. The total amount of adoption credits will depend on the tax year, so it’s a good idea to talk to an accountant for more specifics.

Families adopting children from foster care might also qualify for other types of federal assistance depending on the child’s eligibility. This assistance might include:

•   A one-time, non-recurring reimbursement for adoption transaction costs

•   Recurring monthly maintenance payments for the child’s care (Not to exceed what the state would have paid to keep the child in foster care).

Children adopted through foster care may also be eligible for health insurance coverage under Medicaid, and other medical assistance to cover some or all of the child’s needs like special education or therapy.

Planning for Private Agency Adoption

Private adoption costs in the U.S. can vary from state to state. According to the Children’s Bureau, the cost of a private, agency-assisted adoption can range anywhere from $10,000 to $50,000.

Court Documentation Fees

Legal representation for the adoptive parents can currently run from $2,500 to $12,000. Depending on the state, these fees may or may not be covered as part of an agency’s overall pricing.

Independent Adoption Costs

Some families choose to adopt a child without the assistance of an adoption agency and instead work directly through an attorney. It might seem like a cost-saving measure at first, but pricing can still vary. Expenses might be low if you match with a birth parent through word of mouth, or if the birth mother’s expenses are minimal.

However, these adoption costs can still range from around $15,000 to $45,000. This typically includes most of the same costs of any other domestic adoption, including the home study, the birth mom’s medical expenses, and legal and court fees for the adoptive parents and birth parents.

Recommended: Common Financial Mistakes First-Time Parents Make

Expenses for Intercountry Adoption

Adoption fees will differ depending on which country you plan to adopt a child from. Intercountry adoption costs tend to be higher than a U.S.-based adoption because there is usually foreign travel and immigration processing to factor into the equation, in addition to other higher court costs, mandatory adoption education, and other documentation. The average cost can range from $32,000 to $66,000 for a foreign adoption.

Costs can depend on the organization managing the adoption as well — whether it’s the government, private agency, orphanage, non-profit organization, private attorney, or some combination of the above. Some intercountry adoptions are finalized in the child’s home country, while others must be finalized in the United States. Finalizing an adoption in U.S. court can come with extra costs, but also provides additional legal protections and documentation.

Other costs to adopt a child from another country can include:

• Escort fees for when/if parents can’t travel to accompany the child to the U.S.
• Medical care and treatment for the child
• Translation fees
• Foreign attorney or foreign agency fees
• Passport and visa processing
• Counseling and support after placement

Recommended: New Parent’s Guide to Setting Up a Will

Financing the Cost of Adoption

So, with costs ranging from at least a few thousand dollars to up to $60,000 or more, funding an adoption may require some planning. Financially preparing for a child typically means looking into all associated costs, including raising your new child and tackling your own debt.

Some employers may offer financial and other support to help with the adoption process. These policies include financial reimbursement and paid leave for adoption, among other benefits.

Additionally, companies with 50 or more employees are required by federal law to grant parental leave to employees who have adopted a child. Mothers and fathers are eligible for up to 12 weeks of unpaid leave after the birth or adoption of a new child.

Grants and loans also exist to help with the cost of adoption and can help with any type of legal adoption, whether a foster care adoption, private agency, or overseas adoption. Most grants and loans have their own eligibility criteria based on things like marital status, income level, and other specifics.

You can also consider taking out a personal loan to help cover the cost of adoption. Some lenders actually offer “adoption loans,” which are typically personal loans designed to cover costs associated with adopting a child.

A personal loan is typically an unsecured loan in which the borrower receives a lump sum of cash (from a couple of thousand to $100,000). They then repay it with interest in installments, usually over a term of one to seven years.

Recommended: 5 Tips for Saving for a Baby

The Takeaway

The cost of adopting a child can vary widely, from a few thousand dollars to $60,000 or more. Foster care adoptions tend to be less expensive than private agency or intercountry adoptions. There are state or federal tax credits and programs that can help offset the cost of adoption. Other resources to pay for adoption include grants and personal loans.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is the least expensive way to adopt?

The least expensive way to adopt is via foster care. This can, in some cases, be free or cost a few thousand dollars, which is much less than private adoption.

How much does it cost to adopt a child in the U.S.?

Private adoption typically costs between $10,000 and $60,000+ depending on whether it’s domestic or international. Adoption via foster care can be more affordable, with costs ranging from no charges incurred to a few thousand dollars.

Is it cheaper to adopt or have a baby?

Adoption can be very expensive (up to $60,000 or more), so it is usually considered cheaper to have a baby.

About the author

Julia Califano

Julia Califano is an award-winning journalist who covers banking, small business, personal loans, student loans, and other money issues for SoFi. She has over 20 years of experience writing about personal finance and lifestyle topics. Read full bio.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-073

The average cost of finishing a basement in 2025 is $32,000, but there is a huge variation in pricing depending on your specific project. Of course, the square footage makes a difference, as does the particular configuration of your basement, as well as whether you are simply finishing the space for storage purposes or adding an extra bedroom and bathroom as living space.

Whatever your goal, you will most likely increase the resale value of your home while adding to your usable space. The following guide will help you understand the considerations, the cost, and how to get the work done.

The Costs of Finishing a Basement

The cost of finishing a basement has a lot of variables, as most home upgrades do. Weighing what you can afford versus what you want is critical here. While it might be nice to have all the bells and whistles of a sky-is-the-limit home renovation, there are many things that will affect the bottom line during a reconstruction event like finishing a basement.

The national average cost of finishing a basement is $32,000, according to the home improvement site Angi, but there’s a wide range (as there is with the cost of home remodeling projects of all kinds). In this case, it can swing from $15,000 to $75,000. Your number could rise based on where you live and whether you plan to add features such as running water, custom cabinets, or countertops.

Ultimately, the final cost to finish a basement depends on how extensive the work is, as well as the square footage in the planned remodel. Typically, a small basement is considered to be a 300- to 700-square-foot space. Do you have more than 2,000 square feet to finish? Then that’s an oversized amount of space.

According to the home improvement site Angi, a simple process of finishing a basement will cost between $7 and $23 per square foot. However, if you are doing a full remodel, you can expect to spend $30 to $100 per square foot.

You can also use online tools to help you estimate the cost of your remodeling project.


💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

How to Plan Your Basement Project

The first thing you need to think about when finishing a basement is how you primarily plan to use the space. If it’s mostly for storage, you’ll want to include closets, cabinetry, and a shelving system in your plans.

Or do you intend to use it as a bonus room or lounge? If your basement’s primary function is as a gathering space, you’ll want to wire it so that you have internet, cable, and plenty of lighting and outlets.

Due to their subterranean nature, basements also require waterproofing. The below-grade format of a basement demands special attention be paid to exterior drainage, interior surface materials, and air ventilation, in addition to ensuring a safe way to exit the space during an emergency, like an egress window.

With proper planning, it’s possible to mitigate some of the major expenses associated with building below ground, so do your homework before the rainy season comes. Local government code departments often have building standards to guide the process.

As part of your efforts to keep the finished basement dry, you’ll probably want to install a sump pump for extreme weather events. Built into the floor with an automatic pump, sump pumps give peace of mind for when you’re out of town or have an excess of rainfall.

If you’re finishing a basement to use as an apartment or in-law suite, you’ll need added features like a bathroom and kitchenette. Installing both a bathroom and kitchenette can quickly cause the price to mount with the added costs of cabinets, countertops, appliances, and fixtures, so weigh the decision to add those features carefully against how much use you think they will truly get. Or consider going the budget route, forgoing top-of-the-line furnishings and appliances, if cost is a concern but you need those spaces to complete your basement.

Recommended: 10-Step Guide to Building Your Own Home

Budget

How much it costs to finish your basement will ultimately come down to the features you add and how the work is done. Consider these factors when making a budget:

•   Labor. This may cost $25 to $100 per hour, and you might also need a plumber or electrician to do some specialized work, which could increase the price (as anyone who’s rewired or needed to pay to fix a plumbing leak knows). Typically, labor costs will be 25% of the total project cost.

•   Permits. According to Angi, getting the proper permits for your project can run between $1,200 and $2,000.

•   Materials. The cost of materials, such as flooring, insulation, and drywall, will make up the bulk of your project budget. Expect to pay around 70% of your budget on materials, depending on the specifics of your remodeling.

Other areas where your basement costs may add up include if you opt for high-end materials, if you hire a professional for interior design assistance with the layout or furnishing plans or if you add furniture to the space.


💡 Quick Tip: With home renovations, surprises are inevitable. Look for a home improvement loan with no fees required — and no surprises.

How to Save Money on Basement Remodeling

There are many ways to save money on basement remodeling, the first being doing the labor yourself. If you’re simply going for a basic basement remodel for storage, this is a project you likely can DIY even without a lot of prior home renovation experience.

You might, for example, want to add corner shelves, install a pegboard system for mounting your tools, or build a wire rack system to store your bulky items — all basement finishing tasks you can tackle yourself without hiring outside labor.

If finishing your basement requires extensive electrical work and/or plumbing, however, you’ll likely want to call in a licensed professional to do that work.

If you’re on a tight budget, you might rethink installing a kitchenette or a bathroom, which is where your basement refinishing costs often add up quickly. A budget-friendly option for cabinetry could be purchasing from a resale shop or using old cabinets from another part of your house that you can refresh with an inexpensive coat of paint.

Recommended: The Top Home Improvements to Increase Your Home’s Value

The Takeaway

A basement remodel could serve multiple purposes — adding living space or storage to your home — while simultaneously improving your quality of life and the resale value of your home. With the average basement finishing project costing almost $32,000, you may also need to consider financing options, such as a personal loan to use for home improvement.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How much to finish a basement?

According to the home improvement site Angi, the average cost to finish a basement in 2025 is $32,000.

Can you finish a basement for $10,000?

While the average cost to finish a basement is currently $32,000, it may be possible to do the job for $10,000 if it’s a small and simple job and if you find a lower-cost but qualified contractor.

What is the most expensive part of finishing a basement?

The most expensive part of finishing a basement is often the materials themselves, which can account for a majority of the cost.

Photo credit: iStock/PC Photography

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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