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Buying property is a way to invest outside the stock market. Owning a rental can offer key benefits to homebuyers, including a potential stream of passive income and the possibility for real estate to grow in value.

When debating whether to invest in the home-buying process, the difference between a single family or multifamily home can matter.

Each home type comes with pros and cons, which investors may want to chew on before opting for a specific real estate investment.

Here’s a look at the major differences between single family and multifamily investment properties.

What Is a Single Family Home?

Single family homes are stand-alone structures with their own lot. They don’t share common space with another unit.

Generally, they’re meant to house one tenant or a family. In the real estate world, single family homes differ from attached properties, like condominiums or townhouses.

Those considering investing in a single-family home could start the process in much the same way as when buying a primary residence, enlisting the help of a real estate broker or home loan lender.

Below are some factors investors may want to think through when looking into single family properties:

Affordability of Buying

When an investor is deciding how much house to afford, single family homes are typically priced lower than multi-unit constructions.

Because they’re designed with one family or individual in mind, single family homes are generally smaller in size — and less square footage (and floors) can mean lower listed prices on the property.

Other costs, such as utilities, don’t necessarily add to the price of investing in a single family house. Rental agreements typically require tenants to pay all or nearly all of the utilities costs for a home.

In a multifamily unit, the landlord may have to shoulder more costs, such as the cost of electricity used in common spaces.

💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

Fewer Tenants Can Mean Less Conflict

In multifamily units, landlords may be called in to resolve all sorts of conflicts between tenants. For example, landlords may have to mediate tensions if a neighbor is noisy or has a loud pet.

A single person or family living in a single-family unit lessens the chance for conflict between tenants. (In rare cases, landlords may deal with conflicts between single family tenants and neighbors in nearby buildings, though.)

Additionally, tenants who live in a stand-alone home may be more likely to treat the buildings as their own, taking better care of the house and lot.

They may closely monitor the condition of the whole home, letting landlords know when there are maintenance issues to take care of.

Reduced Maintenance Costs

Speaking of maintenance, single family units typically require less upkeep than multifamily buildings.

In a multi-unit property, things can get complicated. Landlords may be dealing with different sets of appliances or diverse tenant schedules, for example.

If something goes wrong in one unit, it may affect other units at the same time. For instance, in a multifamily building, plumbing or wiring may need to be replaced in multiple units at the same time.

Multifamily units are larger, so problems that feel more manageable in a single family home can become a bigger deal when scaled up.

Investors may want to compare the different costs (and logistics) of exterminating termites in a small home vs. a bigger multi-unit building (where numerous tenants may need to be relocated temporarily), to name one possibility.

Property Value Appreciation

Single family homes tend to be in higher demand than multifamily residences, which could mean the property is more likely to gain in value. Single family homes are priced largely based on supply and demand.

The more people want them, the higher home appreciation may go up. (Naturally, demand is just one factor among many that can impact a home’s valuation.)

Multifamily buildings, on the other hand, are priced in part on the condition of the buildings. One extra factor in calculating the value of a multifamily building is the potential rent revenue that this sort of property can bring in. If rents go up in the area, the value of the building can rise accordingly. (The opposite is also true.)

Cash Liquidity

There may come a time when a landlord wants to sell. Landlords might no longer want to deal with tenants, or they may need to access the equity wrapped up in their rental property.

Because of the high demand, sales for single family homes tend to be faster, providing investors with potentially easier access to their invested cash.

What Is a Multifamily Home?

Multifamily homes are buildings that have more than one unit and can house more than one family, such as apartment buildings. They could also be a duplex or a triplex.

Below is a list of factors investors might want to think about when deciding whether to pursue purchasing a multi-unit building:

More Rental Income

A multifamily building can be more expensive upfront to buy than a single family home. However, each unit in the building might produce rental income for the owner.

When combined, these rents can total more than the single revenue from a stand-alone house. Opening up multiple streams of income is one of the main reasons investors opt for multifamily properties.

Fewer Vacancy Issues

When a single family home is vacant, the owner’s rental income stream dries up completely. Owning a multiple family building can mitigate this risk of lost income when a tenant leaves or breaks the lease. If one unit is vacant, even for an extended period, other units might still bring in regular rental income.

Economies of Scale

In some ways, property management costs can be simpler for multifamily homes, especially when it comes to economies of scale. For example, say a landlord needs to replace the roof on a 10-unit building. The cost of replacement may be lower, per unit, than if a landlord needs to replace the roof on just one single family home.

Recommended: Guide to Buying, Selling, and Updating Your Home

Diverse Investment Options

Multifamily buildings can offer more property options to investors, too. Potential landlords might invest in anything from small duplexes to large apartment buildings with dozens of units.

Investors can take a more passive role in multifamily investments, as well. Real estate syndication allows a group of investors to pool their resources to buy more expensive buildings than they could afford on their own.

Investments like these used to be the purview of the very wealthy. Since the passage of the JOBS Act in 2012, real estate crowdfunding has increasingly become a more popular option. Buildings funded in this way are generally managed by a professional management company and profits are passed along to investors.

Multi-family investors might want to pursue shares of a Real Estate Investment Trust (REIT). REITs invest in multifamily properties. They trade much like regular stocks, which makes them easy to buy and sell (offering investors more liquidity).

Investors in REITs have no contact with the day-to-day operations of the underlying investment properties. REITs could be a better fit for long-term investors who aren’t aiming to buy and then resell quickly.

💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

Financing a Real Estate Investment

Financing an investment property is a little bit different than financing a first or second home, whether it’s a single family home or a multifamily building. As with the buying of a first house, investors may want to check credit scores and review their financial assets before applying for a mortgage loan.

Potential buyers should also examine their debt-to-income ratio, which shows lenders how much debt borrowers have acquired compared to their income. Lenders review this as one among many factors when evaluating mortgage applications.

It’s likely that prospective buyers of investment properties may need to put down at least 15-20% of the property’s listed value — but it’s not uncommon for lenders to ask for a down payment of 25-35%.

Single family homes can be financed with a conventional mortgage. However, because investment properties pose more risk to loan lenders, interest rates are typically higher than they would be for primary or secondary residences.

Loans for single family houses, duplexes, triplexes, or fourplexes, collectively known as “one-to-fours,” don’t differ very much. In other words, investors looking to buy a building up to four units can do so with a conventional loan.

Loans for apartment buildings with more units, however, may be a bit more complicated. Lenders may consider factors such as:

•   Debt service coverage (cash flow relative to debt)

•   Net income generated by the property (revenue minus expenses)

•   Loan-to-value ratio (the loan amount compared to the value of the property)

There are different, federally backed apartment building loans that certain investors may want to consider, including:

•   Fannie Mae Apartment Loans offer loans of as little as $1 million with 20% down. Fannie Mae offers conventional loans and specialty loans, such as green financing or senior housing.

•   Freddie Mac Apartment Loans offer loans beginning at $1 million, including conventional loans, small balance loans, targeted affordable housing loans, and senior housing loans.

•   Bank Balance Sheet Loans are loans that banks keep in-house. Both traditional and online banks may offer these loans, which they do not repackage and sell to government-sponsored enterprises, such as Fannie Mae or Freddie Mac. The loans remain on the banks’ balance sheets. These loans don’t require owners to live in the same community as the building they’re buying. They are becoming less prevalent, but some banks still offer them.

•   FHA Apartment Loans, aka HUD 223(f) loans, start at $2 million. They’re insured by the U.S. Department of Housing and Urban Development (HUD), and they are available for the purchase of buildings with five or more units.

The Takeaway on Comparing Mortgage Options

Purchasing a rental property, whether a single family home or a multi-unit building, could be one way to diversify an investment portfolio. A mortgage loan from a private lender may help investors to purchase a stand-alone rental home or multifamily building.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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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.

SOHL-Q225-181

Whether you’re a recent grad relocating to a city for job opportunities or a family heading cross-country to be closer to relatives, moving to another state represents a major change in your daily life.

It can be full of excitement (and some nostalgia), complicated, and expensive. Here are some things to keep in mind to make it go as smoothly as possible.

Is It Hard to Move to Another State?

Generally speaking, moving to a new state may take some work, and planning for it might need to happen well in advance to ensure everything stays on track.

You’ll want to consider things like potential neighborhoods to live in, crime rates, the school system, transportation options, and walkability. Before you move, you may also want to think about what items you’ll want to take with you (and what you’ll need to donate), what your moving budget is, and whether it makes sense to hire professional movers.

A Simple Checklist For Moving Out of State

Sometimes, a good old-fashioned moving checklist is the easiest way to ensure things get done on time:

1. ⃞ Find a place to live. This means either renting or buying a home. You may need to stay in temporary housing until the new place is ready.

2. ⃞ Select a moving date. If your schedule is flexible and costs are a concern, consider moving during a weekday, which tends to be cheaper than the weekend, or in fall or winter, versus the very busy spring and summer seasons.

3. ⃞ Select a professional mover (if using one). Request a few quotes from reputable movers so you can find a good service and know your moving costs.

4. ⃞ Build a budget based on common moving expenses plus any other cost considerations unique to your move.

5. ⃞ Take stock of and sort your stuff about one month before the move. What needs to come along? What should be tossed? What can be given to charity? Start sorting, selling (there are plenty of places to sell your stuff), packing, trashing, and donating accordingly.

6. ⃞ Cancel old services/start new ones. Schedule the stoppage of utilities like cable, internet, gas, and electric, and set up installations at your new location. It could also be a good time to update or cancel gym memberships, delivery services, subscriptions, etc.

7. ⃞ Gather up boxes and packing supplies. About three weeks before the move, start securing boxes, rolls of packing tape, bubble wrap, and other supplies.

8. ⃞ Pack it all up. You might wait until moving day to get the toothpaste into the “personal items” box, but the two weeks before the move can be spent packing belongings and gathering important documents like leases, moving contracts, and moving expense receipts. See if friends and family can help with this task.

9. ⃞ Say farewell. It might sound cheesy, but giving a thoughtful goodbye to any home that housed you can be helpful for moving ahead. Perhaps the last pie from your favorite local pizzeria is in order.

Recommended: Guide to Unsecured Personal Loans

How Much Money Should You Save to Move Out of State?

When planning how to move to another state, knowing how much to save to cover moving expenses is an important initial step.

The average cross-country move typically costs somewhere between $2,392 and $6,869, according to HomeAdvisor, with the average amount being around $4,575.

Several other factors can influence how much someone should save to move out of state, such as the number of items they’re moving, how far they’re going, and whether they plan to move themselves or hire professionals. In some cases, long distance moving costs could reach $10,000 or more.

Common Moving Expenses

To decide how much money to save for a move out of state, knowing the most common moving expenses can be helpful:

•   A deposit on the new place, which is typically first and last month’s rent/security on an apartment, or a down payment on a new house.

•   Moving costs, or the amount of money it takes to physically move items — whether with rented equipment or professional movers — from point A to point B. As previously mentioned, they average $4,575 for an out-of-state move, but this figure can vary depending on the distance of the move, how much you are transporting, and the company hired.

•   Transportation costs for traveling to the final destination. A fuel cost calculator can be a helpful tool to get an idea of how much to budget for this expense.

•   Packing supplies like boxes, packaging tape, bubble wrap, packing peanuts, markers, etc.

•   Cleaning supplies can get overlooked, but several surfaces might need scouring. From trash bags to all-purpose cleaners, carpet cleaning for pesky pet stains, mops, and more, having some funds saved for a clean slate can prove helpful in the moving process.

•   Repair and maintenance costs might arise from issues like holes in the walls from hanging artwork, a broken light fixture, a torn screen, etc. Taking out a home improvement loan ensures things can be up to snuff in both abodes.

•   New furniture and home decor can help warm up your new home on day one.

•   New driver’s licenses and registrations typically cost less than $100 for a license and up to $275 for a registration.

Recommended: How to Get Approved for a Personal Loan

Ways to Save When Moving to Another State

It can take a lot of time and energy to move to a different state. Luckily, there are several ways to save money in the process:

•   Using cash for moving expenses instead of racking up credit card debt can save money over time.

•   Selling unwanted items is a great way to create space, remove clutter, and acquire some extra moving funds.

•   Packing with free supplies like used boxes or bubble wrap from friends, family or even the town “free stuff” page can help save lots versus buying brand new.

•   Getting help from friends can help you save time which, in turn, can save you money. They can help with sorting, packing, cleaning, and even selling old items to their network.

•   Asking an employer to help with relocation costs can potentially be negotiated, especially if you’re sticking with them in the new state.

•   Relocation loans can be a solid saving option when you need quick cash to move to another state. They can cover a wide range of moving costs, from deposits to storage to professional movers, transportation, and even hotel stays.

The Takeaway

Moving out of state often requires detailed planning, preparation, and lots of considerations — like how to sort and pack belongings, whether to hire professional movers, what the moving budget is, and how to secure funds for moving costs. In terms of financing, ideas include using cash instead of credit, selling unwanted items to raise money, asking an employer for relocation assistance, or taking out a personal loan.

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

Is $10,000 enough to move out of state?

Yes, technically $10,000 should more than cover moving expenses. However, also consider the cost of setting up a new home, paying security on a new place, and potentially not having income while you job-hunt. This can mean you may need more than $10,000 when moving out of state.

What is the average cost of moving out of state?

As of mid-2025, the average cost for moving out-of-state is $4,575, according to HomeAdvisor.

What is the cheapest way to move out of state?

A DIY approach is often the most economical way to move out of state. That can mean finding free moving supplies (check freecycle sites and friends who recently relocated), getting help with packing from friends and family, and renting a truck and driving yourself to your new home state.

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-Q225-072

Outdoor kitchen can be a fun and functional addition to your home, but they come with a significant amount of work needed and a hefty price tag, with an average of $16,840 in mid-2025.

Whether you’re looking to spruce up your barbecue area or design a fully equipped kitchen, there are plenty of options and logistics when it comes to building an outdoor kitchen. This guide will go through the steps required, along with some typical costs and considerations for making your home improvement dreams a reality.

Settling on a Location

Before diving into the details of outdoor kitchen designs, settling on a location can help focus your planning and creativity. For starters, you can take stock of existing structures in the yard that could be incorporated into the design, such as patios and decks.

When envisioning options, measure the square footage of potential kitchen areas. This can inform what types of equipment and accessories will fit in the space you have.

Having some essential design features in mind, such as a grill or wood-fired pizza oven, could help guide the siting process, too. If you have your eyes on heavier equipment, like furniture or a bar, you may need to reinforce a deck or patio to safely accommodate the extra weight. Consulting with a professional contractor is advisable to prevent sagging in the floorboards or more severe damage that could lead to a complete backyard remodel.

Slope and distance from the house could also impact the feasibility and cost. Building on an inclined surface might require a more robust foundation than a level area. Situating an outdoor kitchen a greater distance from the home may add the expense of connecting electricity or plumbing, not to mention the practicality of walking back and forth. Adding outlets can cost between $75 and $500 each, according to the home improvement site Angi.

If possible, use existing structures or buildings next to the house to reduce such costs, and integrate an outdoor kitchen with the rest of the living space.

If you need help paying for your backyard sanctuary, a personal loan may be one option to consider. Personal loans are repaid with monthly payments of principal plus interest.

Generally, there is considerable freedom regarding how the borrower spends the money, whether on an outdoor kitchen (a home improvement loan is a kind of personal loan tailored for this purpose) or paying off credit card debt.

Recommended: What Are the Most Common Home Repair Costs?

Creating an Outdoor Kitchen Design

After hashing out where to build, it’s time to delve into the details of the outdoor kitchen design. While browsing through dream kitchens on HGTV can provide inspiration and creative ideas, being realistic with your budget and desired kitchen features can keep you on track.

To avoid the impulse of keeping up with the Joneses (or FOMO spending), it may be beneficial to make a ranked list of possible equipment and design components alongside a budget.

Keeping in mind your own cooking habits and diet can be a useful litmus test to determine what you may use frequently and what could likely accumulate dust. It’s also worth considering how many people you’d like to accommodate.

If you’re overwhelmed with ideas but don’t know where to begin, finding a focal point to design around is one option to consider. For instance, barbecue connoisseurs may want to orient the outdoor kitchen design around the grill, whereas skilled mixologists might prefer to showcase their craft behind a central bar area.

Here are some further ideas for accessories and appliances to outfit an outdoor kitchen.

Grill

A built-in grill can look sharp and tailored within an outdoor kitchen design, but it can’t be wheeled away for additional entertainment space when you’re not cooking. Opting for a freestanding grill could help stretch your budget further and add some flexibility to an outdoor kitchen design.

Kitchen Island

Adding a kitchen island for a mixed-use of counter space and seating can further integrate the cooking and dining space to bring everyone together at a dinner party or family gathering. Opting for the roll-away variety can help you customize an outdoor kitchen depending on the occasion.

Sink

Including a sink in an outdoor kitchen is useful for cooking, easy clean up, and sanitation. The practicality of installing a sink and plumbing also depends on how far the outdoor kitchen is from the house. Carrying dirty dishes and pans a short distance for washing inside may not be worth the added cost of plumbing for some people.

Refrigerator

Whether storing food or drinks, a fridge can keep an outdoor kitchen stocked and ready and cut down on trips between the house. This requires running electricity for ongoing operation. For a full-size fridge, you can expect the cost to average between $400 and $4,000.

Countertops

As the cook in any family can attest, counter space is a big help when it comes to staging and preparing food. On top of stains and wear and tear over time, outdoor kitchen countertops may need to be weather resistant, too.

Marble is a popular interior countertop surface, but its cost and vulnerability to staining and wear mean it’s not the most durable. Some more hardy choices include slate and granite. Tile is a cheaper sturdy alternative, but typically requires more maintenance to clean the grout and replace cracked pieces.

For a functional amount of space, consider having at least 12-18 inches on each side of a sink, as well as 18-24 inches on either side of a grill.

Cabinets

To house all your outdoor kitchen utensils, pots, and pans in one place, cabinets are a good bet. Similar to the countertops, durability is a key factor to consider alongside cost. Using a marine-grade paint or stain on wood cabinets can improve their weather resistance and tie in the outdoor kitchen design with the house.

Lighting

Unless the outdoor kitchen will be built on an existing porch or patio, adding lighting may be a necessary investment to make a backyard dinner party possible. As mentioned, extending electrical wiring and adding outlets comes with costs. Given that as much as 15% of home energy expenditures go towards lighting, going with solar lights could save on the electric bill and wiring.

Landscaping

After construction is completed, landscaping can further beautify the outdoor kitchen space and provide privacy and shade in the way of bushes or trees. Landscaping costs can be several hundred dollars for smaller jobs, though this is an easier opportunity than say plumbing or electric to recoup some money as a DIY project.

Recommended: 20 Beautiful Small-Kitchen Remodel Ideas

Choosing a Shelter

Even in the fairest of climates, having some protection from the sun and assurance you won’t be caught in the rain can be an asset to an outdoor kitchen design. In addition to making a more comfortable space, a shelter could also increase the lifespan of your outdoor kitchen equipment and furniture.

Check out some possible options that can protect and enhance an outdoor kitchen design.

Awning

Awnings are an option for shading an outdoor kitchen area. Based on size and materials used, a built-in awning costs between $1,409 and $4,350 on average.

Canvas awnings are not the most durable choice for areas that can have harsh weather conditions, but they can be removed and stored during winter and inclement weather to extend their lifespan. Metal awnings are another option, and are generally cheaper and sturdier. Upgrading to a mechanically retractable awning will likely increase cost, but can be handy in locations where weather changes quickly and frequently.

Gazebo

A framed gazebo can protect furniture and kitchen equipment while creating a comfortable space for cooking and dining. Whereas awnings are often attached to a structure or need to be taken down seasonally, gazebos can offer longevity and more options for placement.

Pergola

Composed of vertical posts and overhead cross-beams with open lattice, pergolas can add some architectural appeal to an outdoor kitchen area. The structure is well-suited for growing vines to increase shade while allowing for ample breeze. Currently, costs are estimated at $2,100 to $6,100, depending on size, design, complexity, and where you live.

Recommended: How to Apply for a Personal Loan

The Takeaway

After figuring out the location, dimensions, and trimmings for your outdoor kitchen design, you can begin itemizing building or remodeling costs within a budget. The average cost in mid-2025 is $16,840. If you come to realize you’re biting off more than you can chew, you could do the project in pieces. There are also options to finance an outdoor kitchen project, such as 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

How much does it cost to build an outdoor kitchen?

As of mid-2025, the average cost of an outdoor kitchen is $16,840, according to Angi, the home improvement site.

Can I build an outdoor kitchen myself?

Yes, it’s possible to DIY an outdoor kitchen if you are skilled at home improvement projects. Outdoor kitchens can be simple or very complicated, involving electrical wiring, sloping site accommodations, and gazebo construction. Make your decision accordingly.

Does an outdoor kitchen add value to your home?

Yes, an outdoor kitchen typically adds value to your home, estimated at anywhere from 50% to 200% of what your costs were.

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-Q225-071

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.

SOPL-Q225-063

Fall is a great season to tackle some home projects to prep your place for winter and make your home comfier. Home improvement projects can also help maintain or even build your property’s value.

Here, a checklist of 25 fall home maintenance and home improvement projects that will help keep your house snug and in top condition during the cold season.

1. Door & Window Seals

It’s easy for cold air to slip in around doors and windows that don’t have sufficient weatherstripping. To keep your ongoing heating costs in check, it’s smart to take a look at all of your doors and windows to ensure the seals are tight. Fixing any issues could wind up saving you some serious money over time.


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2. Furnace Inspection

There’s not a lot worse than finding out on the coldest day of the year that your HVAC system needs repairs. Instead of waiting for a problem, it’s almost always a good idea to have your furnace inspected annually.

Recommended: The Ultimate House Maintenance Checklist

3. Air Ducts

This isn’t something you likely need to do every year, but it is smart to have your HVAC ducts cleaned regularly so the system is operating as efficiently as possible. Once every three to five years is a good cadence.

4. Gutters

Whether you do it yourself or hire a pro, having your gutters cleaned after the leaves have fallen can ensure that your roofline remains leak-free during the winter months.

5. Exposed or Rotting Wood

Whether it’s on your deck, around your foundation, or under your gutters, wood that is no longer properly sealed can take a beating during winter months. You can save yourself serious headaches by repairing, replacing, or sealing any exposed wood.

6. Roof inspection & Repair

A leaking roof is no one’s idea of a good time and is among the most common home repairs. Having an older roof inspected can help to spot minor problems before they turn into major issues.

In colder climates, some roof repairs may need to wait months for warmer weather before they can take place. For that reason, the sooner you tackle this issue, the better. You might be able to squeeze in a repair before the weather gets too chilly. (Note: It’s worth checking if you have a roof warranty before shelling out for repairs.)

Recommended: How Much Does It Cost to Remodel or Renovate a House?

7. New Insulation

If you’re like a lot of people, you don’t check the insulation of your attic and eaves regularly, if ever. Having the proper depth of insulation can provide most homeowners with significant savings when it comes to heating and cooling costs.

8. Lawn Winterization

When winterizing your house, don’t forget about your lawn: It will be greener earlier in the spring if you fertilize it in the fall.

9. All Those Leaves

While you don’t want leaves in your gutters or on your lawn, having them in your garden and flower beds can actually help protect plants against damage from cold weather by insulating them. A leaf bed also provides a home for insects that help feed migratory birds in spring; it can also spare landfills from tons of waste.

10. Critter Blockers

All those pipes and tubes coming into our homes from the exterior can mean there are little cracks and crevices. These in turn can allow insects and even vermin to enter in search of warmth. It can be smart to inspect and seal these crevices before the weather turns significantly colder.


💡 Quick Tip: Unsecured home improvement loans don’t use your house as collateral — a relief for many homeowners.

11. Storing Summer Clothes & Bedding

If you live in a cooler climate and you have the space, you may want to get organized and put summer clothes and bedding in storage over the winter. Enjoy the extra closet space!

12. Chimney Inspection/Cleaning

There’s nothing like sitting in front of a roaring fire on a cold winter day — unless, of course, dangerous creosote is building up in your chimney. You can likely nip any problems in the bud by having your fireplace inspected and cleaned annually.

13. Spring Bulb Planting

If you love tulips, daffodils, and other flowers that grow from bulbs, now’s the perfect time to set them in your garden. They often love a good freeze over the winter.

14. Perennial Care

Not only will adding mulch keep your beds looking neat and tidy during colder months, it can help insulate plants from the cold.

15. Outdoor Faucets

Now’s a great time to check your faucets to see if washers and all other parts are in good working order. And if you live in colder climates, it could be a good idea to install a frost-free yard hydrant to help protect your pipes against breakage during freezing weather.

16. Ceiling Fans

This is an easy one to forget. If you have ceiling fans, it’s smart to switch their direction for colder months. By reversing the direction of your fans, you can help to disperse warm air throughout your rooms.

17. Yard Tools

To keep your lawnmower, leaf blower, and any other gas-powered tools in good working order, clean them up before storing them for the season.

18. Trees & Shrubs

Pruning can be especially important for flowering trees and shrubs that only flower on new growth. It can also help to ensure that unhealthy branches are removed before heavy snow and ice coat them and possibly break them.

19. Carpet & Rug Cleaning

You’re likely going to be spending a lot more time indoors during the winter months, so why not freshen up your surroundings with a good carpet and rug cleaning? It could provide some welcome allergy relief.

20. Smoke & Carbon Monoxide Detectors

It can be smart to check your detectors and replace batteries whenever there’s a time change. So when you “fall back” and reset the clocks, make sure these important devices are in good working order.

21. Patio Furniture & Grilling Equipment

Covering your outdoor furniture and grill can lengthen their lives and help prevent chipping and other damage.

22. Snow Removal

If you live where it snows regularly, it’s smart to go ahead and prepare now. Having your snowblower serviced, buying salt or snowmelt products, ensuring that your snow shovels are in good shape, and/or lining up a snow removal service are all things you can do now to avoid problems when the snow has begun to fall.

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23. Older Doors & Windows

If you’re still living with single-pane windows, it may be time to upgrade and undertake the effort and cost of replacing windows. Here’s why: Double- or even triple-pane windows can pay for themselves in just a few years. They can be far superior in keeping out both the cold and heat (depending on the season), thus reducing your heating and cooling bills. The same is true for older doors that may not be well insulated or have single-pane glass in them.

24. Programmable Thermostat

It may seem like a little thing, but turning your heat down every night can wind up saving you money. Remembering to do it, however …that’s another story. Why not make it easy on yourself and install a programmable or smart thermostat that remembers for you?

25. A Fresh Coat of Paint

If you’re going to be spending more time indoors, why not update its look to something you love? A fresh coat of paint can do wonders to spruce up almost any room. And how about the exterior? You might also look into the cost of painting a house; this is a project that can take homeowners a weekend to complete or can be bid out.

This is a home improvement that can increase your home’s value, but it can get pricey. If you don’t have the money saved, you might look into a home improvement loan (a kind of personal loan) vs, putting it on your credit card. You could enjoy a more favorable interest rate.

The Takeaway

As the leaves change, it might be time for homeowners to consider some important home improvement projects before the cold weather really kicks in. A seasonal to-do list can ensure that your home is comfy, cozy, and safe for winter and beyond. For some of the bigger projects, like replacing windows or completing roof repairs, you may want to get your financing squared away too, perhaps with a personal loan.

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 most in demand home improvement?

Bathroom remodels are among the most sought-after home improvements. Next in terms of popularity: kitchen renovations.

Why is fall home maintenance important?

Fall home maintenance is important because it can help your house cruise through winter without any problems. For example, you may be able to avoid the furnace conking out or a pipe freezing and bursting if you prepare properly.

Which home renovation projects add the most value?

Replacing the garage doors and front doors were found to be the projects that return the most value on investment as of 2025.

Photo credit: iStock/JavenLin

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-Q225-061