If your home no longer meets your or your family’s requirements, you have two primary options: purchase a new home and relocate or remodel your current residence.
There are advantages to both strategies, but homeowners who like their current home and have no plans to move should consider remodeling. A home renovation entails modernizing your dwelling to make it more functional and livable.
To assist you in establishing a budget for your home renovation, we have compiled a guide that breaks down some of the most common expenses associated with home renovations.
How Much Does It Typically Cost To Remodel A House?
The average cost of home renovation is $48,384. However, depending on their scope, most undertakings range between $17,697 and $79,125. Numerous factors affect the total cost, including the construction and size of the residence, the quality of the materials, and the amount of labor required. The cost can also differ significantly based on whether you are updating the plumbing and electrical systems and the floor plan.
On average, home renovations can cost between $3,000 and $167,000 on the low and the high end, respectively. Here are the household improvements that fall within the various categories of remodels:
Includes lesser projects and cosmetic work such as painting, landscaping, flooring, stock cabinetry, low-end appliances, and inexpensive countertops.
This can include the abovementioned options with above-average materials and appliances, new lighting fixtures, and parquet flooring.
A high-end home renovation may include premium materials, custom cabinetry, built-ins, foundation repair, layout modifications, roof replacement, and cellar or attic conversion.
Factors Affecting House Remodel Costs
1. Size and Scope of the Project
The cost of your renovation is significantly affected by its scope. Larger projects that involve multiple rooms or extensive structural modifications typically incur greater labor, material, and time costs.
2. Materials and Finishes
The selection of materials and embellishments significantly impact the total cost. Choosing high-end materials will unavoidably increase costs, whereas more cost-effective alternatives can help control expenses.
3. Labor Prices
The labor cost includes specialized laborers such as carpenters, electricians, plumbers, and contractors. The labor cost can vary based on demand, location, and the difficulty of the work.
4. Location and Market Trends
The remodeling cost can vary significantly based on location and local market conditions. Typically, urban areas and regions with a higher cost of living have higher remodeling expenses.
5. Permits and Professional Fees
Obtaining the necessary permits and employing professionals like architects or designers can increase the total cost. Nevertheless, their expertise can expedite the undertaking and guarantee compliance with regulations.
Cost To Remodel A House By Room
Many individuals are not interested in renovating their complete residence, opting instead to concentrate on a single room. Here are the costs associated with renovating various rooms in your residence.
In general, the following costs are associated with home renovations:
Kitchen: $10,000–$50,000
Bathroom: $9,000–$20,000
Bedroom: $10,000–$15,000
Living room: $5,000–$10,000
Dining room: $2,000+
Office: $5,000
Attic or basement: $12,300 to $33,300
Foyer: $1,000–$10,000
Laundry room: $2,000+
Closet: $1,000+
Garage: $3,000–$15,000
Estimations of project costs
In addition to room renovations, numerous other tasks are involved in home remodeling. It is entirely possible that the total cost of your endeavor will be significantly higher or lower than the estimated costs listed below.
Roofing: $20,000+
Exterior siding: $14,000+
Windows: $8,500–$20,000
Estimated costs per square foot
Unsurprisingly, the size of your home is an essential factor in determining the cost of home renovations; rooms with larger square footage typically command a higher price. Here is a breakdown of the average home renovation cost per square foot floor plan in a home or a specific room. However, please note that these ranges tend to be skewed higher in metropolitan areas with a higher cost of living.
Whole house: $10 to $250 per square foot
Kitchen: $100 to $250 per square foot
Bathroom: $120 to $275 per square foot
Living room: $10 to $60 per square foot
Basement: $100 to $300 per square foot
Patios or decks: $2,000–$11,000
Central air conditioning: $3,800–$7,600
Furnace or heat pump: $2,800–$7,500
Cost estimates Labor Price
Approximately half of the cost of professional home remodeling is labor. The contractors you require depend on the specifics of the endeavor, and state-required licenses tend to increase costs. Pricing may be determined per assignment or hour. The cost of hiring a general contractor to oversee the endeavor will increase by 10 to 20 percent.
Contractor Type Hourly Rate
Architect $125–$250
Carpenter $35–$90
Electrician $40–$120
Flooring $40–$100
HVAC $75–$150
Painter $20–$50
Plumber $75–$130
Roofer $45–$75
Additional Costs To Consider For Home Renovation
Here are some additional prospective expenses to consider when remodeling your home:
Timeline and living arrangements: Regarding schedule and living arrangements, a major home renovation could take up to six months. During this time, you may need to make alternative living arrangements, which will increase the project’s final cost.
The home’s age: Renovation of an ancient or historically significant home will be more expensive than a newer home because you may need to update the home’s structure or main systems.
Floor plan changes: Changing the floor plan is considered a high-end renovation and will incur additional expenses. You may need to employ a structural engineer to ensure the safety of this renovation.
Foundation repairs:Foundation and structural repairs can be essential when renovating a home. Depending on the required repairs, the average cost of this form of renovation ranges between $2,159 and $7,765. Nonetheless, if extensive maintenance is required, costs can reach tens of thousands.
Mold or asbestos remediation: Asbestos and mold remediation will cost more, typically between $1,200 and $3,500.
How To Estimate Your Home Renovation Expenses?
The best method to estimate the cost of a home improvement project is to speak with an experienced contractor. This person can evaluate the scope of your undertaking and consider essential details such as the size of your home and the materials used.
Nonetheless, you should always obtain estimates from multiple contractors to compare your options. In addition, it is prudent to add 10% to 20% to the final estimate to account for additional labor or unforeseen circumstances.
How To Save Money On Home Renovation?
Even if you employ professionals to complete most of your project, you can save money without sacrificing essential costs.
- Create a budget before you begin and leave room for unexpected expenses. Plan for at least 10 percent in unanticipated overruns.
- Maintain the current floor plan. Changing the structure or architecture of a building is costly.
- Utilize man-made materials like vinyl and laminate. They can imitate the appearance of more expensive materials, such as wood or stone, but are less expensive.
- Whenever feasible, choose prefabricated building materials over custom units.
- Discuss with your contractors whether you can perform the initial demolition and final cleanup independently.
- Consider refinishing your current hardwood floors as an alternative to implementing new flooring.
- Participate in home improvement projects such as installing a backsplash or placing tile. These tasks require more time than expertise, so doing them yourself will save money on labor.
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