Content of the material
- How much does a home renovation project cost?
- Tips for Saving on Home Renovation Costs
- DIY costs to remodel a house yourself
- Flooring cost
- Additional Costs and Considerations
- Home Age
- Structural Changes
- Hiring an Architect
- Electrical, Plumbing, and HVAC Systems
- Changing the Floor Plan of the Home
- How Much Does It Cost To Add A Room?
- Remodel House Into An Entryway
- What should homeowners know before starting a renovation?
- Do I Need a Home Renovation?
- Make Your Home More Comfortable and Aesthetically Pleasing
- Boost Your Home’s Value
- Enhance Safety and Improve Accessibility
- Increase Efficiency
- Fix Existing Damage
- You’re Selling Your Home
- Average cost to gut & remodel a house
- Cost to gut a house
- Cost to rehab a house
- How Much Should I Spend on a Home Renovation?
- Determine Financing Before Finalizing Your Budget
- Remodeling Cost Per Square Foot
- Profile Menu
- Ways to Save Money on Home Renovation
- Attic bathroom renovation After
How much does a home renovation project cost?
Again, it depends on how much work you’re doing, the square footage of the rooms and whether you’re shelling out for the remodeling all at once or doing improvement projects little by little. HomeAdvisor.com’s study on renovation costs puts the average cost of a multi-room renovation between $18,000 and $76,000. My own home renovation was in this range, but projects can run as low as $3,700 or up to $150k for high-end work in pricey homes.
A kitchen renovation alone averages $25,000, according to the study. A bathroom remodel averages $10,000, and a basement remodel runs about $20,000.
Tips for Saving on Home Renovation Costs
When creating your remodeling budget, use these tips to further reduce your costs:
- Complete demolition yourself: If you’re removing cabinets or pulling up tile as part of your renovation, consider doing the work yourself. As long as there is no expertise required, this is a good way to reduce labor costs and save a few dollars.
- Order fixtures and finishes yourself: Your contractor will probably charge you an hourly fee to do your shopping for you and may even charge a markup. Be clear about your plans so your contractor knows you’re taking on that responsibility yourself.
- Be your own project manager: If you need to hire additional subcontractors for your project, interview and select them yourself instead of having your general contractor do it.
- Do your own painting: Having a room painted by a professional can cost $300 or more. Plan to complete any required painting yourself and you can remove that cost from your remodeling budget.
- Shop used: Instead of purchasing everything brand-new, pick up used or refurbished items when possible. This can greatly reduce your spend on appliances and finishes.
DIY costs to remodel a house yourself
The average DIY costs to remodel a house yourself is $2,500 to $12,000 for a kitchen or bathroom. However, most states require you to work with a licensed contractor for home renovations.
Common DIY home renovation projects:
- Painting or applying wallpaper
- Hanging a medicine cabinet
- Changing electrical fixtures (make sure the power is off)
- Installing a kitchen backsplash
- Replacing a showerhead or faucet
- Replacing an appliance
While you can do small renovation projects yourself, hiring a professional is the easiest and safest choice for large projects, HVAC, and electrical work.
On average, the cost to install flooring nationally is $2,886, putting new floor installation squarely within the $5,000 remodel range many homeowners are planning for. Of course, factors such as home size, type of flooring, and installation quality can raise or lower that price. Having old flooring removed—and addressing any issues that removal may reveal—can also add to the price tag.
The hardwood flooring cost is the highest, followed by laminate, stone, and tile flooring costs. Most flooring materials are paid for in square feet, so larger homes will require a larger investment. Picking the right flooring material and limiting new floors to high-traffic spaces, such as the kitchen or hallways, can also help minimize costs.
Additional Costs and Considerations
A home renovation project can be complex or straightforward, and sometimes it can turn into a full-blown house remodeling adventure. It’s not uncommon for unexpected costs to pop up while planning a renovation. You may need to hire an architect to assist with planning a structural adjustment, or you could discover a problem with the foundation that must be addressed. Here are several other considerations for home renovation costs to help guide your planning process.Home renovations need an expert hand Get free, no-commitment project estimates from contractors, builders, painters, and more near you. Find a Pro +
It’s no secret that older homes tend to hide structural or mechanical issues that must be addressed when they’re discovered. An old house might have great bones, but updating electrical wiring to current safety standards is a good (and sometimes necessary) idea that could save you money in the long run. Add approximately 20 percent to your total budget for unforeseen costs.
If structural changes are planned, consult with an engineer to ensure load-bearing walls are appropriately handled. Expect to pay $300 to $700 for a consultation and plan review. On average, removing walls will cost between $300 and $10,000. Non-load-bearing walls cost less to remove.
Hiring an Architect
You might find the planning process much easier for more complex renovation projects if you hire an architect early on. Your ideas can come to life with the help of an architect who can recommend current trends, upgrades, structural needs, and more. An architect is also helpful as a cost estimator who can determine a rough estimate on expected costs. Architects usually charge between $125 and $250 per hour.
Electrical, Plumbing, and HVAC Systems
Some renovation projects begin with an intention to upgrade mechanical systems for better efficiency or reliability. Updating plumbing, wiring, and HVAC systems improve home value in the long run. A typical plumbing job costs $300, electrical work costs $350, and installing a new HVAC system runs between $500 and $7,200.
“Foundation problems” is likely the most dreaded phrase to hear during any home construction project. Any issues with a foundation will push the renovation costs to the high end of the estimate, which is why a budget cushion is helpful. If major foundation problems exist—along with roof and mechanical issues—it’s sometimes cheaper to demolish and rebuild. Consult with your contractor to determine the best solution for you.
Changing the Floor Plan of the Home
The cost to adjust the floor plan can range from between $750 and $3,000 and up. Since floor plans affect the foundation and structural components, you’ll need to consult a structural engineer. Additions usually require a building permit from your city, and some cities may require an architect, too. A floor plan change will require an update to nearly every system from wiring to HVAC and finishing work to make it suitable.
Upgrading appliances is another common reason to begin a home renovation. New appliances can cost between $200 and $10,000. An array of options are available, and it’s easy to get carried away, especially with kitchen appliances. From six-burner stoves to smart fridges, consider what meets your needs and expectations to stay within your budget.
How Much Does It Cost To Add A Room?
The estimated cost of adding a room ranges between $135,000 – $282,000. About 33 percent of people report renovating their primary bedroom to increase livability and overall function6. Once complete, over half of homeowners enjoy being home more and feel a major sense of accomplishment.
High-end average cost: $320,976
Additional home value: $152,996
Return on investment: 48%
Mid-range average cost: $156,741
Additional home value: $85,672
Return on investment: 59%
Remodel House Into An Entryway
A grand entrance is a high-end upgrade for any home, averaging just over $9,000. While you may feel sticker shock with the price tag, consider the labor associated. This renovation calls for moving electrical elements, updating the trim, installing a wider casing and a painting.
High-end grand entry door average cost: $10,044
Additional home value: $6,116
Return on investment: 61%
Mid-Range entry door average cost: $2,082
Additional home value: $1,353
Return on investment: 65%
What should homeowners know before starting a renovation?
“Be prepared for possible sticker shock and the process taking a little longer than usual,” Emrath said. With material costs increasing and supply chains still under pressure, patience and flexibility are more crucial than ever when embarking on a remodeling project.
“Be aware of the rising trends in all the costs of the remodelers for the contractors,” he said. “It’s not just them being greedy and trying to drive up their profit rate, their costs are all going up as well.
Fisher said it’s also extra important to plan your project well in advance, and to hire reputable contractors.
“The top advice I have is to plan ahead. You want to make sure that you are not trying to change the project midstream. That’s expensive for no reason,” he said. “The second thing, a very close second, is focus on the quality of your pro. All of this stuff is irrelevant if you have a bad pro.”
Do I Need a Home Renovation?
The idea of disrupting home life or getting a renovation loan just to complete a major renovation could be enough to prevent some homeowners from taking the leap. A renovation isn’t for everyone, and it’s not always the best option cost-wise; however, you might discover that it’s the perfect option for your family. Renovating an existing home allows you to experience added comfort and luxury, avoid the hassle of moving, improve your home’s energy efficiency, and increase your home’s value.
Make Your Home More Comfortable and Aesthetically Pleasing
You spend a lot of time in your home, especially if it’s also your work space. Why not invest in making your private space more comfortable, functional, and enjoyable? Living in a home that suits your style and needs can positively affect your overall health. Home renovation doesn’t just have to be about resale value. If a room or system has always bothered you, update it and alleviate that nagging stress.
Boost Your Home’s Value
Any significant improvement on a home boosts the property value. That’s money right back in your pocket someday when you decide to sell. An outdated kitchen is a primary deterrent for many prospective home buyers. A kitchen renovation improves ROI (return on investment) by 83 percent, and a bathroom renovation by at least 65 percent or more.
Enhance Safety and Improve Accessibility
It’s safe to assume most people would prefer to choose a renovation project rather than be forced to complete one due to damage or disrepair. In some cases, renovation cannot be put off for long. Faulty electrical wiring, roof leaks, broken appliances, or storm damage are just a few reasons homeowners should start a renovation project. Safety is a top priority when it comes to deciding on a renovation.
Upfront costs of buying a house are one thing to consider, but many home buyers also factor in long-term energy costs. Monthly costs to maintain a comfortable home add up over time. Even if you don’t plan to sell a house soon, consider renovating some mechanical systems to improve the efficiency of your house and lower bills. New double-pane windows, added insulation, or an updated HVAC system improve efficiency.
Fix Existing Damage
Sometimes a house has sustained some damage that doesn’t affect efficiency or function, but it’s still important to repair any damage to keep property value high. A home that’s always kept in good shape will bring more value to a sale.
You’re Selling Your Home
If you know you won’t stay in your home forever, updating the interior might be a great idea to improve the resale value. A home estimate can help identify areas that would provide the best ROI. Some homeowners do this frequently as house flippers. In this case, it’s best to choose styles, colors, and trends that appeal to the current market in your region.Selling your home?A home renovation can boost resale value. Get free, no-commitment project estimates from contractors, builders, painters, and more near you. Find a Pro +
Average cost to gut & remodel a house
The average cost to gut and remodel a house is $100,000 to $200,000, depending on the square footage and age. Gut renovation costs $60 to $150 per square foot and includes demolition, structural improvements, new electrical and plumbing, new roof and HVAC, appliances, and finishings.
|Gut a house to the studs||$2,500 – $7,000|
|Complete gut and remodel||$100,000 – $200,000|
Cost to gut a house
The average cost to gut a house to the studs is $2,500 to $7,000 or more, which includes permits, labor, and material disposal. If the home has asbestos inside, it costs $1,200 to $2,800 extra for safe gutting and removal.
Cost to rehab a house
The average cost to rehab a house is $20,000 to $75,000 or $20 to $50 per square foot. A full gut rehab costs $100,000 to $200,000 to remodel a house completely. Generally, the cost per square feet gets cheaper as the house size increases.
Rehabbing is a term used interchangeably with remodeling and renovating. The extent of the remodel, location, and choice of materials affect the total cost.
How Much Should I Spend on a Home Renovation?
To get an approximate idea of what your remodeling budget should be, consider the value of your home as a whole. You don’t want to spend more than 10 to 15 percent of your home’s value on a single room. If you spend more, the value of the renovation will not proportionally add to the value of your home.
For example, if your home is worth $100,000, the maximum you should spend on a kitchen or bathroom renovation is $15,000. If your house is worth more, the spend on a renovation could be higher.
“Most of the time, it’s really hard for a homeowner to know where to start. I recommend bringing in a design build contractor early on in the process. In their initial consultation they can talk about your needs and priorities and help guide you through a project that is realistic for your budget.”
Danny Niemela | ArDan LLC
Determine Financing Before Finalizing Your Budget
Before setting the budget for your home renovation, you need to determine how you are financing it. If you are paying in cash, taking out a loan or applying for credit, the budget of your renovation will need to fit within the limit of your available funds.
Once you know how much you can afford to spend, set aside 10 to 20 percent of your available funds for unexpected expenses. This is important. Something will go wrong or cost more than originally projected. By setting aside a percentage before beginning, you know you will have the funds available to finish your project no matter what happens.
“I recommend setting aside between 10 to 20 percent for a cushion. If you hire the right contractor to do some exploratory demolition or investigative work early on there should be very little unforeseen work that needs to happen. However, in our experience once a project starts many of our clients pull out the ‘While you are here, can you also do…’ list and if client has the money set aside, we can easily accommodate it in duration of the project.”
Danny Niemela | ArDan LLC
Once you’ve decided how much to spend, use the following steps to create a detailed plan and budget.
Remodeling Cost Per Square Foot
Typically, renovating a home costs $15 – 75 per square foot. However, this price can go up to as much as $120-200 per square foot depending on the project and scope of work.
Lets take a look how much you might end up spending per square foot for each room in the house:
|Room Type||Remodel Cost Per Sq.Ft.|
|Multiple rooms||$15-25 per square foot|
|Complete gut renovation||$75-185|
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Ways to Save Money on Home Renovation
While you can’t control the supply chain, you can find ways to save money on your home renovation. Karp recommends working with people who will share costs with you upfront.
“I think the number one thing is to have the right team, a team that you trust,” she says. “As much as possible, homeowners should try to get an idea of the cost of the project, meaning architectural fees, compliance fees, and build costs at the schematic design, development, and construction stage.”
Allow space in your timeline for unexpected delays, Weiss says.
“Make a sort of renovation calendar that has enough space for any sort of interruptions,” she says. “Even [prepare for] things like your contractors have to be out because they may have been exposed to COVID. There’s nothing worse than expecting a renovation to be done months and months before it’s actually done, so make sure you can dedicate ample time to the project to account for the hiccups you may face.”
Finally, Lavinder reminds homeowners to solidify their renovation plans before they get started.
“People may have a plan for the remodel, but then they change their mind in the middle,” he says. “That has a ripple effect that affects all these different costs. Going into a project and sticking with it and not changing your mind is one of the most important parts of doing a successful remodel.”
Attic bathroom renovation After
- What I Spent: $2,500
- What I Got: New laminate flooring, paint and light fixtures upstairs. Plus I moved the attic access doors to make room for some shelving in the upstairs bathroom.
- Money Spent Since 2013: $1,420.26 to convert the former master closet back into a fourth bedroom and to freshen up the bathroom (new mirror, light fixture, faucet, hardware and moving the attic access doors) when I was trying to sell the home. Otherwise, I haven’t done much because I’m trying not to overbuild for the area.