How Much To Renovate A House
The expense of renovating a house varies greatly, contingent upon factors such as the property type, specific room modifications, and the scale of the project. Generally, Americans allocate an average of $22,000 towards home renovations, yet this figure can fluctuate significantly based on the extent of changes desired, the quality of materials utilized, and the intricacy of the renovation plans. From minor touch-ups to comprehensive overhauls, the cost to renovate a house can span a wide spectrum, tailored to individual preferences and the unique needs of each home.
At Estimate Florida Consulting, we provide estimates for your projects, offering insights and guidance to help you navigate the expenses involved in achieving your renovation goals.
Estimating Costs Based on Room Types
Different rooms come with varying renovation expenses, largely determined by the extent of work required. According to Stephanie Bullwinkel, a member of the National Kitchen and Bath Association at Imperial Kitchens and Baths, Inc. in Brookfield, Illinois, kitchens and bathrooms often incur higher costs due to intricate plumbing and electrical needs. These spaces demand extensive labor, craftsmanship, and problem-solving skills, making them the most financially intensive home renovation areas. Expenses soar with the inclusion of cabinetry, countertops, backsplashes, fixtures, and appliances, establishing them as the primary areas for home renovation spending. However, altering the project’s scope, appliances, or finishes can help reduce costs in these rooms.
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Get Rendering- Kitchen: $15,000–$75,000
- Bathroom: $13,500–$30,000
- Bedroom: $15,000–$22,500
- Living room: $7,500–$15,000
- Dining room: $3,000+
- Office: $7,500
- Attic or basement: $18,450 to $49,950
- Foyer: $1,500–$15,000
- Laundry room: $3,000+
- Closet: $1,500+
- Garage: $4,500–$22,500
Cost estimates by project:
Beyond room renovations, there are many other projects associated with home remodeling. Here’s what you can expect to pay for some of the most popular ones, though it’s entirely possible a project’s total cost could fall well above or below these numbers.
- Roofing: $30,000+
- Exterior siding: $21,000+
- Windows: $12,750–$30,000
- Patios or decks: $3,000–$16,500
- Central air conditioning: $5,700–$11,400
- Furnace or heat pump: $4,200–$11,250
Cost estimates per square foot:
The size of your house is important to consider when determining home remodeling costs—rooms with more square footage generally command higher prices during renovations.
Here’s a breakdown of the average home renovation cost per square foot of floor plan in a home or a specific room, but please note that these ranges will typically skew higher in metropolitan areas with a higher cost of living.
- Whole house: $15 to $375 per square foot
- Kitchen: $150 to $375 per square foot
- Bathroom: $180 to $412.50 per square foot
- Living room: $15 to $90 per square foot
- Basement: $150 to $450 per square foot
Overall home renovation spend:
According to a 2022 Houzz study, the median national spend on home renovation projects in 2021 was $27,000, with the 90th percentile spend being $150,000. Houzz reports that renovation spend is highest among recent homebuyers ($45,000), followed by short-term homeowners ($28,500) and long-term homeowners ($22,500). HomeAdvisor, on the other hand, found most home renovation costs to fall between $26,920 and $117,462, with a national average of $72,074.
For a more detailed breakdown of costs, a 2022 study by the National Association of Home Builders found that buyers of new homes spend, on average, about $18,000 on renovations, $7,500 on furnishings, and $6,000 on appliances within the first year of ownership. For buyers of existing real estate, those numbers drop significantly to approximately $9,000 for renovations, $3,750 on furnishings, and $3,750 on appliances.
Additional costs to consider:
Beyond the price of materials, there are so-called hidden costs that might sneak up on homeowners and affect the answer to the question: “How much does it cost to renovate a house?” Here’s what you might need to factor into your budget.
Labor:
General contractors, like plumbers and electricians, typically cost about 15 to 30% of the project cost.
Contingencies:
Hold 15 to 30% of your renovation budget for unforeseen issues.
Scope creep:
Leave room in the budget for potential upgrades.
Permits:
Building permits vary in cost depending on your project and locale, ranging from $75 to $3,000.
Location surcharges:
Renovation costs vary between areas.
Living costs:
Budget for alternative living arrangements during renovations.
– Taxes: Anticipate potential tax post-renovation.
What can different budgets achieve?
A low renovation budget of $67,500 will likely cover moderate cosmetic upgrades throughout the home. For instance, the expense of painting a house or acquiring new fixtures or finishes can generally be accommodated within this budget. Alternatively, this same amount of money could be allocated to a single room, like a bathroom renovation or kitchen remodel.
What are the most valuable renovation projects for a home?
While prioritizing your remodel based on your own preferences is crucial, considering the return on investment (ROI) might be wise if you plan to sell your home in the future. “Any expenditure on home upgrades will likely be reflected in the home’s value,” mentions Bullwinkel. According to Remodeling’s 2022 Cost vs. Value report, the highest ROI in home improvement is replacing a garage door, recouping 93.3% of the job cost. Realtor.com’s 2022 Remodeling Impact report, collaborated with NARI, indicates that refinishing hardwood floors boasts the best ROI: 147%. Conversely, the addition of a primary suite only recovers 69.5% of the job cost per Remodeling and 84% according to Realtor.com and NARI.
How can you economize on a home renovation?
One method to reduce home improvement expenses is to contribute your own effort and opt for DIY projects. However, there are areas where cutting corners isn’t advisable. Unless you possess extensive contracting experience, it’s preferable to delegate challenging DIY tasks—like plumbing, electrical wiring, countertops, HVAC, and waterproof tiling—to professionals. Instead, focus on less critical projects such as painting, basic landscaping, and changing hardware like light fixtures and faucets.
For tasks beyond your DIY abilities, be cautious when selecting a contractor solely based on the lowest price unless you’re entirely confident in their capabilities. “The home remodeling journey is lengthy and sometimes challenging, so having a trustworthy partner who supports you is crucial,” remarks Enfinger. “Projects frequently extend beyond estimated timelines and budgets, hence being patient and understanding with your chosen company is vital.” A reliable home renovation team will empathize with your budget constraints and accommodate your requirements.
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Get RenderingAdditional Tips for Home Renovation:
Apart from considering contingencies, there’s another rationale for starting with a modest budget. “If you plan to reside in your home for an extended period after the renovation, consider stretching your budget slightly to achieve what truly satisfies you or meets your needs,” suggests Bullwinkel. It’s simpler to adjust and expand the budget later than to compromise on something you truly desire.
Obtain (at least) three quotations
After forming preferences and establishing a rough budget, it’s time to consult a designer or a design-build contractor. Be prepared that their cost estimate might not align with your expectations,” notes Bullwinkel. “Unfortunately—or fortunately, depending on perspective—seeking renovation services isn’t as frequent as shopping for shoes. Hence, obtaining three quotes covering the same project scope is crucial.
Choose contractors, architects, and designers with whom you feel entirely comfortable
As mentioned earlier, hiring multiple professionals is inevitable for a successful home remodel. “From navigating the design process to construction and warranty periods, this entails building a strong rapport with your chosen remodeler,” emphasizes Enfinger.
FAQs for Home Renovation Costs
The expense of renovating a house is influenced by various factors such as the property type, specific room modifications, the scale of the project, quality of materials, and intricacy of the renovation plans.
The average cost per square foot for renovations can vary:
- Whole house: $15 to $375
- Kitchen: $150 to $375
- Bathroom: $180 to $412.50
- Living room: $15 to $90
- Basement: $150 to $450
According to a Houzz study, the median national spend on home renovation projects was $27,000, with the 90th percentile spend being $150,000.
A lower renovation budget, around $67,500, can cover moderate cosmetic upgrades throughout the home or focus on a single room, such as a bathroom or kitchen remodel.
Projects with high ROI include replacing a garage door (recouping 93.3% of the job cost) and refinishing hardwood floors (with an ROI of 147%).
Homeowners can save by doing some DIY projects but should consider professional help for tasks like plumbing, electrical work, countertops, HVAC, and tiling. Additionally, be cautious when selecting contractors based solely on the lowest price.
Conclusion
The cost of renovating a house is a multifaceted calculation, influenced by diverse factors like room type, project scope, and location. While national averages provide a rough estimate, expenses fluctuate significantly based on individual preferences and the intricacy of desired changes. Kitchen and bathroom renovations typically incur higher costs due to complex installations, making them key areas of expenditure. Managing expenses involves exploring alternatives in materials, appliances, and finishes. Hidden costs like labor, permits, and unforeseen issues should also be factored in. Prioritizing renovations based on personal preference while considering return on investment can guide choices. DIY efforts can economize, but certain tasks require professional expertise. Building a reliable partnership with contractors is vital for a successful, budget-conscious renovation. Starting with a conservative budget and seeking multiple quotes enable better planning and flexibility. Ultimately, a well-thought-out approach, balancing needs and costs, is fundamental for a satisfying and financially prudent renovation journey.
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