Whether you’ve owned your home for decades or you just bought a new house, homes always need maintenance and improvements to stay in good condition and maintain their value. Waiting too long to make repairs or perform general preventive maintenance can erode the value of the property.
Renovating your house can repair existing damage or even raise your property’s value. Total house renovations are projects that involve remodeling all, or many, of your home’s rooms. Before taking on such a hefty project, it’s important to know what your house renovation costs truly are in order to set a budget. Read through our guide to explore the average cost of a complete home renovation and the varied costs of remodeling different areas of your home.
How Much Do Total Home Renovation Projects Cost?
According to HomeAdvisor, it can cost between approximately $18,000 and $76,000 to fully remodel a home. However, the price to remodel one house isn’t the same as the price to remodel another. Instead, it’s important to consider the current age of your home, the scope of the renovation, and the quality of the materials you want to update your home with. The size of the property, where it’s located, and regional labor costs will impact the total price, too.
If you want to stay on the lower end of remodeling prices, focus on minor upgrades to each room in your house. Minor remodels typically include flooring upgrades, painting, and fixture upgrades. Major remodels include layout changes, electrical and plumbing upgrades, and even room additions, and the house renovation costs change accordingly.
Aside from different tiers of remodeling projects, home renovations can be split into two categories: exterior renovations and interior renovations.
How Much Does It Cost to Remodel the Exterior of a House?
The exterior of your home includes the siding, brickwork, windows, doors, and the roof. Expect to spend between $5,000 and $15,000 on your home’s exterior, not including any new landscaping projects or a brand new roof. This budget includes the cost of a fresh coat of exterior paint, which can cost between $2,000 and $4,000. Replacing the existing roof costs the average homeowner approximately $8,000.
Pro Tip: Your home insurance may cover all or a portion of the cost of new windows and a new roof. Get an evaluation from a local company before your insurance company does an appraisal.
How Much Do Home Renovations Cost: A Room-by-Room Breakdown
The average cost of a total home renovation depends on where you’re focusing and how much you want to change. The four most common areas to focus on include:
Kitchens make up a large portion of house renovation costs, costing anywhere from a few thousand dollars for surface-level upgrades to over $60,000. Some of the common elements in kitchen renovations include:
- Sinks and other fixtures and plumbing
Along with the costs of the materials, it’s important to figure in the costs of demolition and labor. Kitchens involve a lot of specialized wiring, plumbing, and installation work in a small space. All in all, kitchen renovations tend to be the most expensive home renovation costs, at an average of $150 per square foot.
Pro Tip: Framing your house renovation costs by square foot lets you adjust general estimates to fit the dimensions of your home.
Bathrooms are another significant factor in house renovation costs. Much like in kitchens, improvements to these spaces require specialized plumbing and electrical work. They also require expensive materials such as tiles, a new shower or tub fixtures, vanities, and lighting.
Realtor.com places the cost of a bathroom remodel at about $9,000 per bathroom, but specialty installations will drive up the cost. Master bathrooms, guest bathrooms, and half-baths all have different needs, so you can also estimate the costs at about $125 per square foot, according to HomeAdvisor.
Bedrooms are an important part of any home renovation; fortunately, they’re also relatively inexpensive. According to Business Insider, a high-end bedroom renovation will cost approximately $7,880.
New flooring, new lighting fixtures, and new paint are simple improvements. Depending on your budget, you could add custom organization systems to your closets. If your house has recently become an empty nest, a total home renovation is a great opportunity to turn one of your bedrooms into an office, a craft room, or a home gym.
Home renovation costs can also include room additions, house extensions, and even accessory dwelling units (ADUs) that homeowners can rent out to tenants. Changing a one-bathroom house to a two-bathroom house can add thousands of dollars in value, and creating a potential stream of rental income can make your home an even stronger investment. Also, consider improvements like adding a bedroom, extending the garage, or constructing an outdoor living space with a kitchen. These improvements can be incredibly costly if you are adding on to the total square footage of your home, especially if you have a solid slab foundation.
5. Other Parts of the Complete Price to Remodel a House
As you inspect your home for other areas for improvement, you may find additional projects. Refurbishing your chimney, refinishing your driveway, and adding an epoxy coating to your garage floor are also popular home improvements. Each of these projects and more will vary depending on the age and size of your home.
There’s no single answer to the question, “How much money do you need to remodel a house?” We recommend walking through your home and making a list of must-have and if-possible priorities so you can upgrade your home to suit your style while staying within budget.
You can also leverage the equity in your home or use a home equity investment to increase your home renovation budget. With a home equity investment, homeowners can get cash with no monthly payments in exchange for a share of their future home appreciation. Contact our team about how you can use your home’s equity to upgrade your home and increase the value of your property. Secure the funds you need to complete all of your renovation dreams and continue enjoying your home for years to come.Tags: Home Renovation