Will Home Improvement Prices Go Down – The average home remodeling cost is between $20,000 and $100,000, depending on the room(s), size of the home and quality of materials, as well as structural changes. A whole house renovation costs an average of $15 to $60 per square foot. A kitchen or bathroom remodel costs between $100 and $250 per square foot.
Whether you’re a real estate broker, investor, or homeowner, this guide provides an accurate starting point for creating a realistic home renovation budget.
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When calculating the cost of house renovation, the main factors are square meters, age, location, condition of the property whose premises are being renovated, structural changes, quality of materials and equipment.
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On average, a whole house remodeling costs $15-$60 per square foot, depending on which rooms need to be renovated. Kitchen and bathroom remodels cost $100-$250 per square foot, depending on the size and quality of materials. A full gut renovation costs $60-$150 per square foot.
*Costs increase significantly in urban areas with higher costs of living and historic homes over 100 years old.
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The average cost to renovate an entire 1,200 square foot home is between $18,000 and $72,000, while remodeling a 2,000 square foot home ranges from $28,000 to $115,000.
If the home cannot be repaired, the average cost to tear down and rebuild a home is $125,000 to $450,000, or $104 to $165 per square foot.
The average cost to completely renovate a three bedroom home is $20,000 to $100,000 and $40,000 to $180,000 to remodel a four bedroom home. The costs of these renovations range from standard upgrades to complete installations and remodeling.
Homeowners typically spend between $20 and $200 per square foot to remodel a full house, depending on the type of property. However, the biggest factors are the extent of the renovation, the location and the quality of the materials used.
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The cost of rebuilding a house depends on the area, the quality of the materials and the area to be renovated. Most remodeling projects increase resale value and provide a 50-85% return on investment.
In addition, about 75 percent of people who underwent home renovations reported a greater desire to be at home and a greater sense of enjoyment.
An exterior home remodel costs between $6,000 and $20,000, which includes exterior painting, landscaping, siding and fencing. Exterior home remodeling provides an 80% return on investment and improves curb appeal.
The average cost of a living room makeover is between $4,000 and $10,000, which includes new flooring, painting, crown molding, plantation shutters and installing a fireplace. A basic living room renovation costs $2,500-$5,000 for design work, painting and flooring.
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Bedroom remodeling costs $15-$40 per square foot. A basic bedroom remodel costs $1,500-$5,000 for flooring, trim and moldings, a ceiling fan, and painting. A complete bedroom renovation costs $4,000-$12,000 for new furniture, fixtures, windows, drywall, painting, flooring, lighting and trim.
On average, a kitchen remodel costs between $100 and $250 per square foot, depending on the size and quality of the materials. A small kitchen renovation costs between $5,000 and $20,000, while mid-range and high-end renovations range from $30,000 to $80,000 and up.
Redesigned floor plan, custom cabinets and tile backsplash, new appliances and fixtures, upgraded plumbing and electrical, granite counter tops, hardwood flooring.
The National Kitchen and Bath Association recommends spending and budgeting 10% to 25% of your home’s value on kitchen remodeling.
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A standard bathroom remodel costs $2,500-$15,000. Renovating a master bath costs $10,000-$30,000. Bathroom renovations cost $120-$275 per square foot, depending on the quality of the materials. Bathroom updates usually include new flooring, lighting, fixtures, wall tiling, cabinets, and paint.
The average cost to finish a basement is $20,000 to $50,000, or $25 to $50 per square foot. The cost of a basement conversion depends on whether it is an open floor plan or a closet layout and whether a kitchen or bathroom is installed. The average return on investment is 70 percent.
The average cost to finish a loft is $25,000-$75,000 to convert it into living space. A finished loft renovation costs $10,000-$30,000. Converting a loft into a bedroom or office adds value to a home, is often cheaper than building an extension, and has a 70%+ ROI.
Roof replacement costs an average of $5,700-$16,000 depending on the size, pitch and material of the roof. Tearing off the old roof alone costs $1-$3 per square foot. An asphalt shingle roof should be replaced every 20 years. Consider upgrading to a metal roof that lasts 40 to 70 years.
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The average cost to gut and remodel a home is between $100,000 and $200,000, depending on the area and age. Gut renovations cost between $60 and $150 per square foot and include demolition, structural improvements, new electrical and plumbing, new roof and HVAC, appliances and finishes.
The average cost to gut a house to the studs is $2,500-$7,000 or more, including permits, labor and material disposal. If the home contains asbestos, it costs an additional $1,200 to $2,800 for safe gutting and removal.
The average cost to rehab a home is $20,000 to $75,000, or $20 to $50 per square foot. A full gut rehab costs $100,000-$200,000 to completely transform a home. Generally, the cost per square foot gets cheaper as the size of the home increases.
When completely renovating a home, there are other cost factors to consider, such as updating electrical and plumbing lines, designing a new floor plan, building an addition, updating the HVAC system, and removing a wall.
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Calculate each project or space one by one using the data above to accurately estimate remodeling costs. Keep in mind:
Remodeling an entire home is 20-50% cheaper than tearing down and building a new home. However, if the home has foundation damage or old HVAC, plumbing, and electrical systems, new construction may be less expensive.
A room addition or home addition costs an average of $20,000 and $75,000. Adding square footage costs $85-$200 per square foot, depending on the size of the room, materials, location, and whether you plan to build in or out.
Remodeling labor rates are $20-$200+ per hour depending on the service and their expertise. The general contractor will hire and manage subcontractors and coordinate the project for 10% to 15% of the total cost.
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The cost of changing a home’s floor plan is $750-$3,000 and up. Architects charge $0.50 to $2.00 per square foot to develop design plans and provide designs.
The average home remodeling cost is between $2,300 and $5,000 depending on the size of the home. It costs $450 to replace a tub, sink or toilet and $1,800 for an appliance.
Electrician hourly rates average $50-$130 per hour plus a $75 call out fee. The cost of completely flipping a home ranges from $10,000 to $30,000, depending on the size of the home and availability. A new electrical panel installation costs $1,400-$2,800.
An average HVAC replacement costs $5,000-$11,000, which includes installing a new AC unit and gas furnace. New ductwork costs $1,400 to $5,600 more to install and should always be replaced at the same time as a new HVAC system.
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Building permits cost $500-$2,000 for large remodeling projects, while some municipalities charge 1% of the total construction cost. Licensed contractors will do the permitting.
Rebuilding costs $25 per square foot to remodel several rooms in a house or apartment, and $100 to $250 per square foot to completely gut a building and make structural changes.
Apartment renovations cost an average of $25 to $60 per square foot, or up to $200 in big cities like New York. Renovating a one-bedroom apartment costs between $18,000 and $45,000, depending on location and whether it’s a major structural change or a minor change.
A complete mobile home conversion costs $10,000 to $30,000 depending on whether it is a single or double spread. Individual projects cost $2,000-$5,000, such as a kitchen remodel or roof replacement.
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The average cost to renovate a 100-year-old home is $100,000 to $250,000, or $100 to $200 per square foot. Pricing depends on its historical value and the electrical, plumbing and HVAC updates needed to meet code requirements. Heritage buildings cost up to $400 per square foot to convert.
Older homes often have hidden problems such as lead paint, asbestos, rotting wood or aged plaster that are more labor intensive. Often, contractors gut entire walls, repair foundation and structural damage, and replace flooring.
Experts recommend budgeting 5% to 15% of your home’s total value for kitchen or basement remodeling, and 1% to 7% when remodeling bathrooms, bedrooms, or living rooms.
A $100,000 investment gets you a high-end kitchen and bathroom remodel, new roofing, windows, countertops and cabinets, HVAC replacement, whole house paint, and more.
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Most remodeling projects have a return on investment of 50% to 85%. The most popular remodeling projects that return more than 85% of your investment are siding replacement, garage door replacement, new bathroom additions, and replacement windows and roofing.
A complete renovation of a three-room house takes an average of 2 to 8 months, depending on the size and extent of the structural changes. Minor modifications and cosmetic improvements take 1 week to 2 months.
The national average home improvement cost is $100-$250 per square foot. Small home repairs cost $150-$600
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