How Much Does Home Renovation Cost – Find out the average repair cost per square foot of your home. Find out the factors that affect the cost of home renovation.
How much does home renovation cost? What factors should be considered when determining the cost estimate for your next home remodeling project?
How Much Does Home Renovation Cost
Estimating home renovation costs doesn’t have to be difficult or time consuming, especially if you have the right information and tools to help you.
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So, if you’re a general contractor, appraiser, or homeowner and are preparing a cost estimate for your next home renovation project, here’s what you’ll know by the end of this blog.
Disclaimer: The prices shown here are based on averages from third-party research. Prices may still vary due to seasonality and supplier differences.
On average, a home remodel or renovation costs between $15 and $60 per square foot. According to HomeGuide, a complete 3-bedroom home renovation typically costs between $20,000 and $25,000.
However, it is important to consider that construction costs have increased due to labor and supply shortages during the COVID-19 pandemic. Prices are up 10% this year as delivery times have increased in many parts of the country. Thus, in addition to factors such as location and size, inflation must also be taken into account.
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The table below summarizes the standard range, low cost, high cost, and average national repair costs in the United States.
Long Island and New York City have the highest renovation costs, ranging from $25 to $150 per square foot. On the other hand, Jacksonville, Florida has the most affordable renovation costs, ranging from $15 to $60 per square foot.
The table below shows the average repair costs in the US. It includes low and high cost per square foot in US dollars.
The bar chart below visually compares the difference in average repair costs between US cities. The red bars show the highest spending cities, while the blue bars show the lowest.
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According to the table below, the National Association of Home Builders (NAHB) recommends spending a certain percentage of the value of a home on a room or upgrade. Renovating a standard bedroom should only cost up to 3% of the total value of the home. Meanwhile, the kitchen should only cost up to 16% of the total value of the home.
If you spend more, the cost of repairs will not proportionally increase the value of your home.
The type of home is another factor that influences the cost of renovations per square foot. Typically, homeowners spend between $15 and $60 per square foot to renovate an entire home. However, the type of home being remodeled may affect the final cost. For example, renovations to historic homes can cost up to $400 per square foot. This is more expensive compared to an apartment that only costs $25 to $60 per square foot.
Historic homes are more expensive to repair because they must meet today’s safety standards. For example, their plumbing system needs to be upgraded to avoid problems with cracked pipes and tree roots. The building should also be checked for pests such as termites. Another reason for the high cost of renovating historic homes is that they may require repair materials or methods that are no longer in use.
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The stacked bar chart below visually compares the difference in average repair cost between different types of homes. The blue bars show the lowest costs and the red bars show the highest costs for each type of home.
The stacked bar chart below visually compares the difference in cost between different types of rooms or living spaces. The blue columns show the minimum costs and the red columns show the high costs for each room type.
Attic repairs often include adding insulation, installing a fan, and drywall. Typically, this costs around $30-60 per square foot. But if the attic is converted into living space, such as a library or children’s playroom, the cost can be as high as $200 per square foot.
Basement remodeling can be anything from installing a new floor, adding electrical or plumbing, to building models. The average cost for this type of project is between $100 and $300 per square foot.
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Renovating your bathroom can cost anywhere from $120 to $275 per square foot, depending on the quality of the materials used. Bathroom renovations typically include updating lighting fixtures, showers, countertops, bathtubs, and more.
A bedroom remodel can cost anywhere from $15 to $40 per square foot, but it will vary depending on what needs to be done. For an inexpensive bedroom remodel, the cost can be around $4,000. A mid-range remodel typically costs around $20,000, while a high-end remodel, such as converting an attic into a bedroom, can cost up to $40,000.
Do-it-yourself garage repairs usually involve painting the walls, installing shelves, and re-flooring. These standard repairs can cost anywhere from $2 to $5 per square foot. In contrast, a garage overhaul, which includes hiring a general contractor, obtaining permits, and putting up walls, can cost upwards of $86 per square foot.
The average cost of gutting and renovating a home ranges from $60 to $150 per square foot. This type of renovation includes structural improvements, new electrical wiring and plumbing, and the installation of a new HVAC system.
Kitchen Remodel Investment
Depending on the size and quality of the materials used, a kitchen renovation can cost between $100 and $250 per square foot on average. Minor alterations, which include very light touch-ups to the backsplash, countertops, and light fixtures, cost between $5,000 and $20,000. In contrast, a high-quality kitchen remodel that includes custom-made tiles and cabinetry, upgraded plumbing, and floor remodeling. a plan can cost anywhere from $60,000 to $125,000.
Renovating a living room costs between $10 and $60 per square foot. So, when remodeling a 300-square-foot room, you can expect to pay anywhere from $3,000 to $18,000, or an average of $10,500. Living room refurbishment may include adding cabinets, adding light fixtures, installing new windows. or wall decoration.
The cost of home renovation work can range from $20 to $200 per hour, but it varies depending on the services and skill level of the builder. Here are some of the typical pay rates per specialist.
Structural changes, electrical and plumbing work, and other major repairs often require permits to ensure they are done correctly in accordance with current building codes. Permits for small projects, such as kitchen or bathroom renovations, cost between $50 and $300. On the other hand, a building permit can cost up to $1,800. It is extremely important to check with local county officials before home renovation projects to get a more accurate price and determine what permits are needed.
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Before renovating a home, it is important to first determine the costs and budget. Careful planning, considering the various factors that affect the final cost, can help prevent cost overruns and ensure you’re happy with the end result. See updated pricing based on factors such as location, building size, labor and material costs.
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Find out what construction estimating software is, its benefits and features, the different types available on the market today, and how it is changing the industry for contractors. Editor’s Note: Lantern by SoFi is committed to providing unbiased, independent, and accurate content. Writers are not affiliated with our commercial activities and do not receive direct compensation from advertisers or partners. Learn more about our editorial policies and how we make money.
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This is the second part of a three-part series on home renovations during the ongoing Covid-19 pandemic. We interviewed 600 people who were renovating their homes between March 2020 and January 2022. We asked them about costs, challenges, satisfaction with results, and more. For deeper understanding, we also looked at the data for the 10 most populous states in the country and reported any notable anomalies. In Part 1, we looked at which rooms people chose to redo and why. Here we’ll focus on how much people spent on their remodel, any major regrets and advice from past remodelers. In Part 3, we’ll discuss different design styles and inspirations. Note. Percentages are rounded to the nearest whole number. expenses?” According to our research, most people spend $20,000 or less to renovate their home. Here’s a full breakdown of what respondents spent: $10,000 or less: 39% of $10,001 to $20,000: 20% of $20,001 Under $30,000: 14% From $30,001 to $40,000: 13% From $40,001 Under $50,000: 7% Over $50,000: 8% Next, we wanted to find out how people paid for their remodels.Here’s the breakdown different payment methods respondents used to finance their repairs: Savings: 51% Credit card: 32% Personal credit: 9% Other: 6% Cash or debit card: 2% people already have money saved.
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