Home remodeling is the dream of transforming your living space into a haven that perfectly reflects your style and needs. However, it can also be a reality check when you start crunching the numbers and considering the cost to remodel a house.
Whether you want a sparkling new kitchen, a luxurious bathroom addition, or a complete home makeover, the daunting task of budgeting may temper the thrill of possibilities. Nowadays, managing finances is even more complex, thanks to a trifecta of challenges: inflation, labor shortages, and the ever-fluctuating cost of materials. It’s enough to make even the most seasoned DIYer break out in a cold sweat while estimating home remodeling prices.
But fear not! You can effectively remodel your home with careful planning, realistic expectations, and savvy budgeting. So, let’s roll up our sleeves and explore the specifics of house remodeling costs in 2024.
What is the Average Cost to Remodel a House?
The average cost to remodel a house is approximately $81,600. This figure represents a broad spectrum of remodeling projects, from minor cosmetic changes to high-end renovations involving structural changes and top-tier materials.
Moreover, high-end projects and complex renovations can cost as much as $182,000, while more modest projects can be completed for as little as $1,200. For most homeowners, especially those with smaller or more focused projects, the full home remodel cost will likely be lower, capping around $62,000.
Let’s break down the cost of renovating a house in the following sections:
1. Cost to Renovate a Home by Square Foot
The size of your home plays a significant role in determining home renovation costs. In today’s market, cost per square foot to remodel a house typically ranges between $100 and $410.
- Lower end ($100–$150/sq. ft.): Simpler cosmetic jobs, like repainting, installing new flooring, or updating fixtures, fall into this range.
- Higher end ($150–$410/sq. ft.): Complex renovations that involve tearing down walls, rewiring, or moving plumbing, particularly in kitchens and bathrooms, significantly raise the price.
The overall complexity of the project and the materials used drive up home renovation estimates. For example, using high-end tiles or countertops can increase your total expenditure.
2. Cost to Renovate a Home by Type
Renovation projects vary widely depending on the type of work involved, with costs fluctuating accordingly:
- Gut Renovation: This completely demolishes the interior, leaving only the structure intact. It can cost between $90,000 and $210,000, or about $90 to $210 per square foot.
- Whole-House Renovation: Prices range from $14,000 to $200,000, depending on the home’s size and the remodel’s extent. Larger homes with extensive floor plan changes push costs to the higher end.
- Interior Renovation: This includes updating rooms like bedrooms or living spaces, costing between $12,000 and $81,500. Minor updates, such as new paint and flooring, falling at the low end, knocking down walls, or moving electrical and plumbing, will increase the house refurbishment cost.
- Exterior Renovation: This typically involves structural changes and curb appeal improvements, such as new windows, roofing, or landscaping. These projects range from $12,000 to $95,000.
- Addition: Adding a new room or extending a home costs between $151,000 and $273,500, averaging around $186,000. The cost of this home addition depends on the size and materials used.
3. Whole-House Remodel Price Ranges
Remodeling an entire house can be broken into three categories based on budget and the scope of work:
- Budget Remodels ($15,000–$40,000): These typically include DIY projects and small upgrades like new paint, refinishing floors, or replacing fixtures.
- Medium Remodels ($40,000–$92,000): Additional work may include floor plan adjustments, new appliances, or professional labor.
- High-End Remodels ($92,000–$162,000): These involve structural changes, high-end materials, and the services of professionals such as architects and structural engineers.
4. Cost to Renovate a Home by Room
Costs also vary based on which rooms are being renovated:
- Bedroom: A bedroom renovation typically costs between $3,500 and $9,000 for cosmetic upgrades, but structural changes can push that cost up to $40,000.
- Bathroom: The cost ranges from $28,500 to $70,000, with an average of $70 to $250 per square foot, depending on whether you’re changing the layout or replacing fixtures.
- Living Room: Depending on the size and scope of the project, this typically costs $15,000 to $36,000.
- Kitchen: One of the most expensive rooms to remodel, with costs ranging from $62,000 to $160,500 and an average cost of $77,000.
- Basement: Finishing or remodeling a basement can cost anywhere from $45,000 to $181,000.
- Garage: Costs vary between $30,000 and $130,000, with an average of $51,000.
5. Cost Factors When Renovating a Home
Several factors impact the overall :
- Type of home: A condo, house, or apartment will have different price points, with houses costing between $40 and $60 per square foot. If you want to make energy-efficient upgrades to your home, check out our blog on the 18 Essential Aspects of Energy-Efficient Home Designs for valuable insights.
- Age of home: Older homes may require additional work such as foundation repair, asbestos removal, or rewiring, which can add up to 20% more in costs.
- Labor: Contractors typically charge $120 to $150 per hour.
- Permits and taxes: Necessary permits can cost between $100 and $1,800, depending on the project.
- Location: Urban areas have higher labor and material costs than rural regions.
6. DIY vs. Hiring a Pro
While DIY renovations can save money, not all projects suit the average homeowner. DIY works well for smaller projects like demolition or painting. However, complex tasks involving plumbing, electrical systems, or structural changes should be left to professionals. Hiring a professional ensures quality, and they often have access to better pricing for materials, making your home renovation estimate more accurate.
How to Pay for a Home Renovation?
Financing options for house refurbishment costs include:
- Home equity loans or lines of credit (HELOC): Secure funds using the value of your home.
- Personal loans: Suitable for smaller projects.
- Saving in advance: Setting aside money for renovations can reduce the need for loans.
- Credit cards: An option for more minor expenses, but be wary of high interest rates.
- Renovating in phases: Spreading the work over time can make it more manageable.
Renovating your home in 2024 is thrilling, but it’s crucial to understand that the costs can vary widely. From minor upgrades to complete overhauls, the price tag can range from a few thousand dollars to tens of thousands, depending on your project’s size, complexity, and location. Careful planning, budgeting, and hiring experienced professionals are essential to ensure your renovation journey is successful.
Whether tackling a small DIY project or embarking on a full house transformation, a clear understanding of the potential costs will help you stay on track and avoid any unexpected financial surprises.
Once your renovation is complete, remember that the final touch is a thorough cleaning to reveal the full beauty of your newly remodeled space. Our Must-Know Post-Renovation Cleaning Tips For Homeowners guide can help ensure every corner shines after the dust settles.
And if you’re looking for a dedicated partner to guide you through every step of your remodel, from initial concept to the final reveal, look no further than Jackson Carter Design Build. We’re committed to bringing your vision to life, ensuring a seamless and stress-free renovation experience.
Reimagine Your Home’s Interior: Jackson Carter Design Build
At Jackson Carter Design Build, we’re passionate about transforming your dream home into a tangible reality. We prioritize understanding your unique vision, values, and aspirations, ensuring your house becomes a true reflection of you. Our team’s foundation lies in trust and collaboration, with many members having worked together for over a decade, fostering a seamless and enjoyable design-build process from concept to completion.
Whether you envision a spacious bathroom, a functional finished basement, or an inviting living room perfect for entertaining guests, our seasoned professionals are ready to guide you every step of the way.
Our Services:
- General Contracting
- Customized Home Builds
- Home Additions
- Kitchen Renovations
- Basement Finishing
- Bathroom Remodeling & More
Ready to embark on your dream home journey? Schedule your discovery call with us today!