How Much Does It Cost to Renovate a House in 2024?

Americans spent $427 billion in 2022 on home improvements. Experts predict home improvement sales will rise to $620 billion in 2024. Moreover, 93% of homeowners felt they had a better quality of life after their home renovation.

High mortgage rates entice homeowners to renovate and continue to live in their current homes rather than hunt for a new one. Moreover, home renovation projects can bring in up to 60% ROI and are a great way to increase home value.

How Much Does It Cost to Renovate a House?

The average home renovation cost is between $15 and $60. Generally, small projects cost around $18,000, whereas major projects cost up to $150,000. The cost of house remodeling depends on multiple factors. These include:

• Labor Costs: It is generally $20 to $150 per hour, depending on the complexity of the project. However, setting aside 10% to 20% of your home renovation budget for labor costs is advisable.
• Permit Costs: You must obtain local permits before beginning the remodeling process. These include inspections, zoning requirements, insurance, etc. and generally cost between $400 and $1800.
• Designing Costs: When renovating your house, if you decide to change its interior, hiring a designer is advisable. The cost ranges between $100 and $200.
• Home Inspection Costs: You must get a home inspection done to avoid unforeseen expenses that may arise during the renovation. It generally costs between $300 and $500.

Home remodeling costs largely depend on how much you want to remodel your house.

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How Much Does It Cost to Remodel a Home by Size?

The major factor contributing to home renovation costs is the size of the property. An average renovation cost per square foot is between $15 and $60. The below table shows different renovation costs of a home as per its size.

Project-Wise Cost to Renovate a House

Here are the individual costs of remodeling different parts of a house.

Cost to Renovate a Bathroom

Remodeling a bathroom can significantly impact your home renovation budget. It is important to figure out what kind of renovations you can afford.

Here’s a list of bathroom renovation costs by type:

• Powder Room ($5,000 to $10,000): It may include vanity upgrades, flooring, and lighting expenses.
• Guest Bathroom: ($14,000 to $20,000): Guest bathroom renovation may include bathtub and shower upgrades, new wallpaper, and more.
• Master Bathroom Remodel: ($30,000): It may include new lighting, tiles, and double vanity fixture expenses.

Cost to Renovate a Kitchen

The remodeling costs of a kitchen depend on the scale of the project. A basic upgrade is much cheaper than a high-end remodel.

Here’s a list of common kitchen upgrades and costs for each:

• New Appliances ($3,800 to $25,000): The cost of new appliances depends on your taste and preferences. A new refrigerator can cost you $500 for a basic model or up to $10,000 for a top-of-the-line model.
• Plumbing ($4,000 to $7,000): Upgrading or replacing plumbing is a costly part of your kitchen remodel. As a thumb rule, have at least 4% of your total kitchen renovation budget for plumbing.
• Countertops ($3,200 to $8,500): Replacing countertops can be a big expense. You can cut costs by replacing the doors or repainting the cabinets instead of replacing the entire structure.

Cost to Renovate a Living Room

Labor and materials largely constitute renovation quotes for a living room. Labor costs typically account for 15% to 30% and material costs for 70% to 85% of the total budget.

Here’s a list of the average renovation costs of a living room.

Cost to Renovate a Garage

Renovating a garage is one of the most important home improvement costs. It improves the curb appeal of your property and increases your ROI. You can either renovate the garage or convert it into a new room.

• Cost to Renovate a Garage ($7,000 to $15,000): You can upgrade your garage with a simple paint job, add extra storage, or change the flooring. Some homeowners tend to pay less than $2,200 for a quick garage update.
• Cost to Convert a Garage ($5,719 to $24,316): The size of your garage will largely influence the cost of conversion. You can turn your garage into an extra bedroom, office space, etc.

Cost of Renovating Exteriors

The exterior of your house must be appealing, as it’s the first thing anyone would see. Here are the costs for some common exterior renovations.

Cost of Building a Swimming Pool

The cost to build an in-ground swimming pool starts at $23,000. An above-ground pool can cost as little as $1,000. Here are a few factors that will influence the cost of building a swimming pool:

• Pool Size, Shape, and Type: The average per-square-foot cost of an in-ground pool typically ranges from $50 to $125. The pool’s size primarily determines the project cost, with larger sizes resulting in higher expenses.
• Labor Costs: Labor typically accounts for 25% to 50% of the total cost of building a pool. The cost of labor can vary depending on the type of pool. Inground pools generally have higher labor costs compared to above-ground pools.
• Landscape: The average landscaping costs surrounding your pool range between $3,000 and $5,000, or $4 and $12 per square foot.

Cost to Add a Room

It’s more plausible to add a room to your existing property than to build a new house. The average cost to add a room ranges from $80 to $200 per sq. ft.. Listed below are some popular home additions and their costs.

• Mudroom ($4,000 to $12,000): A mudroom can make a great addition to your home, especially for homes with children and pets. You can build a 6×6 room for under $5,000.
• Sunroom ($8,000 to $30,000): A sunroom is a great way to elevate your home. The cost of building a sunroom largely depends on the size and materials used.
• Second-Storey Addition ($80,000 to $600,000): Adding an extra floor to your home is a huge project. You can build a partial second storey for $80,000 to $250,000 or a full second storey for $100,000 to $600,000.

Cost to Gut and Remodel a House

The average cost to gut and remodel a house ranges from $100,000 to $200,000, or $100 to $200 per square foot. Here’s a list of major gut renovation projects with their costs:

Additional House Renovation Costs to Consider

You may face a few unexpected costs during a home renovation project. It’s best to prepare beforehand.

Refer to the table below to see the additional house remodel costs you may have to incur:

📌 Tip: Use a whole house renovation cost calculator to get an estimate for your home renovation project.

How Can You Save Money on Home Remodeling?

Remodeling a house can be heavy on the pocket; even adding a small room can increase the costs. However, there are ways in which you can reduce the cost of remodeling the whole house.

• Do It Yourself: You can save a considerable amount of money doing basic tasks like replacing doors and painting floors by yourself.
• Do Market Research: Get renovation quotes from multiple contractors before finalizing any one. This way, you’ll be able to compare all your options and decide what’s best for you.
• Demolish the Property Yourself: If you have the means, you can save money on demolition by DIY.
• Optimize Your Current Space: It’s better to make full use of your current space rather than building additional infrastructure.
• Choose Affordable Materials: Instead of buying high-end materials, you can buy budget-friendly building materials. It will help you save a lot of money, as the percentage of material costs is highest in a remodeling project.

Bottom Line

The cost of remodeling a home varies depending on multiple factors such as structure, area, location, materials, etc. Moreover, the renovation of a whole house is more costly than remodeling parts of it.

However, there are ways in which you can save some money, such as market research, doing basic tasks by yourself, choosing affordable materials, etc.

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