The average cost of a home renovation, room by room

In a nutshell

With home prices increasing nationwide and interest rates at some of their highest levels in years, now might not be the best time to buy a new home. That’s why many homeowners are taking advantage of their home equity to complete home renovation projects.

In recent years, inflation has pushed the cost of everything up — and home renovations are no exception as labor and material costs have climbed. The average cost of a home renovation is between $15,000 and $200,000, depending on the number of rooms and scope of the project, according to Angi.com.

• Renovation cost estimates can be broken down by room, project type or square footage.
• Several factors can impact the cost of a home renovation. Location, square footage, project scope and materials can affect renovation costs.

Breakdown of renovation costs by room and by project

Before you get too far into planning your remodel, it’s important to have an idea of the costs involved and ensure they align with your budget. While remodeling costs will vary depending on where you live and the project scope, we’ve done the research to help you understand approximately what different projects will cost.

Cost estimates by room type

Each room in your home will have a very different price tag to renovate. Some rooms, like the kitchen, will be expensive, while others, like a bedroom, may be easier on your budget.

Kitchen

Kitchens are typically the most expensive space in the home to renovate. But in exchange for the cost, a renovated kitchen could also provide a significant return on your investment.

The overall cost of a kitchen renovation will depend on the finishes you choose. Higher-end cabinets, countertops and appliances are expensive. If you need to adapt electrical, plumbing or HVAC systems this can also get pricey fast.

Average cost: HomeAdvisor says you should expect to spend between $14,611 and $41,432. That’s quite a range, and it only covers regular kitchens: Larger, high-end kitchens can be significantly more expensive.

Bathroom

Bathrooms are another space in your home that can be expensive to renovate, again depending on your chosen finishes. Moving around plumbing and other home systems can also significantly affect the overall cost.

Average cost: According to Angi.com, you should expect to spend anywhere from $6,629 to $17,536. However, if you’re using high-end fixtures or making significant changes to the layout, the price tag can go much higher.

Living room

Most people spend a significant amount of time in their living room. Giving it a facelift can completely change the mood in your home, and living rooms are one of the most budget-friendly renovation projects. However, if you remove walls or add new windows, you’ll shell out more money.

Average cost: HomeAdvisor says you should expect to spend anywhere from $1,500 to $20,000, with the average price being $8,000.

Bedroom

The feel of your bedroom can drastically affect your sleep quality. You can transform the space with a minimal budget by making simple changes like new paint color or upgrades to the furniture and bedding.

Average cost: HomeAdvisor puts the average cost for a bedroom remodel at $4,000. However, that price can go quite a bit higher if you’re converting an attic or part of the basement into a new bedroom.

Basement

Finishing a basement can help unlock more living space in your home. It’s also a great way to add value, especially if you’re adding another bedroom or bathroom.

Average cost: Angi.com lists the average costs to finish a basement to be between $15,000 and $75,000. This depends on the size and type of your basement and the level to which you finish it.

Cost estimates by project

Not everyone needs or wants to remodel entire rooms. Instead, you could tackle a few projects around the house. Here are a few common home improvement projects and their estimated costs:

Exterior paint

Painting the exterior of your home can boost its curb appeal and give it a facelift. The best part is that exterior painting won’t put a huge dent in your budget.

Average cost: Exterior paint jobs run anywhere from $600 to $7,500 on average, but this can fluctuate based on your home’s overall size and condition.

New fence

If the fence surrounding your yard has seen better days, a replacement can change the whole feel of your outdoor space.

Average cost: Depending on size, expect to spend around $3,200 to replace a fence.

Garage door

Similar to painting the exterior of your home, a new garage door can help give your home a brand-new look and feel.

Average cost: The size and materials can affect the cost, but you’ll spend anywhere from $1,500 to $6,000.

New flooring

New flooring can be a welcome change to the interior of your home. If your carpets are starting to show their age, consider adding hardwood flooring throughout. Costs will vary greatly depending on whether you choose real hardwood, engineered hardwood or something like luxury vinyl planks.

Average cost: Expect to spend anywhere from $3 to $22 per square foot.

Cost estimates per square foot

You’ll spend anywhere from $20 to $150 per square foot on home renovations. The overall cost of renovating your home will depend on the size of the space. Larger homes will cost more than smaller homes. The scope of work will also significantly affect the cost. If you have a simple project, it will cost less than a project that includes removing walls or moving home systems.

What is the average cost of a home renovation?

The average cost for a total home renovation depends on the work being done. Below are some of the expected costs based on the project size:

• Light renovations: If you’re planning a lighter renovation that includes something like new interior paint, new flooring or fixture upgrades, you should expect the cost to be anywhere from $1,000 to $20,000.
• Moderate renovations: If you want to do some mid-level renovations, which could include floor plan changes, minor demolition and higher-end fixtures, the average cost increases to between $20,000 and $50,000.
• Extensive renovations: If you’re looking at doing extensive updates to your home, including kitchen and bathroom upgrades, moving home systems, demolition and flooring, this will cost anywhere from $50,000 to $100,000 or more.

Factors to consider when budgeting for home renovations

Before you start any home renovation project, consider your budget and what you can afford. Here are a few simple tips to get you started:

• Understand what you want to accomplish: List out your remodeling goals and how much you believe each item will cost. This will help you determine whether you have enough money in your budget to pay for everything.
• Start narrowing your focus: If your budget covers everything, you’re in good shape. However, if the costs are too steep, start trimming your list based on priority.

How to save money on home renovations

As you can see, renovating your home can add up fast. Luckily, there are some ways to manage the costs and save money.

Get multiple project quotes

Never settle for just one quote. It’s crucial to have multiple contractors bid the work you want completed. This will help ensure you’re getting the best possible price.

Don’t be afraid to thrift

Thrifting can help you save money on just about anything. Depending on where you live, you might even have a thrift store dedicated to items for the home. Instead of paying thousands of dollars on a new entry door, for example, you may be able to find a vintage door in great shape for a couple hundred dollars.

Do your own demolition

Depending on your remodel, you may be able to do your own demolition. Even someone without much experience can remove carpeting or a deck. However, if you need to remove a wall, it’s best to let the professionals handle it.

Choose cheaper materials

You don’t need to use high-end materials to have a nice-looking house. For example, Sub-Zero appliances might be on your wish list, but most people won’t know the difference between those and a KitchenAid package. The same goes for flooring. Having hardwood throughout your home might be nice, but it comes at a price tag. Alternatives like luxury vinyl flooring offer a stylish look at a fraction of the price. Plus they’re waterproof, which is great for families.

Stick to the floor plan as much as possible

If you’re considering moving your kitchen or bathrooms, understand that this is costly. Instead of moving the plumbing, build your design around the current location, and you’ll save serious money in your budget.

How to calculate the total cost to renovate an entire house

If you’re planning a whole house remodel, prepare for some sticker shock. To get a sense of how much you’ll spend, list out each part of the remodel and the associated costs individually. You can do this by project or room, whichever is easiest. Add everything up to get the total cost.

However, keep in mind that’s not the amount you’ll actually need. Add some cushion — roughly 10% to 20% of your total renovation budget — in case unexpected issues arise that need to be addressed.

If you’re unsure what each part of the house will cost to remodel, estimate it based on your home’s square footage. Earlier, we mentioned the cost per square foot could range from $20 to $150 based on the scope of work being done. Assuming your home is 2,000 square feet, the renovation might cost anywhere from $40,000 to $300,000.

Additional costs to consider

Depending on your project, there may be additional costs involved. For example, if you’re changing the layout of your home, you’ll need to hire an architect. This can cost approximately $100-$250 an hour. Unless you plan to locate and hire each contractor, you’ll need a general contractor to oversee the job. This will add 10% to 20% of the project cost. Plus, you don't want to forget the permits you’ll need. Depending on the job, these can add another $100 to $2,000.

How much should you spend on renovating your house?

The amount you spend is a personal decision based on your budget and comfort level. No matter what you decide, try to spend your budget on things where you’ll see a return on your investment.

Kitchens, bathrooms, basements and anything to improve curb appeal can help increase your home’s value. Adding a swimming pool or installing a sauna in your basement might sound nice, but it’s unlikely to be a good use of your money if you want to recoup those costs at resale.

How to pay for your home renovations

You have several options to pay for your home renovation:

HELOC

If you’ve lived in your home for a while, you’ve likely accumulated a decent amount of equity. A home equity line of credit (HELOC) is a type of second mortgage that allows you to access some of that equity in cash to pay for a remodel. With a HELOC, you’ll receive a line of credit you can draw from whenever you need cash.

Home equity loan

Like HELOCs, a home equity loan is a type of second mortgage in which you receive a portion of your home’s value in cash. However, the loan is paid out as a single lump sum instead of a reusable line of credit. Home equity loans can be good if you know the exact cost of your project.

Note: Home equity products are second-lien mortgages that use your home as collateral to secure the debt. This means if you fail to repay them, you could lose your home to foreclosure if you default.

Personal loans

Taking out a personal loan through an online lender, credit union or bank is another way to fund home improvements quickly. However, unless you have excellent credit, the interest rates on personal loans will almost always be higher than a home equity loan or HELOC.

Credit cards

If you want to earn credit card rewards, consider getting a credit card with an introductory 0% APR on purchases. This will allow you to accumulate rewards and give you time to pay off the purchases before accruing interest.

The AP Buyline roundup

If you’re considering a home renovation project, figure out the costs involved before jumping in. Make sure you get quotes from multiple contractors to ensure you’re using your budget wisely and build some extra cushion into the mix in case you run into unexpected issues.

Frequently asked questions (FAQs)

Which renovations increase a home’s value the most?

Smaller kitchen renovations, garage door replacements, front door replacements and exterior siding all have high ROIs.

Is it cheaper to renovate a house or build from scratch?

It’s almost always cheaper to renovate an existing home than to build a new one from scratch. However, there are cases when this isn’t true. For example, if an older home has severe foundation issues, the cost of repairs may be higher than buying a new property.

What is the most expensive part of remodeling a house?

The costliest part of remodeling a house is when significant structural changes are made. For example, removing a wall, especially if it’s load-bearing, can be pricey. Moving things like plumbing, electrical and an HVAC system can also get expensive because a significant amount of labor is involved.