Complete Remodel Cost: Top 5 Shocking Facts in 2024
Budgeting for a Full Home Renovation: What You Need to Know
Complete remodel cost is a big concern for anyone planning to renovate their home. Knowing what to expect can help you manage your budget more effectively. Here’s a quick snapshot of what you might expect:
Average Complete Remodel Cost
- 900 sq ft: $9,000 to $54,000
- 1,500 sq ft: $15,000 to $90,000
- 2,500 sq ft: $25,000 to $150,000
Starting on a full home renovation is a major endeavor that requires careful planning and budgeting. At Prime Homes, Inc., we understand that a detailed financial plan is key to a successful project. While spending a little more might be tempting to get exactly what you want, it’s crucial to start with a realistic budget.
Proper budgeting ensures you can get the most value from your renovation project. Remodeling not only improves your living space but also adds to your home’s value, making it a smart long-term investment. It’s essential to get quotes from multiple contractors and understand the different factors that influence costs.
I’m Jerome Bertuglia, the owner of Prime Homes, Inc., bringing over 30 years of experience in managing complete remodel costs. Our family-owned business specializes in turning your dream home into reality by sticking to high standards of craftsmanship.
Understanding the Complete Remodel Cost
Factors Influencing Complete Remodel Cost
Several factors can influence the complete remodel cost of your home. Understanding these factors can help you budget effectively and avoid surprises.
Home Size: The larger your home, the more you can expect to pay. Remodeling costs range from $10 to $60 per square foot. For example, remodeling a 1,000 sq ft home can cost between $10,000 and $60,000.
Home Age: Older homes often require more work, such as updating electrical systems or plumbing. This can increase costs significantly.
Geographic Location: Remodeling costs can vary based on your location. Urban areas typically have higher labor and material costs.
Permits: Structural changes or additions often require permits, which can range from $50 to $1,800 depending on the scope of the project.
Labor: Labor costs are a significant part of remodeling expenses. General contractors and specialized subcontractors can charge between $20 to $150 per hour.
Materials: The choice of materials can dramatically affect costs. High-end materials like marble countertops or hardwood floors are more expensive than budget-friendly options like laminate or vinyl.
Unforeseen Costs: Always budget for unexpected expenses. It’s wise to add an extra 20% to your budget for unforeseen issues that may arise during the project.
Cost Breakdown by Room
Understanding the cost breakdown by room can help you plan your budget more effectively.
Living Room: Remodeling a living room can cost between $5,000 and $10,000. This includes new flooring, painting, and possibly updating electrical fixtures.
Bedroom: Renovating a bedroom typically costs between $10,000 and $15,000. This can include new flooring, painting, and possibly adding built-in storage.
Bathroom: Bathroom remodels can vary widely, costing between $3,000 and $25,000. High-end remodels may include new fixtures, tiling, and possibly expanding the space.
Kitchen: The kitchen is often the most expensive room to remodel. Costs can range from $26,790 to $154,483. Modern kitchens often include new appliances, a functional layout, and a neutral color palette.
Garage: A complete garage remodel can range from $6,024 to $26,047. Small upgrades like a garage door replacement offer a high return on investment.
Home Office: Renovating a home office can cost over $5,000. This includes new flooring, painting, and possibly adding built-in desks or storage.
Pro Tip: Always get quotes from multiple contractors to compare costs and ensure you’re getting the best deal.
Understanding these factors and cost breakdowns can help you better manage your renovation project. Up next, we’ll dive into cost estimation by square footage to give you a more detailed understanding of how size impacts your budget.
Cost Estimation by Square Footage
Cost to Remodel Different Home Sizes
When planning a full home renovation, understanding the cost per square foot is essential. It helps you estimate the total budget based on the size of your home. Here’s a breakdown to give you a clearer picture:
- Low-End Remodel: $15 to $40 per square foot
- Midrange Remodel: $40 to $75 per square foot
- High-End Remodel: $75 to $200 per square foot
Pro Tip: Costs can increase significantly for urban areas with higher costs of living and historic homes.
Here’s a detailed look at the complete remodel cost based on different home sizes:
| Square Feet | Typical Range | Average Cost |
|---|---|---|
| 900 | $9,000 – $54,000 | $31,500 |
| 1,000 | $10,000 – $60,000 | $35,000 |
| 1,200 | $12,000 – $72,000 | $42,000 |
| 1,500 | $15,000 – $90,000 | $52,500 |
| 1,800 | $18,000 – $108,000 | $63,000 |
| 2,000 | $20,000 – $120,000 | $70,000 |
| 2,500 | $25,000 – $150,000 | $87,500 |
For a more extensive renovation, such as a full gut to studs, expect costs to range from $60 to $150 per square foot.
Let’s break this down further:
- 900 sq ft Home:
- Low-End: $13,500
- Midrange: $40,500
- High-End: $180,000
- 1,000 sq ft Home:
- Low-End: $15,000
- Midrange: $50,000
- High-End: $200,000
- 1,200 sq ft Home:
- Low-End: $18,000
- Midrange: $60,000
- High-End: $240,000
- 1,500 sq ft Home:
- Low-End: $22,500
- Midrange: $75,000
- High-End: $300,000
- 1,800 sq ft Home:
- Low-End: $27,000
- Midrange: $90,000
- High-End: $360,000
- 2,000 sq ft Home:
- Low-End: $30,000
- Midrange: $100,000
- High-End: $400,000
- 2,500 sq ft Home:
- Low-End: $37,500
- Midrange: $125,000
- High-End: $500,000
Case Study: The Smiths remodeled their 1,200 sq ft home. They opted for a midrange remodel, costing them around $50,000. They focused on updating the kitchen and bathrooms, which significantly increased their home’s value.
Next, we’ll discuss the common factors associated with home remodel costs, including labor, materials, and permits.
Common Factors Associated with Home Remodel Costs
When planning a home remodel, understanding the various costs involved can help you budget effectively. Let’s break down the common factors associated with home remodel costs.
Labor Costs
Labor is a significant part of any remodel budget. Costs vary widely based on the type of work and the experience of the professionals you hire.
- General Contractor: A general contractor oversees the entire project, coordinating different trades and ensuring everything runs smoothly. Their fees range from 10% to 20% of the total project cost.
- Subcontractors: These are the specialists like electricians, plumbers, and carpenters. Their hourly rates can range from $20 to $150, depending on their expertise and the complexity of the job.
Example: If you’re remodeling a kitchen, you might need an electrician ($50-$100/hour), a plumber ($45-$200/hour), and a carpenter ($20-$120/hour).
Material Costs
The materials you choose can significantly impact your budget.
- Low-End Materials: These are cost-effective options like vinyl flooring or laminate countertops.
- Midrange Materials: These include options like ceramic tiles and quartz countertops.
- High-End Materials: These are premium choices like marble countertops and hardwood floors.
Average Costs:
– Vinyl Flooring: $3 – $7 per sq ft
– Quartz Countertops: $50 – $140 per sq ft
– Marble Countertops: $60 – $200 per sq ft
Tip: Choosing budget-friendly materials can save you a lot of money. For example, opting for quartz instead of marble can significantly reduce costs without sacrificing quality.
Permit Costs
Permits are often required for structural changes or additions and can vary based on local regulations.
- Structural Changes: If you’re altering the structure of your home, like removing a load-bearing wall, you’ll need a permit. Costs range from $50 to $1,800.
- Additions: Adding a room or expanding your home also requires permits. These can be more expensive, especially if they involve major changes to your home’s layout.
Local Regulations: Always check with your local building department to understand the specific requirements and costs in your area.
Taxes
Remodeling can increase your home’s value, which means higher property taxes.
Example: If you remodel your basement and it increases your home’s assessment value by $50,000, your tax bill will go up, even if the tax rate stays the same.
Unforeseen Costs
No matter how well you plan, unexpected costs can arise.
Recommendation: Add an extra 20% to your budget to cover these surprises. For example, finding mold or asbestos during demolition can add $1,200 to $3,500 to your project costs.
Type of House
The type of house you have also affects the overall cost.
- Condos/Townhomes: Usually less expensive to remodel due to smaller spaces and shared walls.
- Farmhouses/Historical Homes: These can be the most expensive due to the need for specialized materials and contractors experienced in preserving historical features.
Case Study: Renovating a historical home can cost more due to the need for structural updates and higher insurance costs. One homeowner reported spending an additional $20,000 just to update the electrical system to modern standards.
Understanding these factors can help you better plan your remodel and avoid unexpected financial pitfalls. Next, we’ll explore ways to save money on home remodeling costs.
Ways to Save Money on Home Remodeling Costs
DIY Projects
Doing it yourself can save a lot of money. Even if you can’t do everything, small tasks add up. Here are some easy DIY projects:
- Painting: Grab some brushes and paint the walls yourself. It’s simple and can make a big difference.
- Replacing doors: Swapping out old doors for new ones is straightforward.
- Surfacing floors: Try installing vinyl or laminate flooring. These materials are easier to work with and can look great.
- Demolition: If you have the tools, you can safely demolish non-structural walls. Just be careful and follow safety guidelines.
Tip: Only tackle projects you’re confident in. Mistakes can be costly to fix.
Choosing Budget-Friendly Materials
Materials can make or break your budget. Here are some cost-effective options:
- Vinyl vs. Hardwood: Vinyl flooring mimics the look of hardwood but costs much less.
- Laminate vs. Marble: Laminate countertops can look like marble without the high price tag.
- Stock Cabinetry: Choose stock or semi-custom cabinets instead of custom ones to save money.
Multiple Contractor Quotes
Before hiring a contractor, get at least three quotes. This helps you compare prices and find the best deal.
Tip: Ask for recommendations from friends and family to find reliable contractors.
Floor Models
Buying floor models of appliances can save a lot. These are often discounted but still in good condition.
Maximizing Current Space
Instead of building new additions, optimize your existing space. This avoids the high costs of foundation work and structural changes.
Avoiding Plumbing Changes
Keep plumbing fixtures like sinks and toilets in their current locations. Moving plumbing is expensive and often requires additional permits and inspections.
Federal Grants
Look for federal grants that can help offset renovation costs. Eligibility and requirements vary, so do your research to find options that fit your project.
These tips can help you manage your complete remodel cost effectively. Next, we’ll discuss financing options for your home remodel.
Financing Your Home Remodel
When planning a full home renovation, getting your finances in order is crucial. Here are some common financing options to consider:
Home Equity Loan
A home equity loan lets you borrow against the equity you’ve built in your home. You receive a lump sum payment, making it ideal if you know the exact cost of your project. One big advantage is the fixed interest rate, which means your monthly payments stay the same over the life of the loan. This can make budgeting easier.
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is a more flexible option. Instead of a lump sum, you get a line of credit that you can draw from as needed. This is useful if your project costs are uncertain. HELOCs typically have a variable interest rate, which means your payments can change over time. You only pay interest on the amount you use, which can save money if your project comes in under budget.
Cash-Out Refinance
With a cash-out refinance, you refinance your home for more than you currently owe and take the difference in cash. This can provide a substantial amount of money for your renovation. However, be mindful of the closing costs associated with this option. These can add up and should be factored into your budget.
Home Improvement Loan
A home improvement loan is another option. These loans can be obtained from banks or online lenders and don’t require you to use your home as collateral. This makes them easier to get if you don’t have much equity built up. However, they usually come with higher interest rates compared to home equity loans.
Understanding these financing options can help you manage your complete remodel cost effectively. Next, we’ll answer some frequently asked questions about home renovation costs.
Frequently Asked Questions about Complete Remodel Cost
Is $100,000 enough to renovate a house?
For many homeowners, $100,000 can be sufficient to renovate a house, but it depends on several factors. According to a 2022 study by Houzz, only 10% of Americans spend more than $100,000 on their renovation projects.
Small-Scale Renovations: If you’re focusing on minor updates like painting, new flooring, and updating fixtures, $100,000 can go a long way. For example, a budget kitchen remodel might cost around $15,000, while a basic bathroom update can be around $10,500.
Mid-Range Renovations: For more extensive work, such as a mid-range kitchen remodel or adding a new bathroom, costs can add up. A mid-range kitchen remodel can cost around $32,500, and adding a bedroom might range from $157,855 to $325,504.
Full-Scale Renovations: Gutting and remodeling an entire house can cost between $100,000 and $200,000. This includes new plumbing, appliances, structural improvements, and more.
Prioritize projects that add the most value to your home. Kitchen and bathroom remodels often yield a high return on investment (ROI).
What is the most expensive part of remodeling a house?
The kitchen is typically the most expensive room to remodel. Kitchen renovations involve plumbing work, electrical work, cabinet-making, and the addition of expensive appliances.
Kitchen Costs: Remodeling a kitchen can range from $10,000 to $50,000 on average. High-end kitchen remodels can go beyond this range, especially if custom cabinetry and high-end appliances are involved.
Bathroom Costs: Bathrooms come in second place. Bathroom renovations can cost anywhere from $5,000 to $25,000, depending on the scope and materials used.
Structural Changes: Any structural changes, such as removing walls or adding new rooms, can also be costly. These changes often require permits and professional services from architects and structural engineers.
Is a full house renovation worth it?
In many cases, a full-house renovation is worth it, though this depends on several factors and what you’re looking for.
ROI: From a return on investment (ROI) standpoint, you likely won’t recoup the entirety of your renovation costs, but it will count for some. High-ROI projects, like kitchen remodels and bathroom upgrades, can recoup up to 80% of their cost.
Quality of Life: Renovations can greatly improve the quality of life. Updated kitchens, modern bathrooms, and additional living spaces make your home more comfortable and functional.
Market Trends: The real estate market often rewards well-renovated homes. According to the National Association of Realtors, homes with updated features sell faster and for higher prices.
Renovating an old property can also help alleviate some material concerns, like eliminating asbestos-laden paint and fixing leaks that lead to mold. Older homes tend to have sturdier bones than newer homes, which makes renovation absolutely worth it.
Understanding these key aspects can help you make informed decisions about your home remodeling project.
Next, we’ll explore some practical ways to save money on your home remodeling costs.
Conclusion
Planning a full home renovation can feel overwhelming, but with the right approach, it becomes manageable and even exciting. Budgeting is the cornerstone of any successful renovation project. By understanding the complete remodel cost and the factors that influence it, we can better prepare for the financial aspects of our project.
Summary:
We’ve covered a lot of ground in this guide. From breaking down costs by room and square footage to exploring ways to save money, it’s clear that planning and research are essential. Knowing what to expect helps us avoid surprises and stay within our budget.
Importance of Planning:
Planning isn’t just about setting a budget—it’s about making informed decisions that align with our vision and financial capabilities. By getting multiple quotes, choosing budget-friendly materials, and considering DIY projects where feasible, we can stretch our dollars further. As Bullwinkel from Remodeling suggests, “It’s much easier to expand the budget than to make cuts within it.”
Prime Homes, Inc.:
At Prime Homes, Inc., we understand that each renovation journey is unique. Our goal is to turn your vision into reality with the highest standards of quality and customer satisfaction. Whether you’re updating a single room or undertaking a whole house remodel, we’re here to support you every step of the way.
Ready to start your renovation journey? Learn more about our comprehensive services and take the next step toward your dream home.
Let’s build something amazing together!
