How Much Do Home Renovations Cost In 2023?
By: John Garcia | Date Posted: March 10, 2023
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Home renovations are smart investments, especially if you’re planning to sell your property in the future. Simple yet functional changes can help boost the value of your home, such as changing doors, improving security systems, and more.
If done correctly, renovating a home can be empowering, satisfying, and life-changing. Also, it’s an exciting experience, be it remodeling the kitchen, revamping the living room, or repainting the basement.
But as with any change, renovating a home comes with challenges. Homeowners often jump into the process without knowing the total cost of their project. Then, they would regret not coming up with a plan after suffering from a failed home renovation project.
However, with rising inflation, estimating home renovation costs can be difficult. This is especially true for homeowners with a limited source of income. If you need some assistance, click here or visit similar services online for more information.
The following guide will help you estimate home renovation costs based on current market trends. Read on to learn more.
Which Is More Costly: Old Houses Or New Houses?
Old houses tend to cost more because of the following non-economical materials:
- Old electrical wiring
- Old plumbing systems
- Lead pipes
You should also consider the cost per room and the work that needs to be done. For example, if you’re planning to renovate an old kitchen that requires new plumbing, flooring, and countertops. In this case, the cost will be more expensive than adding cabinets and painting the walls.
Here’s an average cost of renovating an old house
- The cost per square foot: less than or around USD$100
- The cost of renovating the entire home: less than USD$100,000
- The cost of renovating a three-bedroom house: more or less than USD$100,000
If a three-bedroom house needs plenty of work, the price may go between USD$100,000 and USD$200,000. Of course, larger homes and additional functions will cost more.
How Much Is The Renovation Cost Per Room?
If you plan to remodel more than one room at once, consider calculating the renovation cost per room. This will help you create a more accurate estimate of your project.
Here are the average costs of different parts of the house that you might consider renovating:
The heart of everyone’s home is one of the most expensive areas to renovate, but such costs ultimately pay off. Renovating your kitchen can help boost your home value significantly.
On average, kitchen renovations cost around USD$25,000 (USD$150 per square foot). Note that the cost may vary depending on the size of your kitchen, the extent of the project, and the materials you want to use.
Simple renovations like applying a new coat of paint, installing a backsplash, changing countertops, or replacing a sink can cost around USD$5,000 to USD$10,000. Installing new flooring, cabinets, and appliances can increase the cost to USD$40,000 or more.
Bathroom renovations can be as expensive as remodeling your kitchen. On average, renovating a bathroom costs USD$10,000 but can cost up to USD$25,000 or more for larger bathrooms that require major changes.
But if you only plan to refresh or update your bathrooms, you need around USD$5,000 to complete the task. However, you might need to spend more than USD$50,000 if you prefer a more luxurious bathroom remodel.
Expect a higher renovation cost if you want to update your floor plan. You may need to reinstall your electrical and plumbing systems as you move your showers and toilets.
The living room is the least expensive part of the house to renovate. It only costs around USD$1,500 to USD$6,000 to remodel. Living room renovations include installing new lighting, updating windows, adding paintings, and refacing cabinets.
If you want to install new flooring or a fireplace, you might need to add USD$4,000 to complete the work. The actual cost depends on your floor area.
Basement renovations may cost more, depending on its age and size. You might need to install pumps if there are cracks in your basement and install new flooring, plumbing, and electrical lines if you plan to finish it.
Basement finishing may cost around USD$25 to USD$50 per square foot. On average, it costs USD$18,000 to complete the task. Of course, the actual cost depends largely on the size of your basement. Larger ones may cost more than USD$30,000 to finish.
Basement renovations may cost a lot, but the return on investment is a lot, too. If you create a small office space below, you might be able to sell your home at a much higher price someday. Why? Because there’s an increasing number of people working from home.
Additional Rooms Or Floors
Additional rooms or floors are expensive. A two-story addition may cost USD$65,000 on average or more depending on the total floor area of your home. And a 10-by-10 room may cost around USD$20,000 to USD$40,000 on average.
Adding extra floors or rooms is a good option for small houses. This may help homeowners sell their homes at a higher price in a shorter period.
Garage renovations are popular among homeowners. The cost of remodeling a garage may depend on its size. Of course, upgrading a two-car garage will be more costly than a one-car unit.
On average, the average cost of garage renovation is between USD$11,000 and USD$15,000. A garage that can house three or more cars will cost more.
However, renovating a garage may not provide a return on investment unless you turn it into a room or functional space.
How To Save On Home Renovations
Here are some tips to help you save on home renovations:
- Don’t Go Beyond Your Budget: If you can’t afford what you want, look for similar alternatives without going overboard.
- Reuse Materials: You may consider reusing materials you already have. But make sure they’re in good condition to avoid causing problems in the future.
- Go DIY: If there are tasks you think you can do on your own, spend a few hours online to learn how to execute them properly. This can help you save on labor costs.
Home renovations may help increase the value of your home. If you’re planning to renovate more than one room, consider how much it would cost to remodel each room. This will provide you with a more accurate estimate. Use this guide when creating a renovation budget to keep your expenses as low as possible.
Thank you for reading!