Average Home Renovation Costs and ROI: A Comprehensive Breakdown for Homeowners

Introduction

Home renovations and remodeling costs may be a hard pill to swallow after shelling out the purchase price of a new home, but if you’re the proud homeowner of a fixer-upper. So, before you take a peek at a tile sample, check out this detailed breakdown on how much your dream home renovation will set you back, plus average home renovation costs and your potential return on investment (ROI).

Average Home Renovation Costs

Average home renovation costs Your exact cost to renovate a house will depend on its square feet, the region you live in, and just how much of a face-lift your home needs. An estimate of what the average costs associated with different remodels look like:

Low ($25,000 to $45,000): A basic remodel would likely involve interior and exterior painting, small repairs (such refinishing cabinets) and new landscaping.

Medium ($46,000 to $75,000): A more extensive redesign would include the low-cost modifications above, plus a total kitchen remodel (depending on appliances) and partial bathroom remodel.

High ($76,000 and up): Low- to medium-cost renovations along with foundation and roof repairs as well as sewer line and roof difficulties.

The highest expenses associated with home renovation

While paint can have a significant impact on a remodel, gallons of semi-gloss paint will pale in comparison to expensive pieces for. Recall that the largest financial drain comes from the cabinets and appliances in those rooms. The following is what homeowners should budget for in terms of the typical cost of house renovations across the country:

Kitchen: The average cost of remodeling a kitchen across the country is $27,492. If a kitchen simply requires modest changes, renovations should start at roughly $10,000. The cost of a complete gut can exceed $79,982, contingent upon the caliber of the materials and equipment utilized.

Bathroom: The average cost of a midrange bathroom remodel is approximately $25,251, while an upscale renovation can reach up to $78,840.

New roof: You’ll need to spend about $30,680 to safeguard all of your modifications from the weather.

New floors: Removing that old carpet can be the perfect way to finish your renovation. It will cost between $2,474 and $7,031, on average, to install new wood flooring; laminate, on the other hand, will cost around between $1,472 and $4,638. Of course, the precise price will vary depending on the kitchen’s square footage.

Electrical updates: Budget between $3,000 and $5,000 if you’re replacing an outdated panel as part of your remodeling.

Siding replacement: An external upgrade is a part of any excellent renovation. The average cost to install new exterior siding on a home is $20,619.

Replacement windows: If you plan to replace windows and frames to save on your energy bill , the cost will range between $21,264 (vinyl) and $25,799 (wood).

Contractor Fees

Unless you plan to oversee the renovation yourself, a budget should include the cost of a general contractor. They usually charge 10% to 15% of the project’s total budget. So for a $50,000 renovation, expect to pay a contractor $5,000 to $7,500.