Home Renovation Costs in 2023-2024: Budgeting Your Dream Remodel!

Jan 2, 2024

By Linus Li

How Much Does It Cost to Renovate a House in 2023-2024

Quicklook sheet table for different room/area:

Room/Area	Average Cost	Average Cost per Square Foot	Notes
Living Room	$2,500 - $20,000	$10 - $60	Cost varies by finishes
Bedroom	$3,000 - $10,000	$15 - $40	Includes light remodels
Kitchen	$10,000 - $50,000	$100 - $250	Depends on appliances
Bathroom	$5,000 - $25,000	$120 - $275	Luxury fixtures cost more
Roof	$4,700 - $10,500	$4 - $40	Depends on materials
Basement	$5,000 - $45,000	$100 - $300	Higher for conversions
Attic	$12,000 - $70,000	$30 - $60	Costly structural changes
Garage	$6,000 - $13,000	$55 - $100	Storage systems add cost

Additional Costs:

Category	Average Cost	Notes
Permits	$200 - $800	Costs depend on the locality.
Labor	$45 - $150 per hour	Electricians charge $50 to $130 per hour. Plumbers charge $45 to $150 per hour. The labor can equal 10% to 25% of the total remodel cost.
Contingencies	10% - 20% of total cost	Budget for unforeseen issues like mold, electrical repairs, rotten wood, etc.
Floor protection	Varies	Partner with a reliable supplier for floor protection during renovation. Spriteshield is a recommended partner.

Introduction

You may want to know How Much Does It Cost to Renovate a House in 2023-2024?

Updating and renovating your home is a great way to increase comfort, functionality, and value. However, project costs can vary significantly depending on scope and scale. Before undertaking an expansive master suite addition or open-concept kitchen remodel, it's wise to understand both logistical and financial implications.

This guide provides insights into typical expenses per square foot and hidden costs for common projects like kitchen and bathroom renovations. Whether you plan to stay or sell, our tips can help maximize the impact of your renovation dollars.

Section 1 - Average Costs by Project Type

Embarking on a home renovation project can be an exciting yet daunting undertaking, with costs varying significantly depending on the room and scale of work. This section breaks down the average costs associated with key renovation projects to give you a clearer picture of your potential investment.

Living Room Remodels: The average living room remodel costs range from the low end of $2,500 to the high end of $20,000. Prices depend largely on the extent of the remodel and the materials chosen.
Bedroom Remodels: Bedroom remodels typically cost between $3,000 at the low end and $10,000 at the high end. Some painting tips are for you.
Kitchen Remodels: An average kitchen remodel varies widely in cost, from $10,000 at the lower end to $50,000 for more upscale renovations. Notably, according to the 2023 US Houzz & Home Study, the median spend on kitchen remodeling has reached $20,000.
Bathroom Remodels: Bathroom remodeling can range from $5,000 for smaller or less involved projects up to $25,000 for larger bathrooms or more luxurious fixtures and finishes.
Roof Replacements: Roof replacement costs can vary depending on the size of the roof and the materials used, with costs ranging from $4,700 to $10,500.
Basement Remodels: Basement remodeling can range from $5,000 for minor touch-ups or improvements up to $45,000 for major overhauls or conversions to living space.
Attic Remodels: Attic remodels, often involving significant structural changes, can cost between $12,000 and $70,000.
Garage Upgrades: For garage updates, prices typically range from $6,000 to $13,000, depending on what improvements are made.

The column chart below visually represents the data on low-end and high-end costs of remodeling various parts of a house. The blue columns display the high-end costs for each room type, capturing the upper range you might expect to pay for more elaborate renovations or higher-end materials. This includes renovation costs for rooms as diverse as the living room, bedroom, kitchen, bathroom, roof, basement, attic, and garage. Conversely, the green columns represent the low-end costs for these same spaces.

Source: Cost to remodel or renovate a house by HomeGuide and HomeAdvisor.

Section 2 - Cost Per Square Foot

On top of the project costs above, your home's size and square footage are major cost drivers for renovations. Here are the expected cost ranges for remodeling various areas in your home:

Living Room Remodels: For basic upgrades such as fresh paint, new flooring, and updated lighting, you can expect costs ranging from $10 to $60 per square foot.
Bedroom Remodels: Light remodeling activities like painting, replacing flooring, or updating light fixtures in bedrooms range from $15 to $40 per square foot. Comprehensive remodeling with structural changes or high-end finishes may exceed this range.
Kitchen Remodels: Semi-custom kitchen renovations, which may include mid-range appliances and finishes, are around $100 to $250 per square foot.
Bathroom Remodels: Complete bathroom renovations, including layout alterations and premium finishes, generally cost approximately $120 to $275 per square foot.
Roof Renovations: Costs for roof repairs or replacement can vary greatly depending on the materials used and the project's complexity, with prices ranging from $4 to $40 per square foot.
Basement Remodels: The cost for basic basement finishing starts at around $100 per square foot. For a high-end finished basement complete with features like wet bars or home theaters, costs can rise up to $300 per square foot.
Attic Remodels: Expect to pay between $30 and $60 per square foot for turning an attic into a functional living space.
Garage Remodels: Whether it's adding storage systems or creating a workspace, garage renovations typically cost between $55 and $100 per square foot.

Source: Cost to remodel or renovate a house by HomeGuide.

The more expansive the project is, the higher the per-square-foot cost. Changes like moving walls, plumbing, and electrical will also drive up the price per square foot. Be thorough, be mindful, and evaluate every aspect to determine accurate remodeling costs.

To access more content: Kitchen Remodel Cost in 2023: Everything You Need to Know.

Section 3 - Factors That Impact Cost

Many factors influence the ultimate cost of renovating your home, from location-specific issues to the type of materials and finishes you select. Some of the biggest cost drivers include:

Location: Labor and material costs are higher in expensive metro areas like New York and San Francisco. Rural and suburban areas are generally more affordable.
Materials Chosen: Opting for premium materials like quartz counters, hardwood floors, and high-end appliances will increase costs over laminate, tile, and budget-friendly brand appliances.
Level of Finishes: The more luxurious the finishes and fixtures, the higher the price tag. Custom cabinetry, imported tiles, designer lighting fixtures, and high-tech appliances ramp up spending.

Additional Costs:

Permits: Building, electrical, plumbing, and zoning permits average $200 to $800, depending on the locality.
Labor: Electricians charge $50 to $130 per hour. Plumbers charge $45 to $150 per hour. The labor can equal 10% to 25% of the total remodel cost.
Contingencies: Experts recommend budgeting an extra 10% to 20% for unforeseen issues like mold, electrical repairs, rotten wood, etc.
Floor protection cost: During the home renovation process, it's crucial to account for the cost of floor protection, ensuring that your surfaces remain unscathed. Partnering with a reliable supplier is also a critical step in maintaining the quality and longevity of your flooring throughout the renovation journey. Spriteshield is your honestly partner in renovation floor protection solution.

Carefully considering all of these factors before beginning your renovation will help ensure your budget is realistic and your project goals are achievable.

Section 4 - Comprehensive Home Renovation Expenditure

On average, a comprehensive home renovation typically falls in the ballpark of $15,000 to $75,000. However, for those leaning towards more upscale transformations, the costs can easily surpass the $100,000 threshold.

When we turn our attention to new construction homes, it is found that homeowners tend to devote roughly $12,000 towards renovations in their initial year of ownership. In contrast, owners of pre-existing dwellings allot, on average, about $6,000 to make modifications during the first year after purchase.

Among the myriad of possible updates, new homeowners frequently prioritize revamping their kitchens and bathrooms. Such projects typically account for a significant chunk of the improvement expenditure in the first year of homeownership.

Section 5 - How to Save on a Renovation

If your budget is tight, there are ways to lower remodeling costs:

A.DIY Small Projects

There are several minor tasks within a renovation project that you can tackle on your own. This could include painting walls, installing new flooring, building decks, or even sprucing up your landscaping. By doing these tasks yourself, you'll be able to save substantially on labor costs. However, always ensure that you're well-prepared and equipped to handle these tasks to maintain a high-quality finish.

B.Hire Contractors for Big Jobs

Essential tasks such as plumbing, electrical work, HVAC installation, and significant structural changes generally necessitate the expertise of licensed professionals. While this might seem costly, trying to DIY these complex jobs can lead to mistakes that are even more expensive to fix. For these jobs, make sure to get quotes from at least three contractors to ensure competitive pricing.

Buy Materials Yourself

While contractors often source materials and fixtures as part of their service, they also add a markup to the cost. If you're willing to invest some time, sourcing these items yourself could result in significant savings. This includes fixtures, appliances, lumber, and other materials required for the project.

C.Use Budget-Friendly Finishes

To further decrease spending, consider selecting mid-grade appliances instead of top-tier brands. Choose cost-effective alternatives like laminate countertops instead of granite or marble, and use tile backsplashes instead of pricier materials. These choices can significantly reduce your expenditure on premium materials without sacrificing style or functionality.

D.Steer Clear of Debt

It may be tempting to turn to loans or credit to fund your home improvements. However, exercise caution here, as not every upgrade guarantees a substantial return on investment. To aid your decision-making, Remodeling Magazine provides an invaluable resource - their cost vs. value report in 2023. This can serve as a compass, guiding you towards improvements that are worth the investment and steering you away from those that aren't likely to pay off in the long run.

These strategies will enable you to upgrade your home while maintaining control over your expenditure, ensuring that improvements align with both your vision and your budget. Always remember that the goal is to enhance your living space without compromising financial comfort and stability.

front porch decoration and floor protection when construction

2024 and the future

In 2023, renovating your home is a major investment, potentially significantly improving your living space and increasing property value. In 2024, things will not changed so far. While pricing varies widely based on location and project scope, you can expect to spend anywhere from $15,000 to $100,000+ for a remodel involving multiple rooms. Strategically combining DIY and professional work, buying your own materials, and using budget-friendly finishes can lower overall costs. You may want to know: Will Construction Costs Go Down in 2023-2024?

But renovations also take time and living expenses, so make sure to leave contingency room in your budget. With proper planning and cost expectations, you can make your home renovation dreams a reality this year.