The True Cost of Renovating a House: A Home Renovation Price Guide

Embarking on a home renovation can be an exciting yet overwhelming process. Before diving into the project, it’s essential to understand the potential costs to avoid financial surprises down the road. Whether you’re refreshing a room or remodelling an entire house, having a clear budget and plan ensures that your renovation stays within financial reach and aligns with your goals. Proper planning not only helps you make informed decisions but also allows you to adjust for unexpected expenses, ultimately keeping your renovation on track.

In this post, we'll break down the costs of renovating a house by square foot, room, and project type while also exploring the factors that impact these costs. We’ll provide a renovation price list, offer tips to help you budget and keep renovation expenses down, and discuss how you can finance your renovation.

House Renovation Cost Estimates per Square Foot

The cost of renovating a house can vary widely depending on the scope and scale of the project. On average, home renovation costs range from $100 to $250 per square foot for general renovations. This estimate includes everything from basic updates to larger transformations, depending on the level of work needed. It's important to keep these figures in mind when planning a renovation, as the size of your home and the type of renovation will greatly impact your overall costs.

Basic Renovation Cost per Square Foot

A basic renovation typically focuses on cosmetic updates, such as painting, replacing flooring, or upgrading fixtures and finishes without making structural changes. It's ideal for homeowners who want to refresh their space without a complete overhaul. The cost for a renovation like this generally falls between $60 to $100 per square foot, depending on the materials used and the extent of the work. This type of renovation is a great way to improve your home's aesthetics without breaking the bank.

Mid-Scale Renovation Cost per Square Foot 

A mid-scale renovation involves more than just cosmetic upgrades and typically includes a combination of aesthetic improvements and functional updates. This can include replacing kitchen cabinets, upgrading bathrooms, installing new appliances, and possibly altering some of the home's layout, though not drastically. These renovations often enhance both the look and functionality of a space.

The cost for a mid-scale renovation generally ranges from $100 to $150 per square foot. This level of renovation offers more substantial improvements compared to a basic renovation and requires careful budgeting to ensure all planned changes are within your financial means.

High-End Renovation Cost per Square Foot

A high-end renovation goes beyond cosmetic upgrades and mid-scale improvements, focusing on premium materials, custom designs, and high-quality craftsmanship. This type of renovation often involves significant structural changes, luxury finishes, and state-of-the-art appliances, catering to homeowners looking for a complete transformation of their space. Common features of high-end renovations include custom cabinetry, high-end flooring, designer fixtures, and advanced technology installations, enhancing both aesthetics and functionality.

The cost for a high-end renovation typically ranges from $150 to $200 per square foot, but could be even more in certain cases. While this level of renovation can be a significant investment, it often adds considerable value to the home, making it an attractive option for those looking to elevate their living spaces to a luxurious standard.

Factors That Impact the Cost of a Renovation

When planning a home renovation, it's crucial to understand that various factors can significantly impact the overall cost of your project. By being aware of these elements, you can better prepare your budget and avoid surprises that may arise during the renovation process. Here are some key factors to consider:

• Materials: High-end materials such as granite countertops, hardwood floors, and premium tiles will significantly raise the budget. Choosing more affordable alternatives can help reduce costs.
• House Size: Larger homes or spaces will naturally require more materials and labour, resulting in higher overall costs.
• Labour Costs: Hiring skilled professionals is essential but can be costly. Labour costs vary depending on the complexity of the project and the region.
• Permits: Depending on the scope of your renovation, you may need building permits, which can add to your expenses.
• Surprise Costs: Unexpected issues like structural damage, outdated plumbing, or electrical work can inflate your budget, so it’s wise to allocate a contingency fund for these surprises.

Cost of Renovating a House by Room

Some rooms in your home are more expensive to renovate due to their complexity:

Whole House Renovation: A whole house renovation typically includes kitchen and bathroom remodelling, flooring replacement, and cosmetic upgrades throughout the home. Costs can range from $100,000 to $250,000 or more, depending on the house size and renovation scope.

Kitchen Renovation: Kitchens are one of the most expensive rooms to renovate due to the appliances, cabinetry, and countertops involved. The cost can range from $10,000 to $50,000.

Bathroom Renovation: Bathroom upgrades, including new fixtures, tiling, and plumbing, and can cost anywhere between $5,000 and $30,000.

Bedroom & Living Room Renovation: These rooms are generally more affordable to renovate, often running between $5,000 and $10,000 depending on finishes and design choices.

Basement Renovation: Renovating a basement for additional living space or a home office can cost between $10,000 and $60,000, depending on the level of finish and customization.

Cost to Renovate a House by Project

Here are some popular renovation projects and their typical costs:

Painting: Interior and exterior painting can refresh your home’s appearance. Costs vary but generally range from $2,000 to $8,000 - depending on the size of the house and rooms.

Flooring: Installing new flooring—whether hardwood, laminate, or tile—can enhance your home’s aesthetic and value. Depending on the materials used, this can cost anywhere from under $1 to over $10 per square foot, with higher-end materials costing more.

Windows: Replacing windows not only improves energy efficiency but also enhances the look of your home. The costs associated with this can vary greatly. On the low end, it could range from $500 to $800 for basic models, while high-quality windows can start at $1,200 per unit.

Appliances: Replacing kitchen or laundry appliances typically costs between $3,000 and $10,000, depending on the quality and type. Upgrading to high-end models with advanced features can enhance both functionality and aesthetics while potentially lowering utility costs over time.

Roof Replacement: Roof replacement is a vital renovation, generally costing between $5,000 and $15,000 or more depending on your home’s size and chosen materials. Investing in a new roof not only improves curb appeal but also protects your home from weather damage and enhances energy efficiency, ultimately increasing its value.

Landscaping: This can include planting trees, shrubs, and flowers, as well as installing features like patios and lighting and can create functional outdoor areas for relaxation and entertaining and increase property value. Average costs range from $2,000 to $5,000 for basic projects to $5,000 to $15,000 or more for extensive renovations.

How to Navigate the Home Renovation Process

Successfully navigating a renovation project requires thoughtful planning and execution:

Define Your Goals: Research trends and understand your vision. Make sure your goals align with your budget.
Consult and Hire Professionals: Seek out a designer, architect, or contractor with positive references. Verify licenses and insurance coverage.
Apply for Permits: Ensure that your renovation complies with local building codes and regulations.
Communication and Quality Control: Stay in touch with your contractor and be prepared to make quick decisions. Regular updates ensure everything runs smoothly.
Final Inspection: Verify that everything is done according to plan before making final payments.
Making It Yours: Once the renovation is complete, consider hiring an interior designer or adding personal touches to bring the space to life.

How to Plan an Overall Budget for House Renovations

To determine a budget for a house renovation, follow these tips:

Get multiple quotes from contractors: Comparing estimates from different contractors can help you find competitive pricing and ensure you're getting the best value for your project.
Consider doing some of the work yourself: Taking on smaller tasks, like painting or landscaping, can save money on labour costs while giving you a sense of ownership over your renovation.
Price out finishes and appliances in advance: Researching the costs of materials and appliances beforehand allows you to set realistic expectations and avoid overspending later on.
Create a detailed budget: Outline all expected costs, including materials, labour, and permits, and leave room for a contingency fund to cover unexpected expenses.
Prioritize projects: Determine which renovations are most important to you and focus on those first, allowing you to manage costs effectively while still achieving your overall vision.
Stay flexible: Be open to adjusting your plans based on your budget constraints. Sometimes, opting for more affordable alternatives can still yield beautiful results without breaking the bank.

How to Pay for the Cost of a House Renovation

There are several ways to finance your renovation:

Use Credit Cards: Best for small projects, but be mindful of high interest rates. Consider strategies for paying off credit card debt if you go this route.
Take Out a Personal Loan: Suitable for mid-range renovations, with fixed monthly payments.
Save Up: If time allows, this option is ideal to avoid taking on debt.
Refinance Your Mortgage: A good option for large-scale renovations, especially if current interest rates are favourable.

Protect Your Home with Insurance from BIG

Thorough planning and budgeting are key to any successful renovation. Whether you’re upgrading a single room or doing a whole house remodel, the right preparation can help you manage the cost of a house renovation. If you are in the stages of preparing for your renovation,  make sure you review your home insurance before starting any projects. That way you can rest easy knowing your home is protected. If you have any questions about how an upcoming renovation will impact your home insurance, contact a BIG broker today. You can also request a free home insurance quote directly on our website.