A complete home renovation will cost an average of $20,000 to $75,000 or more
Expect to spend an average of $47,000 for a complete home renovation, although costs may be over $75,000 if there’s less of the house that requires a full overhaul that you can salvage. If you’ve finally found the fixer-upper of your dreams, you’ll need to be prepared to refresh it inside and out, from updating the kitchens and bathrooms to sprucing up the siding and front porch. Since renovating an entire home is a big project, it’s important to prepare your budget accordingly.
How Much Does It Cost To Completely Renovate a House by Size?
Renovating a home can vary widely based on the age, style, and condition of the house. You might spend more restoring a Victorian home versus a house built in the early 2000s. Still, you can expect to spend an average of $10 to $60 per square foot for a complete home renovation.
If you opt for high-end materials, like real hardwood floors over vinyl floors or top-of-the-line Energy Star appliances to replace an old stove and fridge, expect to spend around $150 per square foot.
How Much Renovation Will I Get With My Budget?
While you may not be able to restore a historic home to its former glory with a budget of $20,000, there are many renovation options for any price tag. Work within your budget to refresh your home to fit your needs.
Fresh paint, new crown molding, updated floors, and a modern landscaping design can breathe a lot of life into an outdated home. For a budget of $20,000 to $50,000, you may not be able to gut a kitchen completely, but you can install new countertops, paint multiple rooms in the house, and swap carpet for engineered wood floors.
A mid-range budget of $50,000 to $75,000 offers more upgraded options, like swapping older floors for authentic hardwood or opting for custom paint colors. This budget range also offers more room to fully renovate a kitchen or bathroom, which tend to be more expensive to remodel because they require electrical and plumbing work.
$75,000 or more
With $75,000 or more, you can make floor plan changes like removing or adding walls as well as renovating the kitchen and possibly multiple bathrooms, in addition to the less expensive updates like fresh paint, trim, and floors throughout the house. This budget may also include foundation, HVAC, electrical, or plumbing repairs.
Full Home Renovation Costs by Location
Renovating a home in a densely populated city can cost up to 40% more than a total home renovation in a rural area. Let’s take a look at the average home renovation cost per square foot in various U.S. cities.
Atlanta, GA: $20–$100
Boston, MA: $25–$120
Chicago, IL: $20–$100
Denver, CO: $20–$80
Houston, TX: $25–$120
Jacksonville, FL: $15–$60
Los Angeles, CA: $20–$100
New York City, NY: $25–$150
Phoenix, AZ: $20–$90
San Francisco, CA: $25–$150
How Much Does It Cost To Do a Complete Home Renovation Yourself?
A home renovation is a massive undertaking that may involve handling electrical wires or plumbing pipes. You risk damaging your home if you aren’t an expert, not to mention the risk of injury or even death from electrocution or other accidents. It’s best to turn to the expertise of architects, structural engineers, demolition crews, electricians, and plumbers for home renovations.
With that in mind, you may be able to save money by completing some projects yourself. For example, you could save $10 to $20 per square foot by painting interior rooms on your own or by ripping up old carpets and installing click-lock flooring.
How Much Does a Complete Home Renovation Cost by Type?
The type of housing can influence the cost of the renovation. For example, while apartments and condos may be smaller than traditional homes, they may require more expensive bathroom or kitchen upgrades, and may have strict community housing guidelines.
Like renovating a home, apartment updates can vary widely. Although they typically have less square footage than an average home, apartment updates may involve renovating the bathroom or installing new appliances. Expect to spend $25 to $40 per square foot for apartment renovations.
Similar to apartments, condo renovations may need to confine to HOA rules. Common updates include bathroom or kitchen renovations plus new appliances and finishes, so condo renovations often require higher budgets. Condo owners can expect to spend about $75 to $100 per square foot.
Townhouses share walls with neighbors, so renovations may be tricky and could require additional permits. Townhouse renovations will cost around $10 to $35 per square foot.
A row house is comparable to a townhouse, and it often looks very similar, if not identical, to its neighbors. That means that renovations may require finding materials that match the connecting row houses. Renovating a row house costs about $25 to $75 per square foot.
Remodeling a mobile home will cost about $10,000 to $30,000, with more expensive renovation budgets required for double-wide mobile homes.
How Much Does a Complete Home Renovation Cost by Style?
Some housing styles, like historical homes, require careful renovations to preserve as much of its original detail as possible. Here are the average costs for various renovations based on the style of the house.
The popular farmhouse-style home offers a rustic, cozy look within a simply designed building. Farmhouse renovations often range from $10 to $50 per square foot.
Preserving a Victorian home is a labor of love, from restoring elaborate finishes to working carefully around stained glass windows. Renovations on a Victorian home can be costly, especially if you need to bring the structure or the wiring up to code. Expect to spend $20 to $200 per square feet for renovations on a Victorian home.
Victorian homes are just one example of historical homes. Restoring any historic home can cost $100 to $200 per square foot. While owning a historic home is a dream for many homeowners, keep in mind that renovations may be restricted based on local laws. The cost of renovating historic homes varies widely. Luckily, historic homes, particularly those listed on the National Register of Historic Places, may qualify for grants to help with the cost of necessary updates.
What Factors Influence the Cost to Completely Renovate a House?
You’ll likely need to register for permits before you start the home renovation process, but other factors like the age and condition of the home can also impact your budget.
Permits: Expect to spend $400 to $1,800 for permits, which are required for many larger renovation projects that will involve structural changes or additions. More minor updates, like replacing floors or repainting rooms, likely will not require a permit. Check with your municipality about permit requirements for your renovation.
Age: Newer homes are likely to be in better shape. Plus, they’re built closer to today’s building codes. For example, a home built in the 1930s may have old wiring that will need replacing, leading to extra renovation costs, while a house built in 2000 will have modern wiring.
Condition: Condition plays a huge factor in the cost. A home that is in good shape but needs more contemporary finishes, like floors, paint, and trim, might cost $20,000 for a full renovation. A home that is worse for the wear could require a gut renovation, costing $100,000 or more.
Architects: Hiring an architect can help bring your renovation visions to life. You may not need to hire an architect or designer for small renovations, but it’s a wise investment, especially for structural changes or additions.. Expect to spend $125 to $250 per hour to hire an architect.
Interior vs. Exterior: You may incur different costs for renovating only the interior or only the exterior of your home. Exterior updates cost an average of $5,000 to $15,000. Interior upgrades may cost up to $5,000 to update bedrooms or install new flooring while renovating the kitchen can cost $30,000 to $60,000.
FAQs about Completely Renovating a House
How much does a gut renovation cost?
A gut renovation involves demolishing the home to its studs, then renovating it inside and out. This type of renovation is a large job that will cost $100,000 to $200,000. The gut job itself costs an average of $6,150. But if the home has “good bones,” this can cost less than building a brand new home.
Does homeowners insurance cover renovations?
Most home insurance policies will cover a rebuild or renovations in the event of a disaster, such as a fire or extensive storm damage. You should check with your agent about coverage for home renovations.
Make sure to review your policy with your agent before and after renovations, too, because extensive upgrades could leave you underinsured. For example, if you increase the size of your home with additions, your policy may no longer cover the higher-value home, and you’ll need to update your policy.
Which renovation projects have the highest ROI?
Before you invest in a home renovation, you might be wondering if spending thousands of dollars will be worth it in the long run. Luckily, many renovation projects have an ROI of 85% or more. For example, replacing garage doors, roofs, windows, or siding tend to have the highest ROIs of up to 99%.
How long does a home renovation take?
A home renovation will generally take two to eight months to complete.