Home renovation costs vary widely, spanning from $1,200 to $82,000, with an average expenditure of $41,600. It’s important to note that this average includes high-end projects involving demolition, new plumbing fixtures, and other costly additions. For those renovating small-to-medium-sized homes, expenses typically cap around $62,000, even for more complex projects.
According to Forbes, after hiring an architect and a structural engineer to completely redesign a home’s floor plan, the next step is typically a gut renovation. This starts with a thorough demolition, leaving just the studs and foundation. After that, you start building and adding in fixtures, like plumbing pipes. If this sounds expensive, that’s because it is. Conducting a gut renovation costs anywhere from $90,000 to $210,000, translating to $90 to $210 per square foot. There is a less-intensive interior gut renovation option that just replaces furnishings, appliances and drywall. This project costs around $10,000.
Whole-House Renovation
Whole-house renovation is a big-time project with a big-time cost range. You’ll pay anywhere from $14,000 up to $200,000 to completely renovate a typical 2,500-square-foot home. Why the extreme range here? Whole-house renovation projects could be anything you want them to be, from simple landscaping and paint jobs to drastic floor plan changes that impact every room. For more cost details regarding different aspects of whole-house renovation, see below.
Interior Renovation
Interior renovation can be expensive, especially in the case of projects that require wall demolition. Interior renovations cost anywhere from $1,200 to $41,500, depending on if you’re adjusting the floor plan or not. Projects on the low end of that cost range include minor cosmetic upgrades to a bedroom or the living room. When you start moving around plumbing pipes, knocking down walls and adding rerouting electrical wiring, the cost starts ballooning toward the high end.
You also have to consider the removal of the debris from the demolition, including dumping fees.
Exterior Renovation
Exterior renovation primarily focuses on, well, the outside. These projects focus on structural integrity and curb appeal, with popular exterior renovation jobs including house painting, installing a new entryway, putting in new windows, redoing the landscaping or even building a deck.
Exterior projects tend to be expensive, especially when the home’s foundation requires some TLC. These renovation jobs cost anywhere from $1,200, in the case of minor paint jobs, to $75,000, if part of a larger whole-home restoration.
Addition
Building an addition to your home costs between $21,000 and $73,500, with an average price of $46,000. The overall cost depends on the square footage, where the addition is located, the materials used and the team you hire to complete the project. This breaks down to around $80 to $200 per square foot.
Some additions are more expensive than others, particularly if they require the rerouting of plumbing pipes. You should also set aside money for framing, roofing, foundation work, siding, insulation, electrical extensions, flooring and more.
