How Much Does a Home Renovation Cost?

Whether you are planning to put up your home for sale or just seeking to refresh your living spaces, a home renovation project is a big undertaking. And one of the questions you must ask yourself when planning the renovations is how much they will cost. Thinking ahead about the cost estimates of your home renovation project is critical to avoiding added costs and any potential financial issues in the future. 

Determining the Cost of a Home Renovation Project 

Every home has a unique size, features, and other attributes. Thus, the cost of home renovations varies significantly based on the project scope, duration, and the specific goals of the improvements. For instance, a home renovation project that seeks to increase the home’s value may incur higher costs than simple aesthetic improvements. 

However, there are basic procedures in home renovations that can help you to estimate the average costs when planning the project. The average home renovation project price in the US is about $15,000. That is the least amount you can expect to pay for an ordinary home improvement project, but the costs can go much higher. 

Here’s a breakdown home improvement project’s cost: 

  • Whole house renovation: $15,000 – $200,000
  • Adding an extra room: $135,000 – $282,000
  • Bathroom remodeling: $20,000 – $38,000
  • Kitchen renovation: $23,000 – $135,000
  • Garage remodeling: $7,000 – $15,000
  • Adding a deck: $19,600

Expected aesthetic improvements such as paintwork and window replacements may be less expensive. However, performing significant home improvements for resale value, such as adding square footage, landscaping, and expanding the outdoor space, could be costly. Nevertheless, the efforts will eventually payout. Homeowners can recover 74 cents for every dollar spent on renovations during resale. 

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