$522 billion. With a B. According to the US Census Bureau, that's how much American homeowners spent on home renovations, improvements, and repairs from 2017 to 2019, a $72 billion increase from the preceding two-year period.
While this data itself is two-years-old at this point, the report was published in 2020, it's safe to say that millions more home renovation projects were taken up, thanks in no small part to the pandemic, that forced millions of us to stay home and do our part in slowing the virus's progress. As the world turned the corner and the real estate market across the country started skyrocketing, home renovation projects took on another level of importance altogether, with homeowners prepared to pay for work they deemed essential to boosting their home's resale value.
So, how much does a home renovation cost?
The answer is, unfortunately, not as straightforward as we would like it to be. The fact of the matter is that there are just too many variables at play for anyone to give you an accurate estimate without first taking a closer look at your particular situation.
For example, the size of your home will have a significant impact on the total cost of the project. A small condo will cost less to renovate than a large mansion. Similarly, the scope of work will also affect the bottom line. A simple cosmetic update will be less expensive than a full gut renovation, which in turn, will be less expensive than an addition.
Other important factors to consider include the cost of materials, the cost of labor, any permits or zoning approval that may be required, and of course, your tastes. Do you want top-of-the-line finishes and fixtures? Or are you more concerned with just getting the job done?
The best way to get an accurate estimate of how much your home renovation will cost is to consult with a professional. A home renovation company will be able to take a look at your specific situation and give you a more customized estimate.
But for the sake of clarity, let's look at what typical room renovations cost so that you can get a fair idea of what your overall outlay might be.
Living Room Renovation: $2,000 - $20,000*
The cost of renovating your living room will depend largely on the extent of the work that needs to be done. If you're just looking to give the room a fresh coat of paint and new flooring, you can probably get away with spending as little as $2,000. But if you're planning on gutting the room and starting from scratch, you could be looking at a bill of $20,000 or more.
Bedroom Renovation: $1,500 - $15,000*
Like the living room, the cost of renovating a bedroom will depend largely on the extent of the work that needs to be done. A simple update, such as painting the walls and replacing the carpet, can be done for as little as $1,500. But if you're planning on redoing the room from scratch, you could be looking at a bill of $15,000 or more.
Kitchen Renovation: $5,000 - $50,000*
The cost of remodeling your kitchen is determined by the scale of the work. A modest makeover, such as painting the walls and replacing the countertops, might cost $5,000 or less. However, if you're doing a huge overhaul, such as removing all existing fixtures and cabinets and starting from scratch, you may end up spending upwards of $50,000.
Bathroom Renovation: $3,000 - $30,000*
The cost of renovating your bathroom will vary depending on the size and scope of the project. A small update, such as painting the walls and replacing the fixtures, can be done for as little as $3,000. But if you're planning a major overhaul, such as gutting the room and starting from scratch, you could be looking at a bill of $30,000 or more.
Garage Renovation: $1,000 - $10,000*
The cost of renovating your garage will depend on the extent of the work that needs to be done. A simple update, such as painting the walls and replacing the flooring, can be done for as little as $1,000. But if you're planning a major overhaul, such as gutting the space and starting from scratch, you could be looking at a bill of $10,000 or more.
Home Office Renovation: $500 - $5,000*
The cost of upgrading your home office is largely determined by the amount of work that needs to be done. Painting the walls and changing the flooring may cost as little as $500, while a comprehensive makeover, such as ripping out existing furnishings and starting from scratch, might cost upwards of $5,000.
Basement Renovation: $3,000 - $30,000*
The cost of finishing your basement will vary depending on the size and scope of the project. A small update, such as painting the walls and ceiling, can be done for as little as $3,000. But if you're planning a major overhaul, such as gutting the space and starting from scratch, you could be looking at a bill of $30,000 or more.
Attic Renovation: $1,000 - $10,000*
The cost of converting your attic will be determined by the amount of work that needs to be done. Although a cheap upgrade, such as adding insulation and replacing the flooring, may cost as little as $1,000, if you're planning a major renovation like gutting the space and starting from the ground up, you might expect to pay north of $10,000.
Conclusion
As you can see, the cost of renovating your home will vary depending on the size and scope of the project. If you're unsure of what you can afford, it's best to consult with a professional home renovation company. They will be able to give you a more accurate estimate based on your specific situation. Please also note that the figures mentioned are purely estimates and can change depending on a variety of factors.