How Much is it to Remodel a Whole House?

Written by Banks Editorial Team
4 min. read
Written by Banks Editorial Team
4 min. read

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Are you torn between remodeling your home or moving on to a new property? Before you decide, it’s best to calculate the cost of renovations to determine if you’ll save more by staying put. We review the typical total cost of a whole home renovation project.

Start by classifying the renovation by category: 

  • Low-end: Cosmetic home renovations using low-end materials that generally range from $10,000 to $50,000
  • Mid-range: Includes cosmetic home renovations using mid-range materials along with a kitchen, bathroom and flooring upgrades that are between $50,000 and $200,000
  • High-end: includes mid-range and major renovations using high-end materials, like foundation repairs, HVAC replacement, room conversions, roof replacement, interior design and significant structural changes and cost the homeowner $200,000 (or more)

Next, estimate the total expenditures to make the desired upgrades. If the overall costs are lower, securing funding to finance your home renovations could be more sensible. 

Home Renovation Loans

Learn how the RenoFi ReFi cash-out refinance home renovation loan allows you access up to 80% of your home’s projected value after renovation.

Typical Costs to Renovate a House

Below is an overview of how much you can expect to pay for renovations. Bear in mind these are just cost estimates based on averages of remodeling projects. 

Designers and Architects

  • Designer fees: $400 to $2,000 per room or a flat fee of 10 to 15 percent of the total renovation budget 
  • Architect fees: $100 to $300 per hour or a flat fee of 10 to 25 percent of the entire renovation budget

Licensing Costs

  • Cost of licensing and permits: from the low hundreds to $4,000

Contractor Labor Costs

  • Contractor labor costs: between 10 and 40 percent of the total renovation budget can go to a general contractor and other contractor labor costs.

Material Costs

  • Material costs: varies by the scope of the renovation project.

Other Unexpected Costs 

  • Miscellaneous expenses: varies by the scope of the renovation project.

Average Costs to Renovate a House

Here are average renovation costs by project type. 

Cost to Renovate a Kitchen

  • Low-end kitchen renovation costs: $5,000 to $25,000
  • Mid-range kitchen renovation costs: $25,000 to $70,000
  • High-end kitchen renovation costs: $70,000 to $130,000

Cost to Renovate a Bathroom

  • Low-end bathroom renovation costs: $5,000 to $10,000
  • Mid-range bathroom renovation costs: $10,000 to $20,000
  • High-end bathroom renovation costs: $20,000 to $50,000

Cost to Renovate or Add a Bedroom

  • Low-end bedroom renovation costs: Up to $4,000
  • Mid-range bedroom renovation costs: $4,000 to $20,000
  • High-end bedroom renovation costs: $20,000 to $40,000

Are you looking to add an additional bedroom to the home? You’ll likely spend between $25,000 and $80,000. 

Cost to Renovate a Garage

  • Low-end garage door cost: up to $800
  • Mid-range garage door cost: $800 to $1,000
  • High-end garage door cost: $1,000 to $1,500

Cost to Renovate the Home’s Exterior

  • Paint costs: $1,500 to $4,500
  • Siding costs: $10,000 to $15,000
  • Roof replacement cost: $5,000 to $20,000

Home Renovation Loans

Learn how the RenoFi ReFi cash-out refinance home renovation loan allows you access up to 80% of your home’s projected value after renovation.

What to Consider When Budgeting Costs to Renovate a House

Before finalizing a budget to complete renovations, consider these factors. 

Property Size

You’ll spend more on renovations depending on the square footage of your house. For example, home renovation costs will be higher for the larger areas in your home. If you’re on a budget, consider minimizing the scope of your project and limiting it to a smaller area of the property.  

House Location

The property’s location also plays a role in renovation costs. For example, you’ll typically pay more for a remodel in Los Angeles, California, than you would in Dallas, Texas. 

Structural Problems

If your home is riddled with structural issues, the repair costs could account for a sizable chunk of the budget. 

FAQs About Renovating a House

Below are some frequently asked questions regarding home renovations. 

Is It Cheaper to Renovate a House or Buy a New One?

It depends on the location, age and size of your home. You should also consider the project’s scope when determining if you’re better off purchasing a new property. 

Is It Worth It to Renovate a House?

Again, it varies by the property’s location, age and size. Conduct a cost-benefit analysis to determine which approach is best for your situation. 

How to Finance Your Home Renovation

Suppose you have a sizable amount of equity in your home. In that case, you could get a home equity loan or home equity line of credit (HELOC) to pay for renovations. But what if these loan products aren’t an option because you haven’t lived in the home long enough to build up equity, or the market conditions have diminished the amount of equity you once had? 

The good news is you can use an online lending platform, like RenoFi, to explore flexible renovation loan options with competitive interest rates and minimal fees.

You can borrow up to 90 percent of your home’s after renovation value or 125 percent of your home’s current value. Loan amounts range from $20,000 and $500,000 with repayment terms of up to 30 years. And you won’t have to worry about inspections, draws or getting your contractor involved in the lending process. 

 Here are the loan options offered by the credit unions in the RenoFi network: 

  • RenoFi Home Equity: a fixed or variable rate line of credit between $25,000 and $500,000 with a 10 year draw period, followed by a 20 year repayment period.
  • RenoFi Refi: a fixed-rate mortgage of up to $2,000,000 with a 30 year repayment period (Quick note: this loan product is only available in select states)

Ready to see how much borrowing power you can unlock with RenoFi? Here’s how to move forward:

  1. Step 1: Use the RenoFi Loan Calculator to estimate your maximum borrowing power. You’ll also be presented with potential monthly payments and interest rates if there’s a loan product you could be eligible for. RenoFi won’t perform a hard inquiry, so there’s no impact on your credit score. 
  2. Step 2: If there’s a match that could work for you, answer the questions in RenoFi’s self pre-qualify tool to move forward. This will alert RenoFi of your interest in a loan product, and you’ll be matched with a RenoFi Advisor who will assist you during the application process. 
  3. Step 3: Gather any financial information and documents the lender will need to process your loan documentation. RenoFi provides a handy online checklist to lend a helping hand. 
  4. Step 4: Work with your RenoFi Advisor to select a lender in the credit union partner network that’s a good fit. 
  5. Step 5: Submit your loan application to the lender you choose. 

If approved, you could close on your loan within 30 days. However, it could take six weeks or more as the pandemic is causing delays in the real estate lending industry.

RenoFi

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All data provided by the Home Mortgage Disclosure Act, at cfpb.gov updated Dec, 19
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