Home Renovation Costs And Estimation Template

Thinking of replacing those old kitchen cabinets? Maybe you're planning to add a third bathroom or swapping your home's carpeting for hardwood flooring. You might be dreaming of a finished basement with a bar and home theater. If you're mulling over a home remodeling project, you're not alone.

Depending on factors like where you live, the size and age of your home and what projects you’re taking on, renovations can be cheaper than buying a whole new home.

In this article, we’ll discuss the average cost to remodel a house in 2023, then estimate the cost of your project using our home renovation cost estimator template.

On average, Americans spend $22,000 on a single home renovation project. Depending on the type of house, roomand project, the average recommended spending for remodeling projects will vary greatly.

Remodels usually consist of making major changes to your home that can update floor plans, take a long time to complete and might even require special permits in order to proceed. “Renovation” and “remodel” are two terms that are sometimes used interchangeably when discussing various kinds of home projects. While they are similar in nature, remodels tend to be larger-scale home improvements while renovations are usually more repair- and update-focused.

The average cost to completely renovate a house depends on the characteristics of the build, any structural or mechanical repairs, square footage, underlying issues, location and materials used.

Depending on their characteristics, remodels will fall under one of three types of categories: high-end, midrange and low-end.

• High-end: These are major renovations with designer materials and high-end furnishings and
• Midrange: These are renovations for projects typical in second homes with midrange products and materials.
• Low-end: Remodels with minor upgrades typically found in starter homes are considered low-end, many of which are self-funded or do-it-yourself projects, and use low-end products and materials.

Below you’ll find the national averages of high-, mid- and low-end costs for popular renovations. The calculations alsoinclude the return on investment based on Remodeling’s 2023 Cost vs. Value Report.

Gut Renovation

Depending on the square footage, the average cost to gut and remodel a house can be $100,000 – $200,000. Gutrenovation cost per square foot ranges between $60 and $150 and includes new plumbing, appliances, structural improvements, a new roof and an HVAC (heating, venting, air conditioning system).

Interior Renovation

When it comes to renovating the inside of a home, you have to factor in the cost of demolishing the interior. This typically costs $1,063 – $4,905 with a high end of about $20,000. The total price includes the removal of debris, dumping fees, permits and tear out. Once everything is cleared out, you have to factor in the costs depending on the specific project.

The average cost to add a bedroom can cost anywhere from $157,855 to $325,504. Keep in mind that depending on the materials, labor and type of furnishes, this cost can drastically change.

An airy and modern bathroom is considered a luxury by many homeowners. Buyers often focus on bathrooms when deciding whether or not to make an offer on a house.

Remodeling a bathroom costs anywhere from $24,606 to $76,827 on average. Homeowners are usually interested in updating their bathroom floors, upgrading old or small showers/tubs and purchasing a more modern sink/vanity.

Kitchens are traditionally one of the first rooms homeowners remodel. Doing so can cost anywhere from $26,790 to $154, 483. When buyers look at homes that are for sale, a modern kitchen is what often encourages them to make an offer. Modern kitchens often include new appliances, a neutral color palette and a functional layout that works for the whole family.

A complete garage remodel can range in cost anywhere from $6,024 to $26,047. Small upgrades like a garage door replacement can increase your home’s value, matching your investment at  over 100% return.

Exterior remodels can focus on the structural integrity or curb appeal of your home. Common exterior remodel projects include applying new paint to the house, buying a new front door, installing windows or putting up a railing for your deck.

Remodeling an entryway could cost anywhere from $1,030 to $10,780. While you may feel sticker shock with the price tag, that’s due to the labor costs that need to be done. This renovation calls for moving electrical elements, updating the trim, installing a wider casing and painting the entryway.

Your home renovation costs will vary depending on your preferences. By using the home renovation cost estimator spreadsheet linked in the first section of this article, you can easily fine-tune your budget to put your money toward what means the most in your home.

• Step 1: Consider how you’re going to finance your remodeling project. You can refinance your home for tax-free funds, apply for a construction loan or pay out-of-pocket.
• Step 2: For each project, copy the spreadsheet onto its own tab. Then estimate the prep work including inspections, design and permit costs.
• Step 3: Once your prep work is estimated, begin sourcing vendors and getting estimates for your project and adjust as needed.
• Step 4: Once your estimated costs are calculated and work begins, log the actual cost in column E. If needed, adjust your budget and log your outstanding balance accordingly.

Still unsure whether to renovate or repurchase? Take a look at these commonly asked questions about home renovation costs:

Is it cheaper to remodel or build a new house?

The cost of remodeling is typically less than building a new home. Purchasing new homes with upgraded kitchen and bathrooms typically exceeds that of remodels. To fund your project, consider getting tax-free funds for your remodeling project with cash-out refinancing.

Is remodeling a home worth it?

Remodeling can be expensive but investing money in your home can increase the value for a higher return on investment when selling it. It can also make living in your home more enjoyable and lucrative.

What is the average cost per square foot to remodel a house?

The more square footage involved in your home renovation project, the more expensive it will be. Renovating an entire home will cost, on average, $10 – $60 per square foot. As a result, the more square footage involved in your renovation project, the more you’re likely to pay.

Home renovation costs will vary based on structural or mechanical repairs, square footage, underlying issues, location and materials used. Start by using the home renovation cost estimator spreadsheet above, then talk with contractors to understand the exact estimates in your area.

If you’re thinking about any home improvements, get started on the refinance process in order to help you budget for the costs of remodeling. You can also give us a call at (855) 886-6594.