What You Can Get For Your Money in Home Remodel
Getting new appliances or updating the plumbing in your home doesn’t need to be a pipe dream, but starting home remodels without a budget in mind can quickly become a nightmare.
Instead of ignoring your bank account and blindly charging your unexpected Home Depot runs, consider how much you can get in home renovations and updates for the money you’ve budgeted. With an idea of how much you can spend, you can get a better idea of where to spend it to maximize value, savings, and future return on investment (ROI).
To kick things off, let’s rip the Band-Aid off the big numbers. Here are some high-level breakdowns on the average cost to renovate a house, courtesy of Realtor.com :
• Budget: $25,000 to $45,000. This estimate includes small updates, a new paint job inside and out, and updated landscaping.
• Mid-Range: $46,000 to $75,000. This estimate includes the budget options, in addition to a new kitchen, and some bathroom updates.
• High-End: $76,000+. This estimate includes the above projects, as well as repairing the foundation, roof, and sewer.
Maybe you’ve had dreams of updating the basement for years or getting new bathroom fixtures. If you’re budgeting for renovations room by room, here are some average costs and projects per space.
The cost of renovating a basement can vary widely based on its current condition. You might be adding walls, finishing floors, and putting in electrical and plumbing. Or, you might just be refreshing the old tiling and opting for a new paint job.
Finishing a basement can add some serious square footage to a home, not to mention a modern bathroom or bedroom. If you’ve been considering a remodel or refresh of your basement for some time, then it’s probably a safe bet to get to work on it—on average, finishing a basement will net you an approximate 70% return on investment.
Estimated Cost: Finishing, or refinishing a basement can be pricey. The national average for refinishing a basement is $18,711 , and most home renovators spend between $10,579 and $27,000+. This cost typically includes adding plumbing and a bathroom.
You probably have a dream kitchen in mind, but many of us worry that kitchen renovations basically mean pouring money down the drain, which could happen if you’re not careful.
In the US, homeowners spent nearly $67 billion last year remodeling their kitchens. The most significant costs typically come from new cabinetry, labor, and shiny new appliances.
Estimated Cost: The average kitchen remodel runs around $20,474, but the range varies. Budget upgrades can run as low as $4,500 , but a high-end remodel can cost you upwards of $49,000 .
A bathroom worthy of a luxury spa is a number one priority for many homeowners, according to the National Kitchen and Bath Association, last year $147.3 billion was spent on bathroom remodeling and replacing.
Bathroom remodels come in at all budgets and price ranges—simply removing and replacing grout can make a world of difference, and starts around $500 .
Estimated Cost: On average, homeowners spend between $6,000 and $14,000 on bathroom remodels. That being said, some simple cosmetic updates can make all the difference, and are unlikely to set you back more than a couple hundred dollars.
Instead of a room by room approach to renovations, you might be considering a buffet of changes across your home. Many of these updates might become necessary when you factor in daily wear and tear over time.
While deferred maintenance updates might not be as shiny and fun as a brand new bathroom, these systems should be updated to maintain and/or increase the value of your home.
It’s not the most exciting remodel, but neglecting your roof can lead to leaks, which could equate to costly repairs in the rest of your home. Staying on top of roof repair can mean smaller, more affordable repairs instead of a complete replacement.
Most roof materials last between 20 and 30 years , but other materials, like tile, slate, and copper can last 50 years.
Estimated Cost: The average cost for replacing an entire roof can vary but generally runs anywhere from $4,900 to $14,100. Average repair costs, such as replacing loose or leaky shingles, clocks in around $814.
For a homeowner, bad wiring isn’t just annoying— it is considered a health and safety issue and if it comes up in the home inspection, it can keep you from a potential sale. Staying on top of electrical issues ensures that you are safe in your home and that you’re not blowing outlets or are surprised by issues when you put your home up for sale in the future.
While some simple projects can be DIY, such as replacing an outlet, some electrical jobs should be left to a professional. Consider calling in the pros if you want to heavy-up (aka increase your electrical service) or run separate electrical circuits.
Estimated Cost: Calling in a pro to heavy-up will cost between $1,000 and $1,500. If you’re looking to run new electrical circuits in open walls, you’ll likely pay between $250 and $400 per circuit.
Plumbing might not be the prettiest renovation, but neither is a backed-up toilet. Taking care of plumbing leaks and slow drains keep the rest of your home high and dry, which could mean fewer repair costs in the long run. Depending on the systems in your home, there will be different issues and upkeep to maintain.
For some, replacing the hot water heater might be the only major cost. For others, systems like french drains and sump pumps should be accounted for. Lots of projects can be DIY with a little elbow grease, but some you might want to call an expert in for.
Estimated Cost: A sump pump installation or replacement can cost between $500 and $700 . Add in a french drain, and it’ll likely cost you between $4,000 and $5,500. Installing a new water heater can run you anywhere between $800 to $1,500.
Always underfoot, flooring sees a lot of wear and tear from day to day use. If your home has laminate, plank, and tile flooring, you might be able to get away with updating and replacing on your own.
When it comes to new carpeting, or sanding and refinishing floors, it might be time to turn to the professionals.
Estimated Cost: Wall-to-wall carpeting installed by a professional can cost $5 to $12/square foot . Professional sanding and finishing of a hardwood floor costs between $3 to $5/square foot.
Maintaining your home’s exterior paint is about more than just looking good. Fresh paint is also your home’s first line of defense when it comes to mold, moisture and water damage.
Factors like region, type of paint, and exterior treatment can affect how often your home needs a new paint job, but on average, a home’s exterior should be repainted every 7 to 10 years .
Estimated Cost: Hiring a professional painter to repaint the exterior of your home will cost between $1,710 – $3,988.
How will you marvel over your new updates with improper lighting? Similar to electrical wiring, if you’re not experienced in this area, it might be best to call a professional to help install new lighting fixtures.
Using existing wiring will save you in the long run, but depending on the age of your home and other factors, you might need to rewire before installing new lights.
Estimated Cost: If you’re looking to install new interior lighting, you’ll likely pay between $760 and $1,105 , possibly more depending upon the extent of the upgrades and materials. Depending on the condition of your wiring, using a professional to install a single light could run you between $42 and $112 .
Renovation and ROI
Most of us dream of our perfect home, but at what cost? Depending upon many factors, you may not see a full return on your investment with a renovation. Even if you plan on selling a renovated home in the near future, you don’t have to rule out updates entirely. Instead, consider focusing on lower budget updates with a higher ROI—meaning you’re more likely to see those changes pay off in your not-too-distant home sale.
For additional information on home improvement projects ROI you can use our Home Improvement ROI Estimator. Our estimator compares your project type to regional resell data so you can estimate a project’s return.
Remodeling Your Home Without Demolishing Your Finances
While you might have some savings stored away for home updates and renovations, unexpected costs shouldn’t demolish your dreams of an updated kitchen or finished basement.
SoFi’s fee-free personal loans offer low-interest rates and fixed monthly payment options. Taking out an unsecured home improvement loan with SoFi means that your home equity isn’t on the line.
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