How Much Does It Cost to Remodel a House?
Certain home renovations make your space more comfortable to live in, but they can also increase the value of your house if you ever decide to sell it. "Customizing your home to make the space work for your lifestyle is one of the main benefits of renovating," says Jean Brownhill, founder of Sweeten. "And if it isn't your forever home, it's possible to customize to your needs while boosting your home's attractiveness to potential buyers, too." Whether you're remodeling your entire house or a specific room, real estate broker and HGTV renovation expert Egypt Sherrod says that if you can recoup the cost of the project when you sell your home, the effort may be worth it. "Bigger projects like kitchens or bathrooms generally have more of an impact on the property value, increasing return on investment by 40 percent," she explains. "Also, any opportunity to add finished square footage is a win."
Curious how much it costs to remodel a house? From kitchen renovations to exterior upgrades and beyond, financial planners and renovation experts share their insight ahead.
Kitchen Remodeling Costs
The cost of remodeling your kitchen can range significantly depending on size, scope and finish quality. "Generally speaking, you can expect to spend anywhere from $60,000 for a midrange remodel to upwards of $100,000 for an upscale remodel," says Danny Rainer Wang, director of project operations at Block Renovation. "A lot of this cost can be attributed to cabinetry, labor, countertops, and appliances, so if you're looking to save, it helps to start there."
Bathroom Remodeling Costs
In addition to new fixtures and finishes, Linda Bell, a personal finance expert at NerdWallet, says the biggest expense when remodeling your bathroom is often the cost of labor. "The size of the bathroom, scope of the project, and the materials being used are among the things that will most affect the overall price," she explains. "According to NerdWallet's analysis of the latest U.S. Census data, the national median cost of remodeling a bathroom can be around $6,000 if you hire a professional and over $14,000 for a bathroom addition or replacement."
Basement Finishing Costs
Sweeten says the existing condition and the square footage of an unfinished basement is what will impact the budget the most. "Sometimes, the floor needs to be dug deeper so the ceiling appears higher, and the walls could require underpinning," she explains. "Installation and waterproofing can also be a significant cost if necessary."
Along with any specific construction challenges, Bell says converting an unfinished basement into a recreational room—complete with a bathroom and entertaining area—will only further drive up the remodeling costs. "According to NerdWallet's analysis of the latest available U.S. Census data, it can cost around $25,000 to hire a professional for a major basement renovation (or replacement of a rec room)," she explains. "Doing the work yourself can cost about $7,000."
Exterior Remodeling Costs
When considering home remodeling costs, Sherrod recommends also taking exterior upgrades into account. "Curb appeal and great landscaping speak volumes, especially when putting your home on the market," she says. However, Bell warns that renovating the exterior can be pricey, particularly if replacement siding, windows, or a new roof, is necessary. "If you hire a professional, it can cost $7,500 for a major renovation or replacement of your roof alone," she says. "Siding can add another $4,500, while windows or doors can cost around $2,000."
If you're giving your home a total makeover, financial advisor Mark Pancratz of Northwestern Mutual says to remember that certain outdoor upgrades, like a patio or wooden deck, can add value to your home for a fraction of the cost of some interior renovations. "Adding a wood deck to your home might only cost $14,000, but on average 72 percent of that cost is recouped when you sell," he explains.