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What’s the Average Cost of Major Home Renovations?

Like it or not, money is probably the biggest determining factor when it comes to planning home renovations. If there were no limitations, home renovation would be our country’s national pastime. People would constantly be investing in their homes and making them better in every way. But the reality is, budgets are limited and people need to find ways to do more with less. That’s the mark of a truly successful renovation project – something that represents a good value and solid investment over the long term.

There are plenty of facts and figures out there if you want to go looking for the average cost of major home renovations. For example, HomeAdvisor estimates in 2018 that the national average cost of remodeling multiple rooms in your house is just under $40,000. The very low end is around $4,000, with the high end coming in at a whopping $130,000.

But what do those numbers really tell us? They leave such a wide range, and that’s because every remodeling job is completely different and unique. Every property is unique, and what takes $60,000 to accomplish at one property may only take a fraction of that at another property. That’s just the nature of the home remodeling business.

Finding where your project falls on that scale is a matter of research. If you break down your renovation plans room by room and project by project, you can find specific averages for each are of home renovations by searching online – but you won’t really know much until you start contacting bidders in your area who operate home renovation businesses. This is when the facts and the figures really start coming together.

The nice thing about having done online research about home renovation averages is that you can reference that knowledge when you have conversations with bidders. They might have a very good answer as to why their bid is higher than expected – or a very good answer why the bid is lower. Either way, you’ll be in a better position to understand how the bids are broken down, and what might be the areas where money can potentially be saved. Contractors will also take you more seriously knowing you’ve done your research. Of course, a truly reputable contractor would never give different bids based on the client seems to know (or not know) about home renovation, and average costs.

Getting the best value on your home renovation

One thing that’s certain about home renovations is that it’s not a situation where you want to find the best “deal.” Instead, you want to think in terms of finding the best value. Sometimes the best value will also be the lowest bidder – but choosing a contractor is a long-term investment. You want the renovations to perform and age well, and to add value to your home for years to come. That’s why it’s so important to settle on the right contractor ­– one who doesn’t cut corners, and who knows that your success as a homeowner is essential to their own success as a business.