The Cost of Remodeling Your Home in 2023: Understanding Average Per Square Foot Costs
Updated: Feb 2
Remodeling your home can be an exciting process, but it's also important to have a clear understanding of the costs involved before starting on your remodel journey. Whether you're looking to update your kitchen, add a new bathroom, or expand your living space, it's important to know what to expect in terms of expenses. In this post, we'll explore the costs of home remodeling and what factors contribute to the average cost per square foot.
Average Cost Per Square Foot for Home Remodeling
According to the National Association of Home Builders (NAHB), the average cost of adding an addition with basic finishes in the United States is around $150-200 per square foot, and the average cost per square foot to remodel the interior only, with no additions, is $50-60 per square foot with basic finishes. However, this number can vary widely based on a number of factors, including the scope of the project, the materials used, and the location of the property.
For example, a minor kitchen remodel that involves updating appliances, countertops, and cabinets typically costs between $40,000 and $80,000, while a complete kitchen renovation can cost upwards of $100,000 or more. Similarly, a full bathroom remodel can cost anywhere from $20,000 to $35,000 to start, while an addition to your home with a number of custom features can can cost upwards of $300 or more per square foot.
Factors That Affect the Cost of Home Remodeling
There are several factors that contribute to the cost of remodeling your home, including:
The scope of the project: The larger and more complex the project, the more it will cost. Projects that involve structural changes, such as adding a room or moving walls, tend to be far more expensive than cosmetic updates like new paint or flooring.
The materials used: The cost of materials can vary greatly, depending on the quality and type of materials used. For example, granite countertops are more expensive than laminate countertops, and on a full kitchen remodel could change the cost about $6000 on that one item alone, and high-end appliances will cost more than standard models by factors of 2-3x or more.
The location of the property: The cost of labor and materials can vary depending on where you live. For example, home remodeling costs are typically higher in urban areas due to higher labor costs.
The contractor you choose: The cost of your home remodel can also be affected by the contractor you choose. It's important to choose a contractor who is licensed, insured, and has a good reputation in the community. When you choose your contractor, you will almost always get what you pay for. The contractor who charges more will likely have better staff, better communication systems, better insurance coverage, better subcontractors, and possibly have a dedicated project manager that will ensure your project runs smoothly, etc. Just going for the cheaper contractor is not a good strategy on most cases. Buyer beware!
Tips for Keeping Costs Under Control
While it's impossible to avoid all costs when remodeling your home, there are a few things you can do to keep expenses under control:
Set a budget: Before you start your home remodel, it's important to have a clear understanding of how much you can afford to spend. This will help you avoid overspending and ensure that you stick to your budget.
Choose materials wisely: While high-end materials can add value to your home, they can also be expensive. Consider choosing quality materials that are both affordable and functional.
Consider energy-efficient upgrades: Adding energy-efficient features to your home, such as new windows or insulation, can save you money on energy costs in the long run.
Make all decisions about the materials, colors, finishes, etc. before the job begins. Get a timeline from your contractor about when decisions need to be made about these things. Making those decisions when it's time to do that item will almost always lead to delays in the project and more costs that the contractor will want to talk about passing on to you for lack of efficiency.
Why hiring a contractor will almost always save you money
There are several benefits of hiring a professional contractor instead of trying to complete a home improvement project on your own:
Experience and Expertise: Contractors have years of experience and knowledge in their field, which allows them to complete projects in a timely and efficient manner. They also have the expertise to handle any unexpected issues that may arise during the course of the project. We have seen too many poorly executed project have to be completely re-done and that's a ton of extra cost.
Professional Equipment: Contractors have access to professional-grade tools and equipment, which are essential for many home improvement projects. This equipment is not only more efficient but also much safer than the tools and equipment available to the average homeowner. How many memes have you seen of people trying crazy things that end in disaster. tose disasters are usually costly.
Liability and Insurance: Contractors are typically licensed, insured, and bonded, which means that if something goes wrong during the course of the project, you are protected. In the event of an accident or damage to your property, the contractor's insurance will cover the costs.
Time-Saving: Home improvement projects can be time-consuming and often take many times longer than expected just due to the lack of experience. By hiring a contractor, you can free up your time to focus on other things while the work is being done. Nothing is more valuable than your time. you can always make more money, but you'll never get those hours back.
Increased Value: A well-executed home improvement project can add significant value to your property. Contractors have the expertise to make sure the work is done properly and to code, which can increase the resale value of your home.
Guaranteed Workmanship: Most contractors offer a warranty on their workmanship, which means that if something goes wrong after the project is complete, the contractor will come back to fix it.
In conclusion, hiring a professional contractor for your home improvement project can save you time, money, and peace of mind. They bring their expertise, experience, and professional equipment to the table, which can ensure the success of your project and add value to your home.