Cost of Home Renovation: What to Expect in 2024

cost of home renovation

Thinking about giving your home a fresh look this year? Renovating can be exciting, but understanding the cost of home renovation is key to planning your budget. Let’s break down what you need to know about house renovation costs in 2024, so you can make informed decisions and avoid any financial surprises.

What Influences the Cost of Home Renovation?

Several factors can impact your home renovation cost. Here’s a quick look:

1. Scope of the Project

A minor bathroom update will naturally cost less than a complete house renovation. If you’re tackling a full house renovation, you’ll need to budget for structural changes, updated systems, and high-end finishes.

2. Material Quality

Living room with white brick chimney and open shelves

Your choice of materials can make or break your home renovation budget. High-quality fixtures, custom cabinetry, and luxury flooring will drive up your renovation cost per square foot.

3. Labour Costs

Skilled professionals come at a price. Rates can vary based on location and expertise. For instance, hiring an Edmonton interior designer can help you achieve a polished look but might increase your overall cost of renovation.

4. Location and Regional Variations

Renovation costs differ across Canada. If you’re planning a home renovation in Ontario, expect different pricing compared to smaller towns or rural areas.

Average House Renovation Costs in 2024

Here’s a breakdown of typical costs for various renovation projects:

Bathroom Renovation

Large bathroom with glass shower and long marble countertop

Expect to spend between $10,000 and $25,000. The final renovations cost depends on whether you’re upgrading fixtures or going for a luxury spa-like retreat.

Kitchen Renovation

Kitchen remodels can range from $20,000 to $50,000 or more. Custom cabinets and high-end appliances will increase the cost of renovating a house.

Living Room Makeover

Living room with black velvet sofa facing wood and marble fireplace

A simple update might cost $5,000, while a full redesign could hit $15,000. Your renovation price list will depend on the design complexity and materials.

Whole House Renovation Cost

Planning a full home renovation? You could be looking at $350 to $500 per square foot. That means the price to renovate a house could easily reach $700,000 or more for a 2,000-square-foot home.

Cost-Saving Tips for Your Home Renovation

DIY Where Possible

Taking on simpler tasks, like painting or demolition, can reduce your house renovation price.

Shop Smart

Source your materials independently to avoid contractor markups. This can help keep your home renovation costs in check.

Look for Incentives

Government programs like the Canada Greener Homes Grant or the Multigenerational Home Renovation Tax Credit can lower your cost for renovation.

Conclusion: Cost of Home Renovation

White marble kitchen with gold accents

Planning your renovation is easier when you understand the cost of home renovation. With careful budgeting and professional guidance, you can transform your space into the home of your dreams. Ready to get started? Contact Tailored Interior today for a consultation.

FAQs About the Cost of Home Renovations

How much does it cost to renovate a house in 2024?

The cost to renovate a house varies widely. Minor renovations might be under $10,000, while a complete house renovation cost can exceed $1,000,000.

How do I estimate my home renovation budget?

Use a house renovation calculator or consult a home renovation cost estimator Canada. These tools consider factors like size, location, and project scope to give you a clear picture.

What is the renovation cost per square foot in Ontario?

In Ontario, you’ll likely pay between $350 and $500 per square foot for a full renovation house.

How much will it cost to renovate an entire house?

The cost to renovate an entire house depends on factors like square footage, material quality, and labour. For a 2,000-square-foot home, expect $700,000 or more.

Does Tailored Interior offer budget-friendly renovation options?

Yes! We work closely with clients to create stunning designs within their home renovation budget.

How can Tailored Interior help with my renovation project?

We provide end-to-end services, from initial design to project management. Whether it’s a full house renovation or a simple update, we ensure every detail aligns with your vision.

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