How Much Does a Luxury Home Renovation Cost? [2024 Data]
Normal range: $120,000 - $250,000
Luxury home renovation costs often range from $120,000 to $250,000, with an average of $150,000. High-end and luxury items and materials increase the project price as well as the home's value.
Luxury home renovation costs more than renovating a traditional home, with an average cost of $150,000. However, the price often ranges from $120,000 for mid-sized projects to $250,000 to gut and recreate your space with high-end materials. You can start with a single room or smaller renovation to control costs while getting the best quality for your home.
- Average
- $150,000
- Low end
- $20,000
- high end
- $400,000
Luxury Renovation Project Scope
When planning any home improvement project, the scope of the work will be the most significant cost factor. The total house renovation cost will hinge on what you plan to do and how much of it you'll do. When choosing a luxury renovation, expect to pay more for high-end fixtures and materials. The average cost of a luxury home renovation starts at the top-end pricing of a more conservative remodel, shown below. Expect to pay between roughly $100 and $208 per square foot or more for luxury renovation work.
Typical high-end starting costs per type of room breakdowns are as follows:
Kitchen renovation: $41,495
Bathroom renovation: $17,600
Basement remodel: $34,500
Attic: $35,000
Living room: $10,000
Bedroom: $5,500
Size of Luxury Renovation
If your luxury home renovation is less focused on individual rooms and more about transforming all or part of your home, the project cost will more likely be tied to square footage. Based on the average luxury renovation price of around $125 per square foot, the larger the footprint of your remodel, the higher the price will be.
| Renovation Size (Square Feet) | Average Cost |
|---|---|
| 500 | $62,500 |
| 1,200 | $150,000 |
| 2,000 | $250,000 |
| 3,200 | $400,000 |
Renovation Pro Costs
You can hire a specialized home remodeling contractor near you to handle your luxury home renovation. These are the best pros to hire for a renovation because they know the ins and outs of such a large-scale project. While professional labor will account for 40% to 50% of the project's cost, the material prices can vary widely, especially when opting for high-end components and fixtures.
Electrician Costs
The cost of hiring an electrician for renovation work is between $50 and $100 per hour plus materials. However, some tasks will have predetermined prices, depending on material choices and other factors.
Installing an outlet: $300
Adding a light fixture: $585
Rewiring: $6,000
Electrical panel upgrade: $1,600
Plumber Costs
A plumber's service bill can include several charges, like service call fees of $100 to $250 for one-off installations or repairs and per-hour charges of $45 and $200 for remodeling work. Material costs will also be a substantial part of your plumber's invoice during a renovation. Expect to pay the following average prices for luxury renovation plumbing work:
Installing a sink: $665
Installing a luxury faucet: $2,800
Replacing pipes: $1,245
Rough-in plumbing for a bathroom: $6,500
General Contractor Cost
Most homeowners choosing a luxury home renovation will simply hire a general contractor to handle all or most of the aspects of the job. Hiring a general contractor includes overhead and profit costs that total between 40% and 50% of the renovation price.
However, for that money, the contractor will perform or hire out all of the necessary tasks and manage the tradespeople and project for you. Additionally, the contractor will be responsible for handling all necessary permits and subsequent inspections.
Additional Pros to Consider Hiring
Depending on the scope of your luxury renovation project, you may choose to hire several other specialists on your own or through your contractor. The costs below are averages for conservative renovation work. Experts of some of the most popular remodeling projects are listed below. Depending on how luxurious your renovation will be, expect costs to start at average and increase from there.
Interior Designer cost: $8,540
Architect cost: $6,6420
Landscaping cost: $3,510
Flooring Specialist cost: $3,160
Roofing cost: $9,460
Cost by Location
While pinpointing exact pricing by location is challenging, some typical percentages indicate how much luxury home renovations vary from the national average pricing. Variations based on location align with the general cost of living in a given area. Where the cost of living is higher than average, you can expect to pay more for luxury renovation work.
| State | Variation from National Average Cost |
|---|---|
| Georgia | -7% |
| New York | +8% |
| California | +13% |
| Minnesota | -5% |
| Nevada | +6% |
Additional Cost Factors
The scope of your luxury home renovation work can determine which additional cost factors may affect the final pricing.
Demolition and Prep
Before the installation of luxury components and fixtures can begin in your renovation, some demolition and prep will likely be necessary. Expect demo and prep work to cost between $4 and $17 per square foot or between $50 and $100 per hour for most projects and materials. The cost of demo and prep work will likely be part of your contractor's cost estimates.
Permits
While some renovation work, such as replacing floors, painting, or adding some fixtures, may not require getting a permit, most renovations that include plumbing, electrical, roofing, alterations, exterior work, or construction will need one. Permits cost between $150 and $2,000 on average, depending on the project's scope.
Renovation Insurance
While obtaining renovation insurance for your remodeling project isn't required, especially if protections are in place with your homeowners insurance policy, it can help create peace of mind to know that if something goes wrong during the process, your wallet is protected. Renovation insurance costs between $29 and $250 per month.
Taxes
Remodeling your home can increase its value, which can have property tax implications. Speaking with a tax professional may be necessary before starting a major home renovation to ensure tax compliance.
Financing Cost
How you finance your home renovation can affect the total cost of the project. Home equity loans, lines of credit, refinancing, and other loans contain interest costs that can significantly increase the overall cost of remodeling.
DIY Luxury Home Renovation vs. Hiring a Pro
Handy homeowners may want to tackle DIY home renovations. However, luxury home renovation is a job for professionals. When spending money on high-end materials and luxury components and fixtures, hiring a nearby home remodeling expert is an excellent way to ensure the project is completed correctly and safely and that you get the most reward for your investment, despite the higher price of hiring out the work.
Luxury Home Remodel vs. Renovate
Several home renovation tips are available to help you decide the scope of your project and deal with the factors that may come up during the process. One important decision is whether to pursue a full remodel or simply renovate parts of your home.
Remodeling generally includes reworking floor plans or making structural changes, which typically cost more than renovations that include updating or improving fixtures and components or recreating individual rooms one or two at a time.
How You Can Save Money While Renovating Your House
A luxury home renovation represents a significant investment in your home. However, even when installing upgraded appliances and fixtures or high-end materials, there are things you can do to help control costs.
Budget your luxury renovation based on needs and add luxury items that are mostly visible or usable as the budget allows. Consider scaling back the project so you can include more luxurious items in some places while foregoing them in less visible areas.
Consider talking with your contractor to see if leftover materials from other luxury renovations are available at discounted rates instead of relying solely on custom-order purchases.
Take advantage of local and federal energy efficiency rebates and incentives that can help manage the final costs of replacing or upgrading HVAC components and energy-efficient appliances, doors, and windows.
Does a Luxury Home Renovation Increase Home Value?
Home renovations often increase a home's value and selling appeal and have a return on investment (ROI) of 50%. However, it's important to keep in mind that not all luxury home renovations experience the same ROI benefits. Installing high-end fixtures and luxury conveniences that inflate the project cost but don't add new usability can hurt your overall ROI. For example, installing a marble staircase where an attractive wooden one will work can reduce the cost versus benefit ratio.
When determining the potential increase in your home's value after remodeling, remember to account for the average selling prices of homes in your neighborhood for comparison and budgeting considerations.
How Angi Gets Its Cost Data
Home is the most important place on earth, which is why Angi has helped more than 150 million homeowners transform their houses into homes they adore. To help homeowners with their next project, Angi provides readers with the most accurate cost data and upholds strict editorial standards. We extensively research project costs to develop the pricing data you see, so you can make the best decisions for you and your home. We rely on reputable sources, including the U.S. Bureau of Labor Statistics, academic journals, market studies, and interviews with industry experts—all to ensure our prices reflect real-world projects.
Want to help us improve our cost data? Send us a recent project quote to costquotes@angi.com. Quotes and personal information will not be shared publicly.
Frequently Asked Questions
Kitchens and bathrooms are the most expensive renovations you can make in your home. Because of the generally small footprint and the vast amount of prep work, plumbing, electrical, and finishing work involved, coupled with the high cost of fixtures in general, these two projects can cost double or more than that of living space remodels.
Renovations that add functionality or more comfortable floor space generally add the most value when remodeling your home. Attic or basement finishing can add floor space without altering the home's structure, saving you renovation money while adding valuable space. Smaller improvements, such as installing smart-home components or replacing entry doors and windows, also experience high ROIs.