Whether you’ve been living in the same older house for years, or you just bought yourself a charming fixer-upper, it’s unquestionably exciting — and a little bit daunting — to make the leap from contemplating a whole-home remodeling project to starting the renovation process.
If you’re like most homeowners, the first thing you want to know is how much your dream renovation will cost. You’ve got a basic idea of what you can afford to spend, but you may not have a firm grasp on the various factors that go into setting an estimated price range for your project.
Read on as we explore the factors that go into calculating the cost of a whole-house remodel, and learn how those factors translate to the average cost to gut and remodel a house as well as rehab cost per square foot in the far western suburbs and the greater Chicagoland area today.
Home Renovation Cost Calculation Basics
“How do you calculate remodeling costs?” It’s a question we hear all the time. Of course, the answer depends on a wide range of factors, all of which vary depending on the extent and nature of each specific project.
So, let’s catalog the main cost components that go into determining the overall price estimate of any given home renovation. In a whole-home remodeling project, this includes:
- Materials and fixtures
- Labor and installation
- Windows and doors
- Electrical and plumbing
- Drywall and painting
- Tiling and millwork
Depending on the scope of the job, the cost estimate of each element of renovation — and therefore the overall cost estimate of the entire project — can fall into a low-end, moderate, or high-end range.
A basic cost estimate further considers any known underlying structural problems that need to be addressed during construction. The final renovation cost estimate also includes:
- Design fees
- Sales tax
- Permit fees
- And appliances
Design fees are typically 5 -10% of construction costs; sales tax and permit fees (and rules) vary by municipality and project considerations.
What Does the Average Whole-Home Renovation Cost?
In the Chicagoland area, the average whole-house renovation cost of a single family 3,300 square foot home is about $235,000 if it's completed by a professional.
Most of this budget goes to kitchens, bathrooms, and any structural or mechanical repairs; a full kitchen renovation alone, on average, costs between $85,000 and $200,000 in the northern & western suburbs of Chicago, while a full bathroom remodel can cost between $30,000 to $130,000 depending on its size and scope.
What’s the Average Cost to Gut and Remodel a House?
As the most extensive whole-home renovation type, a gut rehab pretty much means starting from scratch. Unlike a complete remodel of the space within your existing walls, gutting a home means taking it down to the studs or framework, which often includes knocking down and/or reconfiguring interior walls.
From design and materials to construction and labor, gutting and renovating a house is the most intensive home remodeling process in every respect.
As you might expect, a whole-home remodel that starts with a full gut down to the studs has a higher median cost than a standard whole-home remodel. In the Chicagoland area, gutting and renovating a 1,000 square foot house typically costs between $100,000 and $200,000, on average.
Whole-Home Renovation Cost Per Square Foot
Home remodeling expenses are often expressed in the form of cost per square foot. In the Chicagoland area, most whole-home renovations cost an average of $70 to $150 per square foot, and sometimes more.
A complete gut renovation typically costs $100 to $200 per square foot, on average. As you take in all these figures, you may be wondering: Is it cheaper to gut a house or rebuild?
While the answer to that question depends on many factors, including the cost of demolition and the cost of new construction, the average cost of tearing down an old house and building a new home typically falls between $104 and $165 per square foot.
So, is renovating an old house worth it? If you love your location, you have a budget that more or less matches your remodeling goals, and your vision for your space would make it a perfect fit for you and your family, the answer is a resounding yes.
Get Started with Our Comprehensive Pricing Guides
Here at Hogan Design & Construction, we believe that open communication and accurate, comprehensive information are key to every successful renovation project, no matter how large or small it happens to be.
To that end, we’ve developed four extensive pricing guides to help you understand what you can expect when you begin conversations surrounding your upcoming renovation project:
- Whole-House and Additions 2022 Pricing Guide
- Kitchen Remodel 2022 Pricing Guide
- Bathroom Remodel 2022 Pricing Guide
- Basement Remodel 2022 Pricing Guide
Our guides offer price ranges based on Chicagoland area building cost estimates, as well as our own 20+ years of experience within the industry. Although the figures listed in these resources are only approximate estimates, they can help you gain insight into what you can expect before you even set up your first meeting with our team.