These Are the 10 Most Expensive Home Renovation Projects Right Now

Here’s what to know if you’re thinking about making a major change to your home—including how to bring costs down.

It’s the time of year for renewal and refreshing—and if you’re considering making a renovation to your home, you’re not alone. Summer tends to be the peak season for homeowners to take on new projects, but if you start planning now, you might be able to beat the rush. When it comes to choosing which updates you want to make, price point is obviously one of the main factors to consider. 

Restoring and renovation of room in home

hanohiki / Getty Images | Design: Better Homes & Gardens

According to Angi’s 2022 State of Home Spending report, homeowners are thinking more about how to make their houses more useful and suitable to their lifestyle, rather than return on investment (a shift that began in 2020 with the pandemic). With higher interest rates and mortgages, homeowners are more willing to stay in their current residence and make more drastic changes rather than move.

“A lot of people right now might look at their homes and say, ‘Hey, there are things about it I want to change,’ and traditionally when you have that feeling or that idea, there are two options,” says Mallory Micetich, a home expert at Angi. “Renovate and work with your current place, or buy a new one. With the higher interest rates environment, people that were able to lock in on their current mortgage at a lower rate might not be as inclined to move if that means you’re just going to be paying more to the bank. So we’re definitely kind of seeing this ‘hate my home, love my mortgage’ effect playing into some of the popularity of these bigger projects.”

If you’re thinking about doing a major renovation, Micetich says now is as good a time as any—supply chain issues aren’t as prevalent as they were in past years, and lumber prices have fallen since 2020. There are also ways you can make these projects more affordable. 

The Most Expensive Home Renovation Projects

Here are the top 10 most expensive home renovations right now, plus expert advice on how to make them work for your budget.

1. Building an Addition

Average cost: $49,796

Building an addition can range from adding on another primary bedroom to extending your kitchen. It involves electrical work, plumbing, carpentry, getting permits, and even roofing at times—pretty much anything that you’d expect if you were to build a new home—which explains why it’s a big ticket project. Keep in mind that the bigger the add-on is, the more expensive it’ll be.

2. Renovating or Repairing a Home

Average cost: $48,216

This is a broad category, Micetich notes, but it means you opt to renovate multiple rooms at the same time or an entire level. The cost depends on how major the repairs you choose to do are or if they require changing the layout of your space. If you want custom paints, high-end flooring, or other premium finishes, that’ll raise the price tag, so go into it knowing what you want to prioritize if you want to save some cash.

3. Remodeling or Renovating One or More Rooms

Average cost: $47,000

Remodeling jobs vary significantly depending on square footage and the number of rooms you take on. (As you’ll see further down on this list, kitchen and bathroom remodels are the most expensive.) Doing multiple rooms at a time can save you money if you work with the same crew and consolidate services, like flooring. Minor updates like new trim, paint, countertops, or landscaping can change the whole feel of the space while staying within your budget.

4. Installing Solar Panels

Average cost: $26,320

Installing solar panels has become increasingly common, moving into the 14th most popular home project at Angi, which Micetich credits to homeowners being more environmentally conscious. This price estimate doesn’t include the actual purchase of panels, and you can buy them outright or loan them out and make annual payments. The best part: Solar panels can end up paying for themselves, because you’ll save on your electricity bill (while also helping to save the planet).

5. Remodeling a Kitchen

Average cost: $26,243

The cost here is based on how much you change your kitchen—if you want complete new cabinetry, countertops, and a whole different layout, it’s going to be more expensive, but Micetich insists it’s worth it if you spend a lot of time there.

“If you are in an outdated kitchen, but you are cooking from home six days a week and it’s the center of your home, and it’s where all the activity happens,” she says. “Sure, maybe there’s going to be a point in time where one of the input costs varies ever so slightly, but it’s a high use part of your home and you're gonna love this project that you do.”

Average costs drop off significantly for the final five most expensive renovations, which are more specific projects and don’t require as much time and materials.

6. Remodeling a Bathroom

Average cost: $11,314

7. Installing or Replacing an Asphalt Shingle Roof

Average cost: $9,058

8. Building or Replacing a Deck or Non-Masonry Porch

Average cost: $7,886

9. Installing a Central AC System

Average cost: $5,860

10. Landscaping a Yard

Average cost: $3,455

How to Save Money on a Home Project Right Now

These pricing averages can obviously vary dramatically, and there are ways to bring them down. Micetich suggests figuring out your priorities and the why behind your desire to renovate before hiring a contractor.

“I think the first place to start is to ask yourself, what isn't working? Is that the design? Is it the function?” she says. “If the function works, you can then focus more of your budget on some of those design elements like countertops, backsplashes, appliances, etc. If neither works, you might be in a situation where you’re looking at maybe on the higher end of it, and that’s an OK thing too.”

For example, if your kitchen cabinets are in good condition but you want to change the look of them, you could save on spending by refacing them or getting prefabricated cabinets instead of custom made.

Labor costs have stayed pretty steady lately, Micetich says. The main challenge could be finding professionals to contract—but now, ahead of the summer rush, is a great time of year to start looking.

“[With] a lot of these projects, the prices are pretty stable,” she says. “Because you have so much choice within the projects, I think instead of asking yourself, ‘Should I hold off for financial reasons?’, I’d encourage homeowners to think about why you want to do the project and what benefit you are going to derive from it other than just financial benefit.”

When thinking about your budget, for whatever renovation you want to tackle, make sure to plan out 5 to 10% for budget overages or surprise costs that might come up, including renting an additional place to stay while work is being done if necessary. Once you find a professional you’re comfortable with (which is important because some projects can end up taking months), ask for clear timelines and prices. Contractors generally charge 10 to 20% of the total project cost for their work, so it’s not a bad idea to look into a few different options to get the best deal. Overall, Micetich advises, be patient with the process and enjoy it. You’re not only investing in your home, but your happiness there, too.

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