There are many things you can do to brighten up the appearance and functionality of your living room, such as: replacing the floorboards, adding in new furniture such as a couch or dining table, building a custom fireplace or freshening up the wall paint.
We use the Home Design Directory calculator and HomeAdvisor — as well as some market research — to estimate how much a living room renovation may cost you on a minimal, mid-range and premium budget.
Average cost of a living room renovation
What you pay largely depends on how intensive your renovation is. Living room remodels can cost anywhere from $1,500 to $43,200, according to Home Advisor.
The variation in price depends on the type of project you’re undertaking. A quick paint and flooring update won’t cost nearly as much as converting a garage or creating an open floor plan. Speak with a contractor to get an estimate on how much your living room renovation will cost.
Compare financing options for renovating a living room
If you aren’t planning on building a new addition to your house or knocking down load-bearing walls, you can handle most living room remodels with a credit card or personal loan.
For those large projects, a home equity loan or line of credit may be more appropriate.
Small renovations: Consider a credit card
Store financing may be all you need for furniture, but if you opt for a credit card that offers rewards, you could get cash back or miles when you remodel your living room.
Chase Freedom Unlimited®
4.7 / 5
★★★★★
The Chase Freedom Unlimited card offers 1.5% cash back on general purchases. Most cards only offer 1% — and many cap the amount you can earn. Chase doesn't, which is why it's our pick for living room renovations that have a flexible budget.
Pros
- Earn 1.5% cash back on purchases
- $200 signup bonus
- Long 0% intro APR period of 15 months
Cons
- Not useful for balance transfers
- Must have good to excellent credit to qualify
Moderate renovations: Consider a personal loan
If you plan on a bigger update to your space — like installing new floors, refinishing your fireplace and getting new furniture — a personal loan is the way to go. It offers lower interest rates than a credit card while letting you borrow much more.
LightStream personal loans
4.83 / 5
★★★★★
We pick LightStream for home renovations because of its competitive rates. You'll be hard-pressed to find a lower APR, and with such large loans available, it's perfect for more extensive renovations.
Pros
- Loans up to $100,000
- Competitive interest rates
- Autopay discount of 0.5% off APR
Cons
- Must have good to excellent credit to qualify
- No preapproval process
- Minimum loan amount of $5,000
| Loan Amount | $5,000 - $100,000 |
|---|
| APR | Competitive |
|---|
| Interest Rate Type | Fixed |
|---|
| Min. Credit Score | Good to excellent credit |
|---|
| Turnaround Time | Varies |
|---|
| APR | Competitive |
|---|
| Min. Credit Score | Good to excellent credit |
|---|
| Loan Amount | $5,000 - $100,000 |
|---|
Go to site
on Lightstream's secure site
Major renovations: Consider a HELOC
Are you expanding your home, knocking down load-bearing walls or converting another existing space into a den? Home equity loans and lines of credit let you reinvest your equity back into your house, making them agood choice for more extensive projects.
LendingTree works with a variety of lenders to get you the best rate on your HELOC. It lets you apply to multiple lenders at once, and if a better opportunity comes up, you'll be notified so you can take advantage of it.
Pros
- Quick application process
- Open to borrowers with fair credit
Cons
- May receive high volume of marketing materials
- Not all offers have competitive rates
What factors do I need to consider when renovating my living room?
The scope of your project will determine what factors you need to consider. In general, materials and labor will make up the bulk of your budget.
For a midsize living room of 250 square feet, here are the approximate price points:
Materials, fittings and fixtures
If you want to work out the cost of materials, fittings and fixtures for a living room renovation, refer to our table below.
| Flooring | $1,250.00 (floorboards @ $5 x 250 square feet)
$1,000.00 (installation @ $4 x 250 square feet)
$2,250.00 | $2,500.00 (floorboards @ $10 x 250 square feet)
$2,000.00 (installation @ $8 x 250 square feet)
$4,500.00 | $3,500.00 (floorboards @ $14 x 250 square feet)
$2,000.00 (installation @ $8 x 250 square feet)
$5,500.00 |
| Lounge | $1,699.00 | $2,499.00 | $3,499.00 |
| Coffee table | $65.00 | $199.00 | $430.00 |
| Side table | $50.00 | $169.00 | $250.00 |
| Television | $295.00 | $597.00 | $1,595.00 |
| Lamp | $25.08 | $50.00 | $140.00 |
| Storage unit | $60.00 | $95.00 | $189.00 |
| Total cost: | $4,444.08 | $8,109.00 | $11,603.00 |
Flooring
If you’re replacing existing flooring in your living area, you’ll need to remove the existing carpet or floorboards. Make sure you source several quotes if you’re getting an expert in. Otherwise, you may be able to pull up the flooring yourself.
Here’s a step-by-step process of how to remove floorboards:
1. Cut the board. Firstly, clean the floor area to get rid of any dust particles. Then, set the depth of your circulator to 3/4″ (as the standard depth of a floorboard is 3/4″). Cut two parallel lines along each side of the board.
2. Remove the board. Next, hammer a chisel into one of the cuts in the board. Then use a chisel to pull out the center piece. Once the piece is removed, chisel at the sides of the cut board until they come unstuck.
3. Lift the board. Use a wrecking bar to pull up the loose floorboard. Place the blade of the wrecking bar under the board slightly away from the joist. Then gently lever the board up. Once the board has come up, place the blade in between the two nails on the joist and, using the joist for leverage, pry the board until the board comes off.
If you know the dimensions of your floor space, and you’ve been quoted a flooring cost per foot, you can use online calculators to help you plan for the cost of your flooring materials and installment.
When you get a quote for timber flooring, the supplier will likely give you a quote either based on the square meter surface area or for the whole job. The cost will vary based on the type of timber or flooring that you select. Remember that the price of a flooring product is largely determined by its availability. If it’s an imported product, chances are it will cost more.
Choosing standard or select grades of woods can make a big difference in price. For example, soft wood flooring like pine can cost $3 to $6 per square foot, with another $3 to $5 per square foot for installation. Meanwhile, a more premium hardwood like mahogany or cypress would cost anywhere from $8 to $14 per square foot, with installation costs running around $4 to $8 per square foot.
Home renovations: DIY vs. hiring professionals
Lounge
From recliners to contemporary sectional lounges to versatile sofa beds, there’s a variety of different couches available on the market.
A Boston Chaise Lounge is $1,699 while an Aero lounge with 5 adjustable headsets would set you back $2,499. On the upper end of the spectrum, a Metropolis corner suite with an in-built storage unit and Ottoman retails from $3,499.
Coffee table
A coffee table often acts as the centerpiece of any living space, which can be used to store ornaments such as candles, magazines or drinks.
If you’re on a budget, you can get a small coffee table for around $65, whereas something a little more robust, such as the Wave Coffee Table from a local furniture specialist, costs $199. For something fancy such as the Aquarius Coffee Table model, or for a custom-built coffee table, this would cost around $430 to $450.
Side table
For extra storage space and to create a sense of symmetry, two side tables (one situated on either side of the lounge) are an important addition to a living area.
Local furniture suppliers provide side tables from around $50 up to $169 for a Signature Essentials model. A premium side table, such as the Aquarius Side Table, could cost you approximately $250.
Television
If you want to deck out your living room with a brand new TV, then you can get yourself a 32″ HD LED LCD for just $295. However, if you want something with the bells and whistles, you can score a TCL 48″ Full HD LED LCD for $597. For the ultimate entertainment system and to suit a higher budget, you could purchase a Panasonic Viera 60″ Full HD LED LCD Smart TV for $1,595 complete with in-built Wi-Fi and Netflix.
However, you could cut costs if you opt for an Internet TV package. You can use our guide on price, features and content options for Netflix.
Lamp
An elegant floor lamp may be a great addition to brighten up your living room. The Brilliant Kirby Touch Lamp retails for $25.08, and a mid-range floor lamp retails for around $50 while a Verve Design 160cm Black Ciara Floor Lamp is $140.
Storage unit
If you need more space to store your things, a storage unit is key.
You can find a narrow storage unit for $60 while a medium narrow storage unit could set you back $95, and something larger (and edgier), such as the Cube Storage Unit model (4 x 4) retails for $189.
Bottom line
Living room renovations make your space more cozy and enjoyable. While they won’t be the best way to increase your home’s value, they are a good way to increase your relaxation time.
Combined with other home renovations, you can customize your space to be truly yours without breaking the bank.
