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Guide to Bedroom Remodeling: Ideas & Costs

Guide to Bedroom Remodeling: Ideas & Costs
Kristin Luna
Kristin LunaUpdated November 17, 2022
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Remodeling your bedroom can update and personalize your space and add value to your home. How much does it cost to renovate a bedroom? It depends on the work you’re doing. The average cost of a bedroom remodel is $20,000 for a full renovation, including all labor and construction costs. But the price can range from $4,000 for a standard bedroom remodel, all the way up to $40,000 to convert an attic or a basement to a bedroom. Here are some bedroom remodel ideas and tips for covering the cost.

Bedroom Remodel Ideas 

Just like the cost to remodel your house, what you’ll spend on your bedroom remodel can vary significantly. If you’re not doing extensive renovations, the price will be on the lower side. However, if you’re adding a wall or putting in new windows, the price can get steeper. These are some remodeling ideas to consider as you start planning your project.

Fixtures 

Lighting is an important component of your bedroom remodel. Adding recessed lighting is a modern way to add light to your room. Another option is to hang a statement chandelier or light fixture in the middle of the bedroom. For reading, your bedroom remodel might include sconces or lamps on each side of the bed. Adding a dimmer switch will allow you to adjust the brightness of your lights. 

Flooring

Flooring is one of the biggest variables in the cost to renovate a bedroom since the price can range depending on the flooring you choose. You might, for example, opt for hardwood floors like walnut, oak, or maple. Hardwood floors typically cost between $6 and $12 per square foot. Luxury Vinyl Plank (LVP) or Luxury Vinyl Tile (LVT) is an increasingly popular option for homeowners who want the look of wood without the price tag. On average, LVT costs $6 per square foot to install, while LVP costs approximately $6.50 per square foot. Another option is carpeting, which can be less expensive. Carpeting tends to range from $3 to $11 per square foot.

Paint Color

Adding color to a room with a few coats of paint is a quick and easy way to give it a splash of personality. Paint for a bedroom will cost anywhere from $300 to $800, not including labor. While shades of white or a neutral color are always a safe bet — especially for a smaller room or one without much natural light — using a vibrant color can add drama to the room. Not ready to commit to painting your entire bedroom? Start with an accent wall or try peel-and-stick wallpaper, which is removable, instead.One thing to note when choosing paint for your bedroom is that the color will change throughout the day based on the position of the sun. It can be wise to paint a sample swatch on the wall and observe it throughout the day to make sure you like it.

Ceiling

If you’re painting your room and the ceiling has cracks, you’ll likely want to repair them and then give the ceiling a new coat of paint. Using a flat white color on the ceiling can be a good choice, but it depends on your taste. For instance, you could paint the ceiling the same color as the walls. 

Furniture 

Once you’ve chosen the flooring and paint color, you can start picking out bedroom furniture. Think about what style you like, whether it's traditional, contemporary furniture with sleek lines, or pieces that have a mid-century modern vibe. Bunk beds with desks and shelving are an option if you’re remodeling a bedroom for two children who are sharing the same space. If you’re remodeling a nursery, you’ll need items like a crib, rocking chair, and changing table.

Art

One of the final touches for your bedroom remodel is artwork. You might want to carefully choose paintings or other art over time to find just the right pieces. Or, for something more personal and less costly, you could frame family photos or other sentimental pieces, such as your child’s artwork, and create a gallery wall. 

Average Cost to Renovate a Bedroom

Here’s what you might spend to renovate a bedroom, depending on the size of the room:
  • Small bedroom: $4,000–$14,500 
  • Medium bedroom: $15,000–$22,000 
  • Large bedroom: $22,000–$40,000 
Doing the work yourself is one approach to saving money with your bedroom remodel. If you’re hiring professional contractors, you might pay anywhere from $50 to $300 an hour for labor alone, depending on the work that’s being done.

Bedroom Remodel Financing Options 

As you’re compiling your list of bedroom remodel ideas, you’ll need to decide how you’re going to pay for it. There are financing options you may want to explore. These are a few ways to borrow for home improvement.

Personal Loan 

Taking out a personal loan for remodeling is a common way to fund a renovation project. Understanding personal loans will help you decide if this is the right financing option for you. With a personal loan, a bank, online lender, or credit union lends you a lump sum that you repay with interest in installments over time. The higher your credit score, the lower the interest rate you may get. One of the benefits of a personal loan is that once you’re approved for a personal loan, you can usually receive funds quickly, typically within one to five days. Another benefit is that a personal loan allows you to spread out the cost of your renovation over time. 

Credit Card 

You can charge your remodeling costs to your credit card, which is easy and convenient. If you use a rewards credit card, you can earn miles or points with your purchases that you can redeem later.But keep in mind that credit cards typically have high interest rates. If you can pay off the entire balance of your renovation before the billing cycle ends, you won’t owe interest. But if you can’t repay it all, you will pay interest charges on the outstanding amount.

HELOC

A home equity line of credit (HELOC) allows you to borrow against your home’s equity up to an approved limit, and the interest rate is variable. Instead of receiving a lump sum, you can borrow HELOC funds as needed during what’s called the draw period, which typically lasts up to 10 years. When the draw period ends, the repayment period begins, which can be as many as 30 years. However, keep in mind that if you can’t pay off what you owe on a HELOC, the lender could foreclose on your house.

Cash-Out Refinance

With a cash-out refinance, you refinance your mortgage while borrowing money at the same time, based on the equity you have in your home. The process involves getting a new mortgage for a larger amount than your existing mortgage; you then receive the difference in cash for your bedroom renovation. Lenders often limit cash-out refinances to 80 percent of the equity a borrower has in their home. You’ll pay closing costs and need to have your home appraised.

The Takeaway

Remodeling a bedroom can beautify your space and add value to your home. While a remodel can be expensive, ranging from $4,000 to $40,000, there are ways to keep costs down, including doing the work yourself rather than hiring a contractor, which can save you a significant sum. And if you don’t have the funds to cover the entire cost of the project yourself, there are financing options that can help you get the bedroom of your dreams.

Personal Loan Tips

  1. Shopping around helps ensure that you’re getting the best deal you can. Lantern by SoFi makes this easy. With one online application, you can find and compare personal loan offers from multiple lenders.
  2. If the interest rates you’re being offered seem too high, try lowering the loan amount. Generally, the larger the loan, the greater the risk for lenders, who likely charge a higher interest rate for the increased risk level.
  3. Read lender reviews before taking out a personal loan. You’ll get a sense of how long it can take to receive the funds and how good the customer service is.

Photo credit: iStock/andresr
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Frequently Asked Questions

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About the Author

Kristin Luna

Kristin Luna

Kristin Luna is a Tennessee-based journalist with 20 years of writing and editing experience. She has contributed to such publications as Southern Living, This Old House, Real Simple, Parade, Conde Nast Traveler, Travel + Leisure, and various other titles. With her spouse and fellow journalist, she runs a public art nonprofit and also purchases and rehabs older model homes.
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