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How Much Does It Cost to Remodel a Living Room?

How Much Does It Cost to Remodel a Living Room?
Kristin Luna
Kristin LunaUpdated October 4, 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 a living room can improve your living space and add to the value of your home. While the national cost to remodel a living room averages around $8,000, you can do a makeover on a smaller scale or tackle your living room renovation in stages. There are also ways to finance your living room model to get the entire project done at once, like taking out a personal loan.Read on to learn about what a living room renovation consists of, the living room remodel cost, and options for financing it.

Remodeling Your Living Room

First up, you’ll need to determine the scope of the project, which will affect your living room remodel cost. Are you adding windows or doing other construction? In addition, there’s furnishings, flooring, and lighting to consider. You might even want to think about remodeling a dining room at the same time to get both rooms done at once.

Average Cost to Remodel a Living Room 

The cost to remodel a living room, just like the cost to renovate your house, will vary based on what you do. For example, if you need to replace windows, you could be looking at an average price of about $2,000. Refinishing your walls costs around $31 per square feet. Here’s a look at what what you might pay for various living room renovations:

Windows

If you want to add new or bigger windows to your living room, you might expect to pay around $330 to $3,600 including labor, depending on how many new windows you’re installing. Window treatments for new or existing windows typically range from $525 up to $1,000. 

Electrical Projects

This could be a good time to do any electrical rewiring you’ve been thinking about for your living room. It will cost you $3 to $5 per square foot to install new writing. This price includes labor and all materials.

Flooring

The average cost of new flooring is $7,625. Depending on what type of flooring you choose, the price can range dramatically—from $500 to $14,7450 for a room that’s 250 square feet. Hardwood flooring is among the most expensive flooring types. Vinyl flooring is more cost effective, but it depends on the look you’re going for.

Lighting

Adding new lighting can help give your living room a new look. Consider adding wall-mounted lights and floor and table lamps. This will give you ambient lighting as well as the light you need for reading.  On average, lighting upgrades for a living room cost $1,010, including labor.

Storage

This can be a great opportunity to take advantage of furniture with storage built into it, such as sectional couches with storage bins under the cushions, and coffee and side tables with shelves or drawers. You can also add custom-made bookshelves, which cost $300 to $1,200 per linear foot, or premade bookshelves for $150 per linear foot.  

Electronics

A common upgrade to a living room during a remodel is a new television. You might want to choose a flat screen TV that mounts directly to the wall to create a clean look. Or you can opt for a television to place on a sleek TV stand or in an entertainment center.  You may also want to add a surround sound system. On average, new electronics for a living room cost $2,600. However, the price can run as high as $5,000, depending on what you choose.

Walls

Decide whether you’d like to paint your living room or wallpaper it. You also have the option of wallpapering one wall for visual interest and painting the rest. For painting or wallpapering projects, you will pay an average of $30 per square foot, including the materials and labor.

Furniture

If you’re buying all new furniture, you may want to sketch out your floor plan on paper first to decide exactly what pieces you need. New furniture for a living room can be a significant investment, with a cost that generally ranges from $1,500 to $31,000, depending on the quality and number of pieces you choose. Your sofa will typically be the most expensive piece of furnishing in your living room, and can cost anywhere from $400 to $5,000. 

Decorations 

The finishing touches for your living room might include throw pillows, blankets or throws, plants, and artwork. The cost of living room decor can vary greatly depending on what items you add.Recommended: How Much Can You Borrow With a Personal Loan?

Steps for Remodeling a Living Room

As you plan your living room remodel, it may help you to take the following steps, from deciding the style of your new decor to researching the several types of personal loans available to finance your project. 

Step 1: Determining Your Style

Before you start your living room remodel, consider what you want the room to look like. Do you prefer something traditional and more formal? Or would you like a sleek, contemporary look? Choosing your style will help determine what your remodel will consist of and be a large factor in your living room budget.

Step 2: Contacting a Professional

Once you’ve decided what you want to do, reach out to the professionals who can help you get the job done. For instance, you may need a flooring contractor, a window installer, and a painter. If you have the budget for a general contractor, that person can help coordinate the project for you. Typically, the fee for a general contractor is 10% to 20% of your total project budget.

Step 3: Securing Funds

After you have an idea of what your living room remodel will cost, you can start figuring out how to pay for it. An option you may want to consider is taking out a loan to improve your house. One of the benefits of a personal loan is that once you qualify, you can typically get the funds quickly in order to get your project underway.

Step 4: Beginning the Project

This is when the work starts happening and you can watch your new space come to life. You’ll want to oversee the project to make sure everything is done to your specifications. 

Covering the Costs of Remodeling a Living Room

Taking out a personal loan for remodeling is a common method for funding a project like a living room renovation. With a personal loan, a bank, online lender, or credit union lends you money that you pay back with interest in monthly installments. You could also pay for your remodel with a credit card. However, unless you pay off the entire cost before your billing cycle ends, you’ll pay interest on what you owe. Interest rates on personal loans tend to be lower than the interest rates on credit cards. And if your credit is good, you may be able to qualify for a personal loan with a lower interest rate.

Personal Loans for Home Improvement

If you’re considering a personal loan to fund your living room remodel, you’ll want to shop around for the best interest rates and terms. Lantern by SoFi can help simplify the process for you. In our marketplace, you can compare different personal loan interest rates to help find the one that’s best for your living room renovation. Find and compare personal loan options today with Lantern!
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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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