Renovation Budget Worksheet
Plan, track, and protect your renovation budget — with the 20% buffer that prevents disaster
Most homeowners go over budget because they only track quoted costs. This worksheet builds in the 7 hidden costs that contractors don’t mention upfront, and gives you a contractor-comparison sheet so quotes are apples-to-apples. Use one worksheet per renovation project.
The 20% Buffer Rule
Whatever your contractor quotes, add 20% and call THAT your real budget. Distribute the buffer below:
Hidden Costs Cheat Sheet
| Cost | Typical Range | Your Estimate | |
|---|---|---|---|
| Permits & Inspections | $500 – $3,000 | $ ____________ | |
| Debris & Dumpster Fees | $300 – $800 | $ ____________ | |
| Material Waste (10–15%) | +10–15% materials | $ ____________ | |
| Utility Code Upgrades | $1,500 – $5,000 | $ ____________ | |
| Structural Surprises | $1,000 – $10,000+ | $ ____________ | |
| Mid-Project Upgrades | +15–25% base cost | $ ____________ | |
| Final Cleanup & Touch-ups | $300 – $1,500 | $ ____________ | |
| TOTAL HIDDEN COSTS | $ ____________ | ||
Line-Item Budget Tracker
Fill in the QUOTED column from your contractor, then update ACTUAL as work happens. Variance is the difference — watch for runaway categories.
| Item | Quoted | Actual | Variance | Notes |
|---|---|---|---|---|
| Demolition & Disposal | ||||
| Tear-out labor | $ ______ | $ ______ | $ ______ | |
| Dumpster rental | $ ______ | $ ______ | $ ______ | |
| Hazmat (asbestos/lead) | $ ______ | $ ______ | $ ______ | |
| Permits & Inspections | ||||
| Building permits | $ ______ | $ ______ | $ ______ | |
| Electrical permit | $ ______ | $ ______ | $ ______ | |
| Plumbing permit | $ ______ | $ ______ | $ ______ | |
| Final inspection fees | $ ______ | $ ______ | $ ______ | |
| Structural & Framing | ||||
| Framing materials | $ ______ | $ ______ | $ ______ | |
| Framing labor | $ ______ | $ ______ | $ ______ | |
| Engineering letter (if needed) | $ ______ | $ ______ | $ ______ | |
| Plumbing | ||||
| New supply lines | $ ______ | $ ______ | $ ______ | |
| Drain rough-in | $ ______ | $ ______ | $ ______ | |
| Fixtures (sinks, toilets, tubs) | $ ______ | $ ______ | $ ______ | |
| Water heater | $ ______ | $ ______ | $ ______ | |
| Electrical | ||||
| Service upgrade | $ ______ | $ ______ | $ ______ | |
| New circuits / outlets | $ ______ | $ ______ | $ ______ | |
| Light fixtures | $ ______ | $ ______ | $ ______ | |
| Smart switches / dimmers | $ ______ | $ ______ | $ ______ | |
| HVAC | ||||
| New ductwork | $ ______ | $ ______ | $ ______ | |
| Equipment (furnace/AC) | $ ______ | $ ______ | $ ______ | |
| Insulation upgrade | $ ______ | $ ______ | $ ______ | |
| Drywall, Paint & Trim | ||||
| Drywall material + hang/finish | $ ______ | $ ______ | $ ______ | |
| Primer + 2 coats paint | $ ______ | $ ______ | $ ______ | |
| Baseboard/casing/crown | $ ______ | $ ______ | $ ______ | |
| Flooring | ||||
| Subfloor work | $ ______ | $ ______ | $ ______ | |
| Flooring material | $ ______ | $ ______ | $ ______ | |
| Installation labor | $ ______ | $ ______ | $ ______ | |
| Cabinets, Counters & Tile | ||||
| Cabinets | $ ______ | $ ______ | $ ______ | |
| Countertops | $ ______ | $ ______ | $ ______ | |
| Tile material | $ ______ | $ ______ | $ ______ | |
| Tile labor | $ ______ | $ ______ | $ ______ | |
| Appliances & Fixtures | ||||
| Major appliances | $ ______ | $ ______ | $ ______ | |
| Faucets/lighting | $ ______ | $ ______ | $ ______ | |
| Hardware (knobs, pulls) | $ ______ | $ ______ | $ ______ | |
| Final Cleanup & Punch List | ||||
| Final clean | $ ______ | $ ______ | $ ______ | |
| Touch-up paint | $ ______ | $ ______ | $ ______ | |
| Punch-list items | $ ______ | $ ______ | $ ______ | |
| TOTAL | $ ______ | $ ______ | $ ______ | |
Contractor Comparison Sheet
Get at least 3 quotes. The cheapest quote is often the most expensive once hidden costs are added back in.
| Question | Contractor 1 | Contractor 2 | Contractor 3 |
|---|---|---|---|
| Company name + license # | |||
| Years in business | |||
| Quoted price | |||
| Permits included? | |||
| Disposal/dumpster included? | |||
| Material waste handled? | |||
| Estimated start date | |||
| Estimated finish date | |||
| Payment schedule | |||
| Warranty offered | |||
| Insurance + bonding verified | |||
| References / past projects seen | |||
| Communication style (text/email/phone) | |||
| Gut feel (1–5) |
Payment Schedule
Standard rule: never pay more than 10–15% upfront. Tie payments to milestones, not dates.
| Milestone | Amount | Due Date | Paid? |
|---|---|---|---|
| Deposit (max 10–15%) | $ ____________ | __________ | ☐ |
| Demo + Permits Complete | $ ____________ | __________ | ☐ |
| Rough-in (Plumbing/Electrical) | $ ____________ | __________ | ☐ |
| Drywall Hung | $ ____________ | __________ | ☐ |
| Cabinets / Major Fixtures Installed | $ ____________ | __________ | ☐ |
| Substantial Completion | $ ____________ | __________ | ☐ |
| Final Walk-Through + Punch List | $ ____________ | __________ | ☐ |
Change Order Log
Every change to scope or price gets logged here, signed by both sides. No verbal agreements.
| # | Date | Description | Cost +/− | Days +/− | Signed |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 | |||||
| 6 | |||||
| 7 | |||||
| 8 |