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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.
Project Name
Start Date
Property Address
Estimated Duration
The 20% Buffer Rule
Whatever your contractor quotes, add 20% and call THAT your real budget. Distribute the buffer below:
Quoted Total
$
+ 5% Permits/Disposal
$
+ 5% Material Waste
$
+ 5% Surprises
$
+ 5% Upgrades
$
REAL Budget Total
$
Cash Reserve On-Hand
$
Funded by (loan/cash)
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 |
Lessons Learned
For Next Project
Use BuildCalc Pro’s free calculators at buildcalcpro.org to fill in line items independently of contractor quotes. If your quote is wildly different from your independent estimate, ask why.