Some of your friends would say that house renovation will not cost you that much. Some would disagree. The truth is lots of factors may affect home renovation costs. Thus, it is essential to include a renovation budget on your home renovation plan. Luckily, you are visiting our website. In this article, you will know more of the things to remember before spending a dime in contacting a construction company to do repairs for your apartment’s kitchen, bedroom, living room, or the basement and the small bathroom of your old house.

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FREE 15+ Renovation Budget Samples

Start by checking out the list of renovation budget templates and examples that we gathered in this section.

1. Renovation Budget Template

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2. Home Renovation Budget Sample

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3. Office Renovation Budget Sample

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4. Kitchen Renovation Budget Template

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5. Sample Hotel Renovation Budget

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6. Bathroom Renovation Budget Template

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7. Free Kitchen Renovation Budget Template

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8. Sample Free Hotel Renovation Budget

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9. Free Home Renovation Budget

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10. Free Bathroom Renovation Budget

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11. Home Renovation Budgeting Worksheet

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12. Sample Home Renovation Budget

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  • MS Excel

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13. Sample Renovation Budget

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14. Kitchen Remodeling Budget Worksheet

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15. Simple Renovation Budget Template

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16. Sample Alteration and Renovation Budget

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What Is a Renovation Budget?

Also known as the remodeling budget, the renovation budget is a type of budget that accounts for the renovation costs. It allows you to allocate the amount of money that you have to the expenses of the remodeling that you plan to accomplish. This process helps you prevent unnecessarily overspend your cash for a renovation project.

How To Make a Renovation Budget

In creating a renovation budget, you may forget to account for some details. Thus, we included the following tips for you to use as a guide.

1. Stick To the Plan

The renovation budget is just a piece of something. That something is the renovation or remodeling plan. Before you sign to any remodeling contract, create a plan, and stick to it as much as possible to control its expenses. You may also develop an expenses spreadsheet to track all the costs incurred in the process. Your plan should already have the must-haves of the output that you want to achieve.

2. Hire the Right People

Home renovation is generally expensive. It’s okay to find ways to spend lesser money for renovation but don’t compromise its quality. Ask for recommendations from your colleagues. Not everyone out there is good at remodeling a house. Choose the proper contractor to get things done.

3. Do Your Research

It’s probably the most important thing to remember when planning a home remodeling. Do your research to determine the estimates of the renovation budget. Find the best contractors that offer the most affordable home remodeling contracts. By doing research also allows you to uncover the possible hidden costs that you may encounter, which also needs some preparations. Browse existing renovation plans through the internet. It will help you create more accurate estimates and set a budget limit.

4. Take Account for the Hidden Costs

There is a big chance that your contractor will encounter problems during the development stage. These problems may cost you an additional expense to solve. The best thing to do is to spot these problems during the planning stage. Nevertheless, you may not spot all of these flaws. Therefore, you need to allocate 10 to 20% more for each item in your budget to take account of these costs.

5. Discuss Everything with the Contractor

If things don’t go according to the plan, you can’t put all the blame to the contractor, unless you have done everything that you should have done. Ask the necessary questions to the contractor. Brief them about your budget constraints. Let them know of the things that might cause problems during the development, which are not visible at first glance. Discuss the items in the budget you can sacrifice if you cannot afford to go beyond the budget limit.

FAQs

What is a Renovation?

What is Renovation? Simply put, renovation means the process of improving an existing state of a structure, such as the interior design of an office or apartment or fixing the broken, damaged, or outdated structure.

What are the processes involved in renovation?

Renovation is more complicated than fixing broken things. It involves a series of processes. However, you can break it down to the following:

  • Planning
  • Engineering
  • Structural Repair
  • Rebuilding
  • Finishes

How much does it cost to renovate a house?

Home renovation may not have a fixed amount during its planning stage. Chances are, as we have mentioned earlier, the contractor may encounter a problem during the construction. Therefore, it is essential to add 20% of the estimates of each item of the budget plan that you will create to cover those problems. Overall, according to Home advisor, the average cost of home renovations is $46,785. Renovating a kitchen may cost up to $25,000, while the bathroom may take roughly $10,000. If you only intend to remodel your basement, you may want to prepare $20,000.

Just like a school budget, the renovation budget intends to take account of all the expenses that you may incur in executing a project, allowing you to prevent overspending your money for a single project. The renovation process may cost you a lot of money, but not planning for its budget will cost you more.

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