FREE 5+ Home Renovation Budget Samples in PDF | MS Word | Apple Pages | Google Docs | Google Sheets | Excel | Apple Numbers

Over time our homes would wear and tear for a number of reasons such as neglect, due to the environment, accidents, and misuse among other things. If homeowners would still want to continue living in a safe and healthy environment then renovation is the key to maintaining their homes. Home renovation can be a costly affair, but of course, this would depend on the extent of any damages and areas that needs to be renovated or repaired. To be able to gauge the exact cost and expenses to be spent in a renovation, it is highly advisable to consider working on a home renovation budget. Budgeting is a great way to control your spending and evenly distribute your funds when it comes to renovating your home. You don’t want to overspend nor underestimate any cost and leave the work undone, would you? Read more about this in this article below, and for examples of you may want to check out our free home renovation budget samples for your perusal.

5+ Home Renovation Budget Samples

1. Home Renovation Budget

2. Sample Home Renovation Budget

3. Simple Home Renovation Budget

4. Home Renovation Budget Example

5. Basic Home Renovation Budget

6. Formal Home Renovation Budget

What Is a Home Renovation Budget?

So, you finally decided to renovate your home but the question is do you have the money to afford it? So before you jump the gun and start to renovate, you need to first and foremost start with your budgeting plans. Home renovation can be a huge expenditure for many, in most cases you need to hire a contractor to take care of several areas in the house, and there is the cost of the materials, labor and at most times unexpected expenses. Creating a home renovation budget for a large project you’ve never done before is an even bigger challenge. When it comes to home renovation costs, building a feasible budget requires a detailed plan and plenty of research. A renovation budget will help you prioritize what needs to be accomplished first so you may not overspend and slowly get things done one step at a time.

How To Create a Home Renovation Budget?

The key to good budgeting is considering to what extent can you afford your home renovation project. You certainly do not want to be in debt, so it is important to get your priorities straight. Before working on the budget for your home renovation, you need to determine how you are financing it. If you are paying in cash, taking out a loan, or applying for a credit loan, the budget of your renovation will need to fit within the limit of your available funds. Now that you have determined where the source of your funds will be coming from, it’s time to work on that home renovation budget. Here are several tips to help you create one.

1. Determine What Needs to Be Renovated

If you think a lot of things need fixing and renovating but financially it would be too much to handle, then prioritize what needs to be done first. Doing it all at once will only delay your renovation project and might cause other problems.

2. Consider Your Renovating Options

Depending on the extent of your house project, try to determine if you need any help from a professional contractor or are you able to do the renovations by yourself. Compare these options and try to see what works best for the project. Or perhaps you can even do both. You will need to do some comparisons, maybe in some areas you can hire a contractor to help with the renovations, and to lessen the cost if it is feasible for you, then you can try to renovate some areas in the house all by yourself.

3. Renovation Project Plan

Now that you have identified the work that has to be done, you need to create your home renovation project plan. This plan will help you build a remodeling budget and communicate exactly what you want with your contractors. In your project plan, including a list of the area you want to be renovated, its details, and choice of finishes and fixtures. Then add the cost and expenses, and don’t forget to include your estimate timeline as well. If you have managed to talk with a contractor you may be able to include all the estimates in your renovation project plan.

4. Compare Your Contractors

When looking for contractors that can help complete your home renovation, make sure to do your research and look around. Aside from their rates, you need to also analyze their quality of work. You may check on testimonials or their other projects of the same scale.

5. Unexpected Expenses

Always set aside funds for unexpected expenses since you cannot tell what you or the contractors may find when they start renovating. What this means is that sometimes during renovation, underlying problems may occur that were not visible through initial assessment. For example, you need your balcony renovated but as workers start with the renovation they found a large termites infestation. Then you may need to call another expert who can deal with such a problem, which again will entail another set of expenses.

6. Monitor Your Expenses

As you begin with your house renovation, make sure to always monitor your expenses to ensure that you are on the right track and on budget. You do not want to overspend and add more to your debt.

FAQs

Renovating your home can be an exciting house project but it needs a lot of research and you definitely need to work that home renovation budget to make sure that you can afford all the costs needed for the renovation.