Home Renovation Budget Worksheet
Room-by-room renovation budget worksheet — materials + labor + permits + design + contingency for each room/scope. Auto-totals + contingency stack + cost/sqft check.
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HOME RENOVATION BUDGET WORKSHEET ═══════════════════════════════════════════════════════════════════════════ Homeowner(s): Jordan & Casey Taylor Property address: 482 Elm Street, Portland, OR 97214 Renovated area: 1850 SF Target window: July 1, 2026 → October 31, 2026 PROJECT SCOPE Whole-house refresh of a 1,850 SF 1920s bungalow: kitchen full remodel (cabinets, counters, appliances, layout open to dining); both bathrooms updated (tile, vanities, fixtures); refinish original hardwood throughout living areas; new windows (12 units, vinyl double-pane); new exterior paint + minor siding repairs; landscape refresh (front lawn + walkway). NOT included: foundation work, roof replacement, HVAC upgrade (separate quote). ═══════════════════════════════════════════════════════════════════════════ ROOM / SCOPE BUDGET Scope | Materials | Labor | Permits/Other | Subtotal --------------------------------------------|--------------|--------------|---------------|------------- Kitchen — full remodel | $24,500.00 | $18,000.00 | $2,200.00 | $44,700.00 Primary bath — tile + vanity + fixtures | $8,400.00 | $6,800.00 | $600.00 | $15,800.00 Secondary bath — tile + vanity + fixtures | $5,200.00 | $4,400.00 | $400.00 | $10,000.00 Living areas — refinish hardwood (~900 SF) | $1,800.00 | $4,500.00 | $0.00 | $6,300.00 Windows — 12 vinyl double-pane (incl. insta | $8,400.00 | $4,800.00 | $480.00 | $13,680.00 Exterior paint + siding repair | $3,200.00 | $6,800.00 | $0.00 | $10,000.00 Front landscape — lawn, walkway, plantings | $2,400.00 | $3,200.00 | $200.00 | $5,800.00 Design + planning fees | $0.00 | $4,200.00 | $0.00 | $4,200.00 Dumpster + porta-john (project-long) | $0.00 | $0.00 | $1,800.00 | $1,800.00 --------------------------------------------|--------------|--------------|---------------|------------- TOTALS | $53,900.00 | $52,700.00 | $5,680.00 | $112,280.00 ═══════════════════════════════════════════════════════════════════════════ ROLL-UP Base total: $112,280.00 Contingency (15%): $16,842.00 ───────────────────────────────────────────── GRAND TOTAL: $129,122.00 $ / SF (over renovated area): $69.80 Owner cash / out-of-pocket: $12,000.00 Financing required (e.g. HELOC): $117,122.00 FINANCING + DRAW SCHEDULE Funding: HELOC $90,000 limit (Oregon Pacific Bank @ Prime + 0.5%). Draw schedule: 20% on contract sign + permit, 25% on demo + rough-in inspection, 25% on substantial-completion of kitchen + baths, 20% on finals + punch start, 10% retention released after 30-day operability period + lien waivers. ═══════════════════════════════════════════════════════════════════════════ PREPARATION NOTES • Contingency at 10% is light — typical only on cosmetic work where conditions are fully known. 15-20% is standard for kitchen / bath remodels; 20-25% for older homes (>50 yr) or unknown conditions (electrical / plumbing / structural surprises common). • Owner is responsible for permits, design / structural fees, dumpster + porta-john if not in the contractor scope, and pre-construction items like asbestos / lead testing (homes pre-1978). • Material price holds typically expire after 14-30 days for lumber + tile + appliances; lock orders in writing once the contract is signed. • Lien-waiver tracking: keep a per-sub waiver log; final payment to the GC should be conditional on the GC providing waivers from every sub of record. ═══════════════════════════════════════════════════════════════════════════ Prepared by: Jordan & Casey Taylor Date: _____________
About this template
A home renovation budget worksheet is the planning document that turns a wish list into a fundable, schedulable project. **Three structural decisions** drive whether the budget survives contact with reality: (1) **Contingency** — under-funded contingency is the #1 cause of unfinished renos. 10% is light and works only on cosmetic projects where the conditions are fully known (paint, fixtures, hardware). 15-20% is the standard for kitchen + bath remodels where demo will reveal hidden conditions. 20-25% applies to homes older than 50 years where electrical / plumbing / structural surprises are nearly guaranteed (knob-and-tube, galvanized supply lines, undersized framing, asbestos / lead in pre-1978 homes). (2) **Materials vs. labor split** — for most resi renos, labor is 40-60% of the total. A budget heavy on materials with thin labor is usually under-funded; a budget that pays for design / planning + permits separately (rather than rolling into a single GC line) is usually more accurate. (3) **Per-square-foot check** — divide grand total by renovated SF and benchmark: kitchen $250-700/SF (mid-grade), bathroom $300-800/SF, whole-house cosmetic $50-150/SF, whole-house mid-grade $150-300/SF, whole-house high-end $300-600/SF (2026 Pacific Northwest market). A budget far below those bands is usually unfunded; far above usually has scope creep. **Financing**: most renovation loans (HELOC, cash-out refi, 203(k) construction-perm, HomeStyle, Title-I) accept a room-by-room budget as the appraisal evidence. The lender typically wants: (a) Itemized scope, (b) Contingency line, (c) Draw schedule tied to inspection milestones, (d) Identified contractor + insurance / license. **Older home triggers**: pre-1978 = lead-paint disclosure + EPA RRP certification for contractors disturbing >6 SF interior or >20 SF exterior painted surface (40 CFR Part 745); pre-1980 = potential asbestos in floor tile, mastic, popcorn ceiling, pipe insulation (state-specific testing rules). **Permits**: most reno work needs at minimum a building permit; structural / electrical / plumbing / HVAC changes need additional sub-trade permits. Permit-fee-as-a-percent-of-job-cost ranges 0.5-2% (some jurisdictions add school / impact / SDC fees that push to 3-5%).
When to use it
- Pre-design budgeting before contractor selection.
- HELOC / cash-out-refi / renovation-loan documentation.
- Contractor bid comparison + value-engineering.
- Mid-project re-baselining after demo surprises.
- Post-project actual vs. budget reconciliation.
What to include
- Homeowner + property + scope summary.
- Renovated area (SF) for $/SF benchmarking.
- Target start + completion dates.
- Room-by-room / scope-by-scope materials + labor + permits.
- Contingency line (with rationale for %).
- Owner cash vs. financed split.
- Draw schedule + lender / financing notes.
- Older-home triggers (lead, asbestos) noted where relevant.