A Renovation Cost Calculator: Your Secret Weapon To Avoid Budget Blowouts

Planning a renovation budget can be daunting. Where to even start and what to include?

Without a clear understanding of all the real expenses, you run the risk of underestimating renovation costs or overspending, which can lead to stress, financial strain and project delays.

Now imagine completely side-stepping budget blowouts, and having a clear picture of the full cost of your renovation before you spend a cent…

A renovation cost calculator is key. It’s how builders determine building costs and what we’ve used for each and every renovation and building project for years — to come in on budget every, single time.

It’s quick and easy to use, to create a comprehensive budget plan tailored to your home reno project. Here are the vital costs you’ll need to include in your renovation calculator for a smooth, stress-free reno… #letsgo

Zephyr and Stone • Cost of Home Renovation Calculator for Renovators

Setting a Realistic Budget

Before diving into the specifics of what to include in your renovation cost calculator, let’s talk about setting a realistic budget for your home project. These are the 3 stages most renovators or new builds go through when setting a project budget —

1. Setting A Renovation Budget: Most people start here — with a ballpark of what they think or hope their renovation will cost.

2. Finding Out The Real Cost Of The Project: This can be a rude awakening, and many renovators don’t find out the real cost of their renovation until after they start spending or are nearing project completion — when invoices come rolling in for costs they had underestimated or not planned for.

3. Revision Of Renovation Budget: This is when the realistic renovation budget or cost is realised. It’s often too late to make changes to avoid financial stress.

Zephyr and Stone • Calculate the cost of house renovation

Renovation Budget Tips

Many homeowners underestimate the costs involved in a renovation which can lead to budget blow outs and even delays. But this can be avoided with doing just a little groundwork to begin.

1. Research Costs: Start by researching the average costs of renovations similar to yours. Look into materials and products you are planning to use, labour costs in your area, permits, and other expenses.

2. Get Multiple Quotes: Get quotes from several contractors or trades to understand the price range for your project.

3. Include a Contingency Fund: A renovation contingency is a financial buffer set aside in a renovation budget to cover unexpected expenses and ensures the project runs smoothly without major disruptions if unexpected costs occur.

Your renovation cost calculator includes a project contingency automatically, and you can set the percentage to suit your project.

Mim Design • Renovation Cost for Kitchen Planning

Essential Inclusions In Your Renovation Cost Calculator

A comprehensive renovation budget should cover all aspects of your project. Here are the major cost categories to include…

1. Product Database

Your budget calculator, stores pricing for all the products that will make up your renovation — from small items like cabinet handles right through to appliances, tiles, windows and flooring.

Adding your product pricing information, provides a clear picture of the cost of all products for your renovation — creating a product database cost to refer to on the go, including pricing information for all of your materials, fixtures, and appliances that you plan on including in each room.

Sandbox Studio • Coastal Living Room for Cost of Renovation House

2. Labour Costs

In addition to material costs, labour and installation expenses are significant factors to consider when budgeting for a renovation.

Including labour costs in your budget, ensures you have a realistic understanding of the total investment needed to finish project. Make sure to include quotes and fees for the following trades, as well as any speciality contractors you’ll need to work on your design.

• Builders

• Plumbers

• Electricians

• Carpenters

• Painters

Your cost of home renovation calculator itemises all labour and trades so you don’t miss a thing.

Lawless & Meyerson • Cost of Renovation of Kitchen showing Stone Kitchen Island Bench

3. Permits and Inspections

When it comes to preparing your site for renovation, there will often be steps needed in order to sign off permissions + obtain inspections before you can get to work on your new design. Permits and inspections can add up quickly if not incorporated into your budget from the start. Here’s what to consider:

• Know What’s Required: Research the permits required for your specific renovation. This can vary by location and type of work.

• Include All Fees: Factor in the cost of obtaining permits and scheduling inspections.

• Plan for Delays: Permits and inspections can cause delays. Include a buffer in your timeline and budget for these potential delays.

All these potential costs are pre-loaded in your renovation cost calculator to make cost planning quick and easy.

Zephyr and Stone • Plan the Cost of Remodelling Small Bathroom

4. Contingency Budget Allocation

Unexpected expenses are a reality of any renovation project, which is why it's essential to allocate a contingency fund in your budget.

Your renovation price calculator should include a contingency fund, allowing you to set aside around 10-15% of your overall budget to cover unforeseen costs or project delays. This buffer provides peace of mind and helps you navigate unexpected challenges without derailing your renovation plans.

Tenille Holt • Cost of Renovation Planning for Neutral Living Room Design

5. Other Costs to Include

There are other costs that are often neglected, which can add up quickly when you’re renovating a home. Don’t forget to include:

• Furniture: If your renovation includes updating furniture and soft furnishings, include these costs in your budget.

• Landscaping and Exterior Work: Don’t overlook your exterior. Landscaping, driveways and fencing can add significant costs.

• Temporary Accommodation: If you need to move out during the renovation, include the cost of temporary accommodation.

• Miscellaneous Expenses: Small expenses like delivery charges, skip hire, clean-up costs, and disposal fees can add up.

Your renovation calculator itemises these costs, making it easy to allocate a budget if and where it’s relevant for your project. The Z+S reno calculator comes pre-loaded with all the products, trades, and suppliers you need to allocate in your budget so you don’t miss a thing.

Graya • Cost of Kitchen Renovation Planning

3 Tips for Staying On Budget

Staying on budget requires careful planning and regular monitoring. Here are some tips:

1. Regularly Update Your Cost Calculator: Keep your cost calculator updated with actual expenses as the project progresses.

2. Handle Unexpected Costs: Be prepared for unexpected costs. Use your contingency fund wisely.

3. Cut Costs Strategically: If you need to cut costs, prioritise essential tasks and consider more affordable alternatives for non-essential items.