Free Home Renovation Budget Template (2024)

Free Home Renovation Budget Template in Excel or Google Sheets

Renovations bring up all kinds of exciting things. But excitement can lead to overwhelm, and it’s usually because you have no idea what your costs will be. That’s where you need our renovation budget template.

It’s a renovation spreadsheet that can help you budget expenses and labor costs and start your home renovation on the right foot. Then it will allow you to track everything that needs to be done along with the actual costs so you can see if you are coming on budget.

How Do You Plan a Home Renovation?

There are a lot of steps to planning a home renovation. It’s best to use a home renovation planner because there are a lot of different aspects before you get to the budgeting part. We have a home renovation binder that you can buy in our shop.

The first step is to plan out the look and feel you want. This comes from gathering up ideas from magazines and Pinterest, so you know what you want the room to feel like.

Once you have an idea of what you want, you will need to start to plan out the phases. This is where a budgeting template for your renovation comes in handy.

You can create a budget based on the square feet of the room or use an overall amount and break it down. It’s up to you how you approach budgeting for your renovation project.

What Costs Do I Need to Consider in My Renovation Spreadsheet?

This is a great question! Planning a renovation project is a key part of getting your renovation off on the right foot. There are usually several phases of a project plan like this. It’s best for you to think about all of them before you begin. You may be thinking of light fixtures right now, but there are many things that have to happen before that (like the electrical wiring for those lights).

Does this work with larger construction budgets?

Using our home renovation budget templates can help you keep track of all of your budget planning and costs in one useful spreadsheet. For larger construction projects like building a house, then it’s best to find software that will help you because there is more involved.

That said, you can always add more items to the checklist and edit them. The home renovation cost estimator spreadsheets are not protected at all, so you are free to change things around as you like. You could renovate the complete house with this spreadsheet; just create a separate room for each tab. You could do this for every room in a house. That way, you can track things like labor costs, appliances, and everything else that goes into a project plan.

Does this template help track my cost estimates for an individual room?

Yes. This renovation budget template is a master sheet. You can make multiple copies of it for each room and track the progress of all of your items as you go. You can use it as often as you want; it’s our free excel sheet for you.

You can easily track your house renovations on separate sheets. You can do your kitchen renovation on one tab and then set up another sheet for your bathroom renovation. This way, you can keep on top of your remodeling budget and your cost estimates for each area separately.

Will this renovation budget calculator work for my whole house?

Yes, this spreadsheet can work for the whole house. It has a renovation checklist in Excel or Google sheets that allows you to track everything. It will work with any type of renovation.

Best of all, it’s free.

Example of using the home renovation budget template

When we started our basem*nt renovation, it was years ago. We wanted to get the basem*nt to a usable state. But because we had young children, we knew that we only needed to bring it to a certain phase and then pick it up later on.

We roughed in everything. I got the framing, plumbing, electrical, and drywall all costed out and then done. Knowing that when we wanted to finish the basem*nt, later on, we could use this sheet to pick up where we left off.

Several years later, that’s what we did.

When we resumed our home renovation, we took out our budget and knew which phase was next and what needed to be done.

This renovation checklist was easy to work from. It kept all of our home renovation costs together, along with estimates and contractor information. We used it from the flooring to the drop ceiling.

See theHome Renovation Budget Template In Action

Here is a video walk-through of our Home Renovation Budget Template.

Is theHome Renovation Budget Template available in Google Sheets?

Yes, this master template for our home renovation budget is in Google sheets; that way, you can access it whenever you need it.

Is the Home Renovation Budget Template in Excel Free?

Yes, when we email you the template, it will be in Google Docs, you just need to make a copy, and you can download it in Excel. It’s super easy to do.

This template will help you break down the costs of your renovation and let you analyze what needs to be done and when you will do it.

So, in short, yes, this is a free construction budget template that is available in Excel.

Get Your Free Home Renovation Budget Template Here

Simply enter your email below or click here,and we will send you a copy of our renovation budget template.

Other things to help you with your home renovation project template

Here are a few other calculators to help keep your project on track.

Vinyl and wood flooring cost calculator
Carpet cost calculator
Tile Calculator

FAQs

To get an approximate idea of what your remodeling budget should be, consider the value of your home as a whole. You don't want to spend more than 10 to 15 percent of your home's value on a single room. If you spend more, the value of the renovation will not proportionally add to the value of your home.

Home renovation is a huge undertaking, and almost invariably takes more time and costs more money than homeowners expect. Rasekh says it's a good idea to set 20 to 30 percent of the total cost of your project aside for the unexpected — that's up to 30 percent on top of the project's original cost estimate.

Generally speaking, when setting your home renovation budget, it's a good idea to avoid overspending on aspects that may not add much value to your home. One rule of thumb you can use for your home renovation budget is to spend no more than 20% of your home's value on renovations.

To create a renovation budget, you need a clear idea of what goes into the project, including the labor, material costs, and the delivery of the materials. Once you have the information, build your budget by creating a spreadsheet that factors in all the costs you might incur and each part of the renovation.

A $100,000 renovation budget can go a long way in transforming your living space and enhancing your home's functionality and value. By partnering with Multigroup Contracting, you can make the most of your budget and create a beautiful, custom home that meets your needs and exceeds your expectations.

According to the 28/36 rule, you should spend no more than 28% of your gross monthly income on housing and no more than 36% on all debts. Housing costs can include: Your monthly mortgage payment. Homeowners Insurance.

A more realistic budget would be around $50,000 – this allows you to do more than make changes in only one space. For under $50,000, you can make several renovations to a home and increase its value significantly, especially if you know how to cut costs without compromising on quality.

Basic Budget Ranges

A mid-grade home renovation will cost an average of $40,000-$75,000.

According to the National Association of Home Builders, remodeling companies have an average gross profit margin of 24.9% and a net margin of 4.7%. In addition, the report suggests that the average profit margin for home remodeling has declined and gone flat over the past few years.

The kitchen, bathroom, and basem*nt, along with other entertainment areas, typically rank as the most expensive part of a remodel. Remodeling a home can be an exciting journey, transforming your living space into a more functional and aesthetically pleasing environment.

HomeZada

HomeZada is an indispensable financial planning app for home management. It helps you plan and organize the financing of your home renovation and remodeling projects.

Their shows are full of creative design ideas and unique uses for repurposed items. What they do a poor job of is representing the true costs of a remodel. Their “budgets” leave out important expenses that cannot be avoided when undertaking a remodeling project in the real world.

Location plays a significant role, as does the choice of materials. You can your $100k budget towards a kitchen remodel, bathroom renovations, bedroom makeovers, or exterior upgrades. To maximize your return on investment, prioritize projects that add value to your home.