Total Budget & Floor Area
Result
🧮 Budget Breakdown
| Category | Amount | % of Total | Per sqm |
|---|
📊 Visual Analysis
Related Tools & Guides
📚 Renovation Budget Knowledge
Where the Money Goes
A typical renovation budget breaks down as: labor and structural work (40–50%) — plumbing, electrical, framing, drywall; materials and finishes (30–40%) — flooring, cabinets, countertops, fixtures; appliances and fixtures (15–25%); design and permits (5–10%). For a 1,000 sq ft space, a basic renovation runs $80–120/sq ft ($80,000–120,000), mid-range $150–250/sq ft, and high-end $300+/sq ft. Kitchens and bathrooms are the most expensive rooms per square foot.
Always Pad Your Budget by 10–20%
Renovations almost always go over budget. Common causes include hidden structural issues discovered during demolition (especially in older homes), material price increases, change orders mid-project, and permit delays. Build a 10–20% contingency into your initial budget. If you plan to spend $50,000, have $55,000–60,000 available. Set a hard spending cap and prioritize your must-haves before starting so you can cut nice-to-haves if costs run high.
Financing Options
If you need to borrow for renovations, compare: Home equity loans or HELOCs (interest rates 6–9%, tax-deductible interest, secured by your home); cash-out refinance (replace your mortgage with a larger one, current rates 6–7.5%); personal loans (APR 7–20%, unsecured, no home equity needed); credit cards with 0% intro APR (good for projects under $15,000 paid off within 12–18 months). HELOCs and home equity loans usually offer the lowest rates but put your home at risk if you default.