A Practical Guide to Budget Planning for Your Home Renovation

A renovation can quickly run over budget without a clear cost breakdown from the start.

Begin by separating your budget into structural work (demolition, plumbing, electrical), interior finishes (flooring, painting, false ceiling) and furnishings (furniture, decor, appliances). Each category typically needs its own contingency.

Always set aside 10-15% of your total budget as a contingency fund for unforeseen issues — old buildings especially tend to reveal surprises once work begins.

Get a detailed, itemized quote from your design-build firm before starting, and review payment milestones tied to project phases rather than dates, so you only pay for completed work.