Renovation Budget Calculator

How this calculator works

A renovation budget is only as good as its bids. List each item, add a contingency for what you cannot see until walls are open, and include permits and design. Line items start blank because this site does not supply construction prices.

Total = items + contingency (a percent of items) + permits + design.
Value change − cost shows whether the work is expected to add more than it costs.

Worked example

Hypothetical bids to show the math, not cost estimates. These are the numbers the calculator above starts with after these inputs are entered.

Inputs

Kitchen: Cost $30,000
Bathrooms: Cost $18,000
Flooring: Cost $9,000
Paint: Cost $6,000
Contingency: 10%
Permits: $1,200
Square feet: 2000

Results

Total: $70,500
Contingency: $6,300

Common questions

How much contingency should I use?

Often 10% to 20%, more for older homes or larger projects.

Do I need a permit?

Many structural, electrical, plumbing and mechanical jobs need permits. Check with the city or county.

Will a renovation pay for itself?

Not always. Compare the expected value after the work with recent sales of similar updated homes.

Related calculators

Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.