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Home renovations almost always cost more than the initial estimate. Understanding how to budget accurately — and where costs typically run over — prevents financial stress.
The Formula
Total cost = Materials + Labour + 15-20% contingency | Labour typically 40-60% of total
Standard formula used by professionals worldwide
Worked Example
Step-by-step
Kitchen renovation: Materials 200,000 + Labour 150,000 = 350,000 + 15% contingency = 402,500 total budget
Key Points
- Accuracy: Results are as accurate as your inputs
- Units: Always use consistent units throughout
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Frequently Asked Questions
What percentage over budget do renovations typically run?
Studies show 50% of home renovations exceed budget, often by 20-30%.
How do I get accurate quotes?
Get at least 3 quotes from different contractors. Specify materials exactly to ensure like-for-like comparison.
What renovations add most value?
Kitchen and bathroom upgrades typically return 60-80% of cost in added property value.
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