How to Create a Home Remodeling Budget Spreadsheet

June 13, 2017 Home Remodeling Tips

How to Create a Home Remodeling Budget Spreadsheet

Home remodeling projects require properly tracking every last cent along the way to avoid unfortunate and unpleasant surprises and to deal with anything that does arise. Learn how to create a home remodeling budget spreadsheet, what to include, and how to keep thorough track of what you intend to spend on your project.

List All the Details

The first step in building your spreadsheet is to list all the details of your remodel that you can think of. Write down what parts you’ll need:

What is the end goal?
What benchmarks to completion are there?
What do you want to see out of the end project?
What must be replaced?
What are the potential costs of replacement?
And more

Knowing exactly what you’re going to be tackling is the first start in budgeting your home remodel.

Start with the Project

Now, add the project itself to your spreadsheet. Make it the header. Often times that blank screen is the trickiest part, and just typing the name of your project can go miles towards getting you started. After you’ve got the header down, outline your details. You’ll organize them as you go.

Know Your Estimated Budget

Now, add your estimated total budget. This is the figure from which everything else will derive. As you add costs, you’ll set them up to automatically subtract from this budget so you always know how much money you’ve got left. Directly under your total budget figure, add a cell that says, “Remaining Budget,” and in this field create a formula that shows the remaining cash after expenses are accounted.

Get Contractor Quotes

Shop around to find the best possible local custom home remodeling contractor in Scottsdale for your needs. Get quotes and track them separately so you can determine which one will be best fit your needs, but keep them handy in case you need to change contractors.

Track Final Costs

Each final cost should subtract from your total budget and the final cost reflects in the remaining budget field. This lets you itemize expenses as well as knowing what you’ve got left, and where costs might need to be reined in.

Include the Start Date

Always include your start date, so you know how long the project is taking. This will allow you to note if important goalposts are missed, or if you’re ahead of schedule.

Outline Schedule of Completion

Keep a detailed schedule of completion handy so you know where benchmarks lie. This allows you to more easily consult with your remodeling contractor to make sure you’re on time as well as on budget.

Keep Detailed Notes

Any time any new developments occur, make a note including the time and date. For example, you could write, “Building Permit Acquired: 4/23.” This is another important organizational step that’s necessary to keep your home renovation project on track.

Of course, when you work with the right contractor, you’ll have help with your home remodeling projects every step of the way, including help with budgeting a home remodel.

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