How to track a renovation budget and schedule

Most overruns are not one large mistake. They are many small additions never written down. A plain log fixes that.

Set up before you start

• List every line of the job and the quote you hold for it.
• Add a contingency line and note what it is for.
• Record start dates and dependencies.

Track as you go

• Log every change, who asked for it and what it cost.
• Separate quoted, committed and paid amounts.
• Update the schedule when a delivery or trade slips.

Review weekly

Compare spend to plan, and decide what to cut or defer if you are drifting. Pay for work done, and keep proof of payment.

Budget tool

Enter your own figures. See also the prefab budget template for a phase-based structure.

Always check the project drawings and specification, and confirm requirements with the engineer of record and the local authority.

Quick answers

• How much contingency should I hold? There is no standard figure. Hold a stated reserve sized to the uncertainty of the job, and larger for older buildings with hidden conditions.
• Should I track committed and paid separately? Yes. Committed costs show what you owe, paid costs show what you have spent.
• How often should I update? Weekly, and after any change order or surprise.
• Does the tool contain prices? No. Every figure is your own.

Questions people ask

How much contingency should I hold?

There is no standard figure. Hold a stated reserve sized to the uncertainty of the job, and larger for older buildings with hidden conditions.

Should I track committed and paid separately?

Yes. Committed costs show what you owe, paid costs show what you have spent.

How often should I update?

Weekly, and after any change order or surprise.

Does the tool contain prices?

No. Every figure is your own.

Sources and further reading

• NAHB
• International Code Council
• OSHA

Text Digital Oro

Digital Oro International advertises on The Company Chronicle. This guide was written by our editorial team from public sources and general professional practice; it does not describe a guarantee, quote or offer from Digital Oro International. Confirm current terms, prices and availability with the operator before you decide.