Fixer upper budget: everything at once, commit as quotes arrive

In this example the walls come down before the later trades can quote. Demolition is committed first, while framing, plumbing and cabinets stay Not committed and the sheet keeps their line budgets in the forecast.

General information only, not financial, construction or legal advice. Contingency, holdback and payment-split percentages are your own inputs, and payment and deposit rules vary by contract and by state or province; check yours. Names and numbers in the example are invented.

What changes for this kind of project

In this example the whole-house budget is set before anyone knows what is behind the walls. Demolition goes first, so it is quoted and part-paid first. Framing for the new kitchen opening, the plumbing and the cabinets wait for what demolition uncovers, so those three lines read Not committed until a quote is typed in. Work that spans the house gets the room label Various.

Demolition is where the surprise landed in this example. An approved change order for the rotted subfloor pushes that line above its line budget, and the electrician's quote came in above its line budget too. Both overruns count in Contingency used. The drywall credit does not refill the pool, because savings on one line are not netted against overruns on another.

A worked example: Fixer upper, whole house

Invented numbers, to show the shape. Settings on Start Here: contingency 20% (an example value you set), total project budget $47,300.

The contingency pool is $9,460 ($47,300 x 20%). That leaves $37,840 to share out as line budgets. The lines below add up to $37,800, so $40 is unallocated.

Change orders on the Change Orders tab. Only Approved rows move into Committed:

What the summary shows

• Committed: $24,300. Paid: $9,100. Unpaid commitment: $15,200.
• Contingency used: $2,300, what each line's committed total goes above its line budget, added up. Contingency left now: $7,160.
• Pending exposure (Proposed change orders): $1,100. Contingency left if every proposed change order were approved: $6,060.

Where each piece goes in the workbook

1. Start Here: Type the total project budget, which includes the contingency pool, and a contingency percentage you can overtype. List the five trades: demolition, framing, electrical, plumbing and drywall. Unallocated should not go below zero.
2. Budget: Add one row per trade per area, with house-wide work under a room label such as Various. Type the accepted quote only where a trade has quoted: the framing, plumbing and cabinet lines stay empty and read Not committed.
3. Change Orders: Log the subfloor surprise as Approved against the demolition line so it raises Committed there. Keep the larger panel as Proposed until you decide: it shows as pending exposure and changes nothing in Committed.
4. Payments: Log each payment against its Line ID. Demolition, electrical, drywall and paint have payments in the example. If the tie-out check on the Payments tab shows a difference, look for a blank or misspelled Line ID.

Two formulas worth a cell of their own

• Committed for one room: =SUMIFS(Budget!$K$6:$K$65,Budget!$B$6:$B$65,"Various") returns $14,000 on this example.
• Contingency used, the sum of the Overrun now column: =SUM(Budget!$S$6:$S$65) returns $2,300.

Four tracking tips

1. Use Various for work that spans the house, like demolition, paint and permits, and the room name for the rest. The Rooms & Summary tab reads the room names on the Start Here list, so it totals Kitchen, Bathroom and Various separately.
2. Read the Not committed lines before you trust the Committed total. Framing, plumbing and cabinets are still open here, so Committed sits below Forecast, which counts each open line at its line budget. The gap closes as quotes are typed in.
3. The cabinets, tile and fixtures, paint and permit lines have no contractor. They count in the Budget and room totals but never in a trade's contract on the Contractors tab, which lists the five contractors from Start Here and keeps a separate row for lines with no contractor.
4. While demolition is under way, type your % complete for Premier Demolition on the Contractors tab. Paid ahead of work compares what you have paid with that estimate, and a positive result means paid for more work than is done.

Questions

What happens to contingency when a quote comes in above its line budget?

Committed uses the accepted quote, so Remaining on that line goes negative and the flag reads Over budget. The amount above the line budget counts in Contingency used. Quotes under budget on other lines do not refill the pool.

How do I log demolition payments while the other trades have not quoted?

Log them against the demolition Line ID as usual. Here demolition has an accepted quote and payments, while the framing, plumbing and cabinet lines stay Not committed with nothing paid. A payment logged on a line with no quote reads Overpaid until a quote is typed.

Related renovation guides

• Renovation budget spreadsheet: track committed vs paid
• Renovation contingency tracker: how much contingency is left
• Contractor bid comparison spreadsheet for homeowners

More renovation budget guides

• Renovation budget spreadsheets by room and project type
• Budget for adding a new bathroom: rough-in, fixtures and permits
• Attic conversion budget: handling structural surprises
• Basement finishing budget spreadsheet: quotes, change orders and contingency
• Deck budget spreadsheet: material upgrades and impact on contingency
• Exterior renovation budget: comparing roofing, siding and window bids
• Garage conversion budget: multiple trades and owner-bought materials
• Home addition budget: design, permits, general contractor and utilities
• Laundry and mudroom remodel budget: owner-bought appliances and small change orders
• Owner as general contractor: budget, payments and milestones per trade
• Primary suite renovation: bedroom, bathroom and closet with separate trades
• Whole house renovation budget: kitchen, bathroom and living spaces