A full home renovation is a financial project, not a cosmetic one. Most budget overruns happen because homeowners underestimate labour complexity, permit requirements, and the ripple effects of structural changes.
Understanding where your money actually goes allows you to plan properly, compare quotes intelligently, and avoid cutting corners that lead to future repairs.
The Real Cost Breakdown of a Full Home Renovation
While every project is different, most full home renovations follow a similar cost distribution. Labour and coordination often outweigh material costs, especially in older homes.
- Labour (35-45%): Skilled trades, supervision, sequencing, and rework prevention
- Materials (25-35%): Flooring, drywall, cabinetry, finishes
- Permits & inspections (5-10%): Municipal approvals and compliance
- Design & engineering (5-10%): Drawings, structural calculations
- Contingency (10-15%): Hidden conditions uncovered during demolition
Why Renovation Budgets Commonly Fail
Budgets fail when assumptions replace inspections. Water damage, outdated wiring, uneven subfloors, and non-compliant framing are common in Ontario homes and rarely visible before demolition.
A realistic renovation budget accounts for uncertainty instead of pretending it won't exist.
"Renovations don't go over budget, unrealistic expectations do."
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