Drawing up a renovation budget

A home renovation easily overruns in both time and cost if the costs have not been thought through in advance. In this guide you draw up a renovation budget, compare quotes and make use of the household tax deduction (kotitalousvähennys).

You will need

• A spreadsheet program or budgeting app
• Measurements of the space being renovated
• At least three contractor quotes
• The housing company's instructions for alteration work
• The conditions for the household tax deduction from vero.fi

Steps

1. Define the scope of the renovation

   Record exactly what will be done: demolition, surfaces, fittings, electrical and plumbing work. An unclear scope is the most common reason for going over budget.

2. Notify the housing company

3. Ask for comparable quotes

4. Separate labour and materials

5. Add a buffer

6. Choose your financing

7. Track costs during the renovation

8. Claim the household tax deduction

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