Pennyloom GUIDE

Build a renovation budget from actual quotes

Separate quantities, unit prices, waste, labour and contingency before comparing contractor proposals.

Pennyloom · Practical guideUpdated 2026-09-15

Keep quantities separate from prices

A useful renovation estimate starts with measured quantities and local quotes. A national average cannot tell you the condition of your property, access restrictions or the labour available in your area. Our tools let you enter your own prices instead of inventing a city adjustment.

For an example area of 100 units, a material rate of 20 and a 10% material-waste allowance, materials cost 2,200. Labour at 10 per area unit adds 1,000. Add 200 for delivery or other fixed items and the subtotal becomes 3,400. A 10% contingency applied to that subtotal gives a planning budget of 3,740.

Compare like with like

Budget line What to confirm
Area Same measured scope in each quote
Material Same specification and quantity unit
Labour Removal, preparation and installation included?
Fixed items Delivery, disposal and access equipment
Contingency Separate allowance, not a supplier quote

Use either square metres or square feet consistently. A quantity in square feet multiplied by a price per square metre is not a meaningful cost. Waste applies to material quantities in our model; it does not automatically increase the labour area.

What the estimate cannot see

Hidden damage, structural work, permits, electrical changes and specialist testing may need separate assessment. The renovation tool is a budgeting worksheet, not a contractor quotation. Keep tax and financing assumptions explicit and avoid adding an item twice if a supplier already included it.

Save an original scenario and a contingency scenario. Comparing both makes uncertainty visible without turning an uncertain project into a falsely precise promise.

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