Full project budget with materials, labor, permits, and contingency.
Always include a contingency budget for unexpected costs — this is non-negotiable in home renovation. Behind-wall surprises (rot, mold, outdated wiring, asbestos in older homes) are extremely common. A 15% contingency is standard; use 20–25% for older homes or complex projects.
If you don't use the contingency, great — you're under budget. If you do, you won't be scrambling for extra funds mid-project, which is when contractors charge the most for change orders.