Home Renovation Budget Model
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Calculate the total expected home renovation budget considering contractor price fluctuations and unforeseen repair costs.
NOTEAbout This Model
## Calculate the total expected home renovation budget considering contractor price fluctuations and unforeseen repair costs. This model estimates **Total Project Budget** based on uncertain inputs: Base Renovation Cost, Contractor Quote Variance, Repair Cost Percentage. Run the simulation to see the distribution of possible outcomes.
VARIABLEBase Renovation Cost
triangular(1.0e+4, 3.0e+4, 5.0e+4)
Initial estimate for standard materials and labor before adjustments.
base_renovation_cost
VARIABLEContractor Quote Variance
triangular(0.85, 1, 1.15)
Market variability in contractor pricing relative to the estimate.
contractor_quote_variance
VARIABLEHidden Repair Cost Percentage
beta(2.5, 17.5)
Contingency for issues found behind walls (mold, electrical, plumbing).
hidden_repair_cost_percentage
FORMULAAdjusted Base Cost
base_renovation_cost * contractor_quote_variance
Adjusted renovation cost based on contractor quote variance.
adjusted_base_cost
FORMULAHidden Repair Contingency
adjusted_base_cost * hidden_repair_cost_percentage
Estimated costs for unforeseen structural or utility repairs.
hidden_repair_contingency
FORMULATotal Project Budget
adjusted_base_cost + hidden_repair_contingency
Total expected budget including base work and contingency for issues.
total_project_budget
OUTPUTTotal Project Budget
total_project_budget
Total projected renovation cost including materials, labor, permits, and contingency. The distribution captures cost overrun risk—the 90th percentile is a prudent budget ceiling.
What is Carlo?
Carlo is a visual tool for Monte Carlo simulation. Model uncertainty by dragging probability distributions, connecting them visually, and running thousands of scenarios instantly.