Vol. II Templates RENOVATION-BUDGET Available now
The renovation budget your lender's construction consultant won't push back on.
A line-item renovation budget template separating true value-add work (cap-stack ROI > cost of capital) from maintenance and aesthetic spend. The format senior lenders fund, with the underwriting logic baked into the structure.
Definition
What it is
3 categories
Value-add (cap-stack ROI), maintenance (preserves), aesthetic (deferred-able).
XLSX
Single workbook with line items, ROI calc per category, and lender summary tab.
$19
$27 retail. 14-day refund.
Audience
Who this is for
Value-add sponsors
Multifamily and industrial reposition deals. The category discipline keeps your basis honest and your lender comfortable.
Construction lenders
Underwrite the budget against the renovation thesis. Every line item rolls up to the right ROI category so the loan basis is defensible.
LP allocators in DD
Read a sponsor's renovation budget through the same three-category lens. Spot the deals where the value-add thesis is doing the underwriting work.
Asset management
Re-categorize realized spend at project completion. Track which lines actually delivered the projected rent lift.
Inclusion
What's in the file
- Line-item budget by trade (sitework through finishes)
- Per-line category flag (value-add / maintenance / aesthetic)
- Per-line $/unit and $/sf metrics
- Contingency build (hard + soft costs)
- Soft cost build (permits, fees, consultants)
- Per-category ROI calculation
- Lender summary tab (loan basis output)
- Realized vs. projected reforecast tab
Reference
FAQ
Does it handle full development?
Out of scope. Ground-up development has substantially different budget mechanics (FF&E, lease-up reserves, stabilization capex) – on the roadmap as a separate template.
Asset-class differences?
Multifamily and industrial are the baseline. Retail and office adapt cleanly with TI/LC line items added. Hospitality requires FF&E specifics handled in dedicated trade-line additions.
Refund policy?
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly. Email support@valoreregistry.com.
Pricing
Pricing
Retail at release $27
Founders' price (first 14 days) $19
Single XLSX delivery. Free point-update releases for 12 months. Informational only – not construction, accounting, or investment advice. Engage qualified GC for line-item budget finalization.
Implementation
How to use Renovation Budget Builder
Six steps from PCR-flagged scope to a draw-schedule-ready budget. Plus practitioner tips on per-unit cost benchmarking by market, MEP under-budgeting (the #1 overrun source), soft-cost discipline, and what 'value-add experienced' actually means in GC selection.
A. Six steps
- 1
Download the Renovation Budget workbook
You receive an XLSX with line-item budget tabs by category (exterior · interior · MEP · common areas · soft costs · contingency) + a per-unit rollup + a draw schedule. Save as
Reno_<Deal>_<YYYY-MM>.xlsx. For full ground-up construction use AIA Forms instead. - 2
Load the scope from the PCR + sponsor business plan
Inputs: PCR-flagged deferred maintenance items · sponsor renovation scope (kitchens, bathrooms, flooring, common areas) · MEP upgrade scope · exterior scope. Cross-reference: every PCR critical item should be in the budget; every sponsor scope item should have a PCR backing it (or be flagged as optional uplift).
- 3
Set per-unit costs from market comparables
Per-unit columns: Kitchen · Bath · Flooring · Paint · Appliances · Fixtures. Cost per unit varies by market: Phoenix value-add multifamily kitchen $4-6k; NY/LA same scope $8-12k. Get the market range from a GC or comparable deal; don't invent.
- 4
Layer common-area + exterior + MEP scope separately
Common areas: clubhouse, fitness center, leasing office, corridors, parking lot. Exterior: roof, siding, windows, landscaping, parking lot. MEP: HVAC replacement, electrical service, plumbing risers. These are not per-unit; they're lump-sum allocations.
- 5
Build the draw schedule on the Schedule tab
Draw schedule maps budget to monthly outflows over the renovation timeline (typically 12-24 months for value-add multifamily). Front-loads common areas + MEP (do those first); units roll through as turnovers occur. The lender funds against this schedule, so the timing matters.
- 6
Stress-test contingency adequacy
Contingency: 10% minimum on value-add; 15% if PCR has surprises; 20% if MEP is significantly aged. The model auto-calculates contingency as % of hard costs. Most renovation cost overruns come from MEP — under-budgeting MEP is the #1 cost-overrun source.
B. Practitioner tips
- Per-unit kitchen budget: get GC quotes early. Most value-add operators underbudget kitchens by 30-50%. The Phoenix $4k kitchen is a stripped scope; the $6k is institutional quality. Pick the one matching your business plan.
- MEP discipline: a 1970s building with original plumbing risers + electrical service almost certainly needs full MEP replacement at some point in the hold. If you're not budgeting for it now, you're punting it to the next owner.
- Soft costs: design fees, permits, project management, FF&E for common areas. Typically 15-20% of hard costs. Don't forget these — they're where renovation budgets quietly grow.
- Vacancy during renovation: the budget should include vacancy assumption on units being renovated. Down units = no rent, but renovation cost is still being spent. The Cash Flow Projection should model this.
- GC selection: for value-add renovation, you want a GC who has done comparable vintage + comparable scope in the same submarket. Not a national GC, not a luxury-finish GC. Local + value-add + apartment-experienced.
- Change orders: budget contingency for 5-15% change orders on a value-add renovation. Most are MEP discovery (open up the wall, find unexpected) or scope creep (sponsor decides to upgrade fixtures). Capture both.
C. Scope & limits
- Not for ground-up construction. For greenfield + full construction loans use the AIA Forms tracker — different mechanics, different draw cadence, different lender review.
- Not for specialty asset classes (hospitality renovation with brand-required FF&E, healthcare with regulatory build-out, data center with critical infrastructure). Built for multifamily / office / retail / industrial value-add.
- Doesn't handle tenant improvement (TI) work for commercial leases — different budget structure, lease-driven funding mechanics.
- Not a substitute for a construction-consultant review. Lenders often require a third-party consultant to validate the budget; this template structures the budget for that review.
D. Pairs with
-
Construction Draw Analyst
Agent (forthcoming Q4 2026)
Reviews monthly draws against the budget schedule; flags contingency burn + scope drift.
-
Construction Budget Reviewer
Skill (forthcoming Q4 2026)
Audits the budget vs the SOV; flags line-item gaps and stress-tests contingency.
-
Change Order Tracker
Skill (forthcoming Q4 2026)
Logs change orders against the renovation timeline; calculates burn rate.
-
AIA Forms
Template (available now)
For deals with full GC contract + AIA-format draws, the AIA Forms tracker complements this budget template.
-
Cash Flow Projection
Template (available now)
Renovation outflows + down-unit vacancy assumptions should feed into the cash-flow model.
Quarterly refresh. Free re-download for 12 months from purchase.
14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly.
Or get this in Acquisitions Toolkit for $247 — save ~21% vs à la carte.See all bundles →
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Open the Renovation Budget Builder.
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