The Fix and Flip Budget Template You'll Actually Use

Most Budget Templates Are Garbage

There. We said it.

You've probably downloaded three or four "free fix and flip budget templates" from various real estate websites. They all have the same problem: they were made by someone who has never stood in a gutted building wondering why the electrical quote just doubled.

A good renovation budget isn't a list of categories with dollar amounts. It's a living document that tracks what you planned, what you spent, and where you stand — in real time. (That's where health scores come in.)

The Categories You Need

Here's a comprehensive category list based on real renovation projects. Not every project needs every category, but this is your starting menu:

Structure & Exterior

• •Demolition — Gut work, debris removal, dumpster rental
• •Roofing — Replacement, repair, flashing, gutters
• •Siding/Exterior — Siding, brick pointing, stucco
• •Windows — Replacement windows, installation, trim
• •Foundation — Repairs, waterproofing, drainage

Major Systems

• •Electrical — Panel upgrade, rough-in, finish, fixtures
• •Plumbing — Rough-in, finish, fixtures, water heater
• •HVAC — Units, ductwork, installation, thermostats
• •Insulation — Walls, attic, basement

Interior Finish

• •Framing — Wall framing, structural changes
• •Drywall — Hanging, mudding, sanding
• •Flooring — Hardwood, tile, LVP, carpet, installation
• •Painting — Interior, primer, paint, trim
• •Trim/Doors — Baseboards, casings, interior doors
• •Kitchen — Cabinets, countertops, backsplash, appliances
• •Bathroom(s) — Tile, vanity, fixtures, shower/tub

Site & Common

• •Landscaping — Grading, plants, walkways
• •Concrete/Masonry — Sidewalks, steps, retaining walls
• •Permits — Building, electrical, plumbing permits

The Categories Everyone Forgets

Here's where templates fail you. These "hidden" costs eat profit silently:

• •Holding costs — Loan interest, property taxes, insurance, utilities. On a 6-month project with a hard money loan at 12%, you could be paying $2,500-$5,000/month just to hold the property. BUDGET FOR THIS.
• •Contingency — 10-15% of your rehab budget. Things will go wrong. Surprises will happen. If you don't budget contingency, you're lying to yourself. (Read our full [contingency budget guide](/blog/renovation-contingency-budget-guide) for how to calculate yours.)
• •Closing costs — Both acquisition and disposition. Don't forget seller concessions, transfer taxes, and agent commissions on the back end.
• •Inspection fees — Lender inspections ($150-300 each) add up over 4-5 draws.
• •Utility activation — Getting gas, electric, and water turned on. Sometimes it's free. Sometimes it costs $500+ if they need new meters.
• •Dumpster/Cleanup — Multiple dumpsters over a project. Easy to underestimate.

Building the Budget: A Real Example

Let's say you're flipping a 1,200 sq ft rowhome. Purchase price: $120K. Target ARV: $250K.

A realistic rehab budget might look like:

• •Demolition: $5,000
• •Roofing: $8,000
• •Electrical (full rewire): $12,000
• •Plumbing (full re-pipe): $10,000
• •HVAC (new system): $8,000
• •Drywall: $7,000
• •Flooring: $6,000
• •Painting: $4,000
• •Kitchen: $15,000
• •Bathroom (x2): $12,000
• •Windows (8): $6,000
• •Trim/Doors: $3,000
• •Permits: $2,000
• •Landscaping: $2,000
• •Subtotal: $100,000
• •Contingency (12%): $12,000
• •Total Rehab Budget: $112,000

Then add your holding costs:

• •Hard money interest (6 months): $7,200
• •Insurance (6 months): $1,800
• •Utilities (6 months): $1,500
• •Property taxes (6 months): $1,500
• •Lender inspections (4 draws): $800
• •Total Holding: $12,800

Total Project Cost: $244,800

Target ARV: $250,000

Projected Profit: $5,200 ... wait, that's terrible.

And that's exactly why budgeting matters. Running the numbers upfront (honestly, with holding costs and contingency) tells you whether a deal works before you're in too deep.

The Template vs. The System

A template gives you a starting point. A system gives you ongoing tracking.

Templates are great for initial analysis and deal evaluation. But once you're in construction, you need something that:

• •Tracks actual spending against budget in real time
• •Links receipts to budget line items
• •Calculates health scores so you know where you stand
• •Handles multi-unit complexities
• •Generates draw reports for your lender

That's what Builos does. Start with the budget template, import your scope of work, and track every dollar from demo to disposition.

Build your next budget on a real foundation. Start your free trial.