A Guide to Planning Your Renovation 

Renovating your home is an exciting investment — one that can enhance comfort, functionality, and value in your space. However, before the hammers start swinging and materials arrive, it's crucial to understand how the financial aspects of your project work. At WC Craftsman Inc., we believe that transparency and clear communication form the foundation of a successful renovation. 

Here’s a breakdown of key terms you’ll hear throughout the planning process, and why each one matters: 

the financial aspect of renovations - big or small - need to be understood from day 1.
 Let's talk about it!

A retainer is a payment collected before your project officially begins. It reserves your spot in our construction schedule, allowing us to start ordering materials and coordinating trades in advance. 
Retainers: 
● Secure your start date 
● Allow us to pre-order long-lead items 
● Show mutual commitment to the project 

Why It Matters: Materials need to be ordered early, especially in today’s market. Your retainer helps keep everything on track and avoid costly delays.

1. Estimates vs. Quotes: What’s the Difference? 

An allowance is a placeholder budget for a product or material selection that hasn’t been finalized yet, such as tile, plumbing fixtures, or cabinetry. For example, your quote might include a $2,000 allowance for bathroom fixtures. If your actual selections total $1,800, you’ll see a credit; if they total $2,300, you’ll pay the difference. 

Why It Matters: Allowances give you flexibility to choose while keeping the project budget structured and transparent. 

A contingency is a buffer, typically 10–20% of the total budget, set aside for unexpected issues or scope changes that may arise during construction. This could include hidden structural damage, plumbing upgrades, or homeowner-requested modifications that become apparent once the work begins. 

Why It Matters: Renovations often involve surprises, especially in older homes. A contingency protects your timeline, budget, and peace of mind. 

Estimate 

An estimate is a rough figure based on the available information at the time, including square footage, general scope, material preferences, and similar past projects. It helps you gauge whether the renovation fits within your budget range, but it’s not a fixed price. 

Quote
 
A quote is a detailed, fixed price for a specific scope of work. It includes finalized material selections, finishes, labour costs, and timeline. Quotes are typically issued after site visits, design work, and a thorough review of your needs and preferences. 

Why It Matters: Estimates help you plan, but quotes let you commit. We aim to provide quotes that are realistic, thorough, and fair. 

2. What Is a Retainer, and Why Is It Required?  

3. What Are Allowances? 

4. Why Include a Contingency? 

Final Thoughts: Plan Smart, Build Confidently 

At Wellington County Craftsman Inc., our goal is to make your renovation process smooth, predictable, and satisfying. By clearly defining estimates, quotes, retainers, allowances, and contingencies upfront, we build trust and better homes. 

Do you have questions about how these apply to your project? Reach out to our team. We’re always happy to walk you through it, step by step.