Don't even try it. Renovations are notoriously costly.
Some things may work out less expensive than at first estimated, but opening up a house to repair or renovate is akin to opening a can of worms. Most things won't be less expensive than estimated so you can almost guarantee that your renovation work is going to go over budget.
You don't know what you'll find until you start looking in earnest and it's not until then that you will truly know the cost of what you're taking on.
Always try to estimate realistically, erring on the side of caution and not faith that the house is not going to be as bad as you think, as even relatively new houses can hide a multitude of sins.
So beware of taking on a project of that nature unless you can afford to budget with a view to running over your original estimate.
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