Renovation cost refers to the amount of money spent on any kind of renovation project. A project is defined as a stage of improvements or alterations in a structure which is clearly detached in time at both ends from any other construction, improvement, or alteration project. Therefore if a "renovation" followed initial construction of a structure without interruption, it would not be construed as a renovation because it would belong to the construction phase. Similarly, if a facade renovation followed a lobby renovation without interruption, the two efforts would be considered one project. However, the costs of a renovation affecting individual modules of a structure may be applied to those modules separately.

When the renovation cost is assigned to an object as of a date coinciding with the end of the renovation, the figure should be understood as the final renovation cost for that project. When the cost is assigned as of the beginning date or planning date of the project, then it should be understood as a projected cost.

The uninterrupted period of work defines the project boundary. Successive facade and lobby work without an intervening break can form one renovation, while a cost for an individual affected module can remain distinct from the overall project amount.