Spend wisely!

Renovating, redecorating, or even just staging a home to sell it can be an expensive undertaking. Whether you have $1,000 or $100,000 to spend, you can create a beautiful space – the key is developing, and sticking to, a budget.

It’s always best to involve your interior designer early on as they will be able to help you maximize your funds while keeping your budget realistic and workable. Interior design is a complex process, and a designer will ensure you don’t get overwhelmed – or taken advantage of.

Understand your space.

Before you can start looking at the potential cost of your project, you’ll need to figure out exactly what you want your space to look like. Go through your room or your home and think about what you like and what you don’t like about the current design. Come up with an amount you would feel comfortable spending – even if you don’t know the exact costs, you probably have a figure in mind. As you continue to develop you final budget, refer back to this number to make sure you’re staying on track.

This should be a collaborative process – if you live with your significant other or children, get them involved. They may bring some unique, inspired ideas to the table that will enhance your design.

Determine the costs.

You’ll need to calculate what it will actually cost to achieve the design you have in mind. A general estimate for any major project is between $100 and $200 per square foot, but by determining each individual expense, you can develop a much better idea of the specific cost of your project.

You’ll be paying labor costs for the team involved in the development of your project, material costs for the products you use (which includes everything from flooring to ceilings, lighting to fixtures, and even decorative accents), as well as extra costs that will undoubtedly come up throughout the project’s execution. These additional expenses could include major things like demolition or simply extra shipping costs on products that need to be ordered in.

Once you’ve determined your estimated cost, add a contingency of about 15 to 20 per cent to account for the unforeseen problems that will surely pop up over the course of the project.

Evaluate your financial situation.

It’s important to be realistic with your budget expectations – you don’t want to get halfway through your project and realize that you just can’t afford to keep going. Whether you plan to pay cash or take out a loan for your home improvements, your designer can help make the most of the funds you have available, investing in key pieces that will be stylish and useful for years to come. It may seem extreme to spend $5,000 on a sofa, but since you’ll be enjoying this item daily in the foreseeable future, think of it as a long-term investment in comfort and style.

Shop around.

While your family and friends have likely shared stories about their experiences with local contractors, your interior designer is an even better resource, as they will have worked with a wider variety of companies. They’ll be able to help you find a quality team with expertise working in the specific style you’re aiming for.

Get quotes from at least three different contractors – and be specific with your requests, so they are all bidding on the exact same items. But don’t choose a contractor based solely on this quote. It’s always a good idea to ask to see examples of past work, and do a little more research – check their references and look online to see if any reviews have been posted to forums or discussion groups.

It’s also important to find a team with personalities that complement your own. A good way to determine if you’ll be able to have a good working relationship is to use the airport test – if you were stuck next to your contractor, designer, vendor on a delayed flight, would you get along? This will help ensure you accomplish more during your time working together.

Prioritize.

Before you get started on your project, go through your initial plans and carefully evaluate which items are must-haves and identify some areas where you could potentially scale back. Figure out your wants vs. your needs – ‘needs’ are the elements of your design that are necessary to the functioning of your home, and everything else is just a ‘want.’ Wants are still an essential part of your design, because this is how you ensure that your space feels comfortable, but this list can help you see where you can pare down a bit and where you should invest more of your budget.

Consider some lower-cost alternatives to some of the more expensive ‘wants’ on your list, or look at refurbishing some of your older items instead of replacing them completely. Gently owned items can be an ideal option if you’re working with a limited budget – check sites like 1stdibs to find great buys at reasonable prices.

You can also prioritize specific rooms. If your bathroom is completely outdated and needs renovating immediately, maybe start there and wait a few more months before moving on to another part of the house. When you have a limited budget, it’s good to spend it where you need it most and then save up a bit before taking on the next smaller project.

If you don’t have any urgent projects to tackle, plan ahead to start saving up for the design you’ve been envisioning. Making small cuts to your monthly budget, like preparing dinner at home instead of eating out, or opting for a staycation instead of an expensive getaway will afford you a bit of extra cushion that you can put toward your future design project.

For more help determining your budget, contact us. We’d love to work with you on your next interior design project – and make sure that your investment pays off with a functional, stylish space.