Your Interior Design Budget: Expense Planning
If you’re in the process of planning a new project, it’s easy to get sidetracked by mood boards and ideas you find on Pinterest and forget about one essential aspect: the budget. Developing a spending plan for the interior design of your home is likely not the most fun phase in the process of turning your property into a home, but it is among the most crucial ones.
Even just a few additional dollars here and there can quickly add up to make a job significantly more expensive than intended. Then, how do you go about determining a budget for interior design?
Set Your Interior Design Budget
Determine the real amount of money you have available, and be as specific as possible. Avoid using vague estimates like “a few hundred dollars,” and instead choose a specific number to use as the upper limit of your project’s budget instead. You are free to spend an amount that is less than this, but not one that is greater.
Your budget for interior design also needs to be reasonable, so you need to be really honest with yourself and decide on an amount that you can comfortably afford. It is important to keep in mind that you do not have to design the entirety of the inside of your home all at once. You can tackle it one area at a time in order to make the most of your financial resources. Start with the regions that are most bothersome to you or those you utilize the most frequently.
Budget Your Goals
Create a list of your objectives when you have determined the precise amount of money available for your project. In a perfect world, you would have two lists: one for “needs” and one for “wants.”
On the need list, you ought to have items that are obligatory for the location. One example of a necessity would be if you were redesigning your kitchen and realized that the sink needed to be replaced. Establish some rough estimates for the items on your must-haves list in order to create some mini-budgets, and don’t forget to factor in the cost of labor! Checking the prices of actual things at this point can help prevent unpleasant surprises later on. A lot of individuals grossly misjudge the prices of even the most basic products for the home.
After you have finished compiling your list of requirements, you should take your estimation of the necessary upgrades, add an extra 10 to 15 percent as a safety net, and then deduct those prices from your overall spending plan. Whatever is still available will go on your “wish list.”
Make and Stick to a Plan
With a fixed budget and a list of desired outcomes in hand, the following stage is to plan your project. Establish a timeframe for each improvement on your list, as well as the materials required at each stage.
At this phase, it’s also helpful to develop your design. Thus, you will be able to picture what must be done and when during the procedure. For example, you should not bring in new furniture before painting.
If you haven’t done much interior design in the past and you’re doing a large renovation, it can be beneficial to work with a professional. A professional interior designer can provide invaluable insight and suggestions for turning your ideas into reality. Plus, they frequently have insider information to cut your budget without sacrificing the quality of your results; you may even be able to obtain additional items from your wish list.
You don’t have to go broke to renovate your home with a few key design principles in mind. Planning ahead for expenses can make all the difference when taking on an interior design project. By following these simple tips, you’ll be prepared for anything that comes your way during your renovation journey. And who knows, maybe you’ll even save a little money along the way. After all, being mindful of your budget is the best way to keep your costs down and ensure a successful outcome for your project. Give us a call! It is our pleasure at Hanna Li Interiors to assist you in any way we can while you plan your expenses.