Establishing your design budget
One of the first things you must consider when creating your design plan, is your budget. Talking dollars is probably one of the least fun parts of the design process, but it is indeed, one of the most important. Once your budget is clearly outlined, you can set aside your anxiety so that it doesn’t get in the way of your creativity!
How in the world do I establish a budget?
Establishing a home decorating budget can be a daunting task. If you are working with an Interiority Complex Certified Design Therapist, we are happy to help you in setting a budget for your project. If you’re simply looking for a place to get started, here are some tidbits of information:
Assess Your Financial Situation
The first part budget of any budgeting process includes taking a close look at your current financial situation. Look at your debts, monthly obligations and your monthly income. Also consider things how long you will be in the home and other not-so-obvious factors that might affect your budget. Obviously, renters don’t want to spend too much or make permanent/structural changes to the property. Another example would be if you’re thinking about starting a family, you might not want to convert that bonus room into a pool hall just yet — perhaps a nursery/guest room might be a better idea.
Keep in mind that though you may love your digs now, the average homeowner lives in their home for just 5 years! If you make bold color choices or things that are very style/taste specific (i.e. wall paper, murals, etc.) chances are, you will have to neutralize that when you prepare to sell your home. Don’t let that scare you, though. Many redecorating projects can increase the value of a home. Keep this items with a high ROI on the top of your to do list. Kitchen and bathroom improvements usually the best payouts when it comes to resell, but make sure you changes are commensurate with the rest of your ‘hood. (i.e. Don’t spend a fortune on granite countertops and the most high end faucet fixtures if you’re in a starter neighborhood with mostly laminate c-tops and builder grade fixtures.) For more information on remodeling projects which pay, check out the 2009-2010 Cost vs. Value report on Realtor.org.
Determine Your Style
Now, here’s the fun part. Start to create a design style file folder or box, which will be filled with pictures, design styles, color swatches, fabrics and other decorating elements that resonate with you while also capturing the essence of the look and scheme you are trying to achieve. Next, jot down a list of items you need to purchase for your project. Try to consider all the details of the project and make the most complete list possible. If you need resources for your design style file, check out our online Inspiration Gallery.
Establish Price Ranges
Once you have your list of items it’s time to do a little research to see what these things will cost and establish a price range for big ticket items. Compare the expected costs to the estimated amount of money available for the project. If some expense trimming is necessary then begin shopping for deals and discounts and target the lower end of the price range. Don’t forget, you can even shop in your own home! Repurposing is a great way to save money, and save the environment!
Once you get these first basic steps out of the way, congratulate yourself…you’re a lot closer to creating the space of your dreams!
If you’ve read this article and are feeling a little overwhelmed, consider hiring an Interiority Complex Certified Design Therapist to help guide you through your next design project. To read more about our unique decorating philosophy, and the in-home products and services we offer, click here.
To find a Certified Design Therapist in your area or to schedule an initial consultation, click here to contact us now.
Did you know…
The national average for furnishing a new home (this means TOTALLY furnishing a home with all new furnishings) is typically 25-30% of the value of the home? We’ve found the following information from the National Association of Home Builders (NAHB):
NAHB has analyzed spending tendencies of recent home buyers. Using a statistical model to control for differences in income and other factors, NAHB found that, during the first year after the purchase, buyers tend to spend more than usual on items such as appliances, furnishings, and property alterations. The key results are summarized here in Table 3.
|Table 3. How Much Home Buyers Spend on Average the First Year After the Purchase|
|New Home Buyers||Existing Home Buyers||Non-Moving Home Owners|
|Property alterations & repairs||3,051||2,931||1,313|
|How much of the spending is attributable to the home purchase (after controlling statistically for household characteristics)||4,767||3,148||0|
Source: NAHB calculations using data from the Consumer Expenditure Survey, U.S. Bureau of Labor Statistics.