How much should I set aside for my design project?

While planning a residential redesign is incredibly exciting, feeding our imaginations with hopes and possibilities of what could be, there’s one question, in the back of our mind, that tends to bring the most anxiety: how much money is this going to cost? Before crunching actual numbers, this blog post is here to break down exactly what factors are involved in developing an accurate budgetary estimate, and how interior designers assist their clients every day playing the delicate game of creating and staying close to the budget (and how to set your contingency to cover any surprises down the line).

If you’re in a rush, or just coming over at the behest of our New Product Inquiry Form, we’ve made our Budget Guide available early-on in this article, which includes a comparison of low (think Wayfair, Ikea), mid (think CB2, West Elm) and high-end budgets (think RH, trade-only, custom). We’ve collected the data in an Airtable Base with instructions on how to fit it to your residential project needs.

Keep reading on how to set your budget goals and how we as designers play the game of Highs and Lows to make our client’s dream designs a reality.

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Set your budget goals - What do you want to get out of this project, and what are you willing to spend on it.

When setting a budget goal for an interior design project, there are many factors to take into consideration. The top 2 for us are quality and timelessness. Investing in a quality products means you’ll be able to see a return on it over the years, instead of seeing it marred or broken down in the first two. Making sure that the design you choose is leaning more towards “timeless” and less towards “trendy”, produces something that will hold your interest for at least the next decade. We know all too well that everyone's budget is different and so try to find the balance of picking something within your means but is still able to reflect the quality and longevity you would like for your project.

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Understand the difference between low, medium, and high end budgets

Questions to consider when making a decision

In the introduction to this blog post, we gave the short-on-time readers a shortcut to the budget guide, where we breakdown budgets, by room, from low to high-end. We also mentioned that as designers, we are experts at playing the game of “Highs and Lows”. Making the decision of what budget to put toward an interior design project can be a challenging course to navigate, and that’s one of many reasons to bring in a Pro. We know what to splurge on and when to be a little more conservative, if the aforementioned splurge requires us to do so. Sans designer, to make your decision, it’s important to think about where you are potentially willing to compromise quality and which items it's a good idea to treat yourself and your project on. Knowing when and where to spend or save money has a lasting impact on your home, so take advantage of all the tools available to help you decide which budget is right for you–read reviews, go to the stores to see items in person, do a sit test and of course, pay close attention to the price tags. 

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Prioritize what's important.

After assessing where your budget falls (low, medium, high), it’s time to identify exactly what’s important to you to create a hybrid [budget]. Figuring out how much to spend and prioritizing the areas requiring the most value can be tricky, and here’s where we pitch hiring an interior designer again (get used to it). We help clients from the start of their projects, to figure out how to best spread their funds for maximum return (and longevity). If you are determined to go it alone, we think it best to focus your spending on items that will have a lifelong impact on your space, such as permanent fixtures (cabinetry), seating (sofas, chairs), and rugs (high-traffic), and built-in pieces (fireplaces, etc). Smaller decorative items like pillows and vases tend to be cheaper compared to other items, so these are great places to save when creating your budget. Artwork selection takes time and can be costly, but luckily can be spread out over a number of years while you find the right pieces for your space.

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Choose quality materials that fit your budget

When it comes to picking out finished materials for your project, think of it as a marathon and not a sprint. It requires dedication and hard work to source out quality materials that fit your budget. A good tip is to think about how the items will hold up over time and if they’re something you can use in both long and short-term projects. Shopping around different stores for unique pieces, secondhand items, and varied price points can be important to achieve the balance of affordability and durability necessary for any project. Knowing what options are available in low, medium, and high-end budgets helps ensure you get the look you want while still getting creative with the materials you use.

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Be realistic - Set achievable design goals within a set budget

It's important to be realistic when setting a budget. Regardless of the level of quality you hope to achieve - low, medium, or high end - being knowledgeable and upfront about expectations is key. If there’s one person you can be honest with, it’s yourself–don't over-promise and under-deliver! Take an honest look at your budget and decide what scope is reasonable for this round or plan out how long it will take you to be ready to take on the full project. With the right resources and oversight, it's possible to create a space that reflects your unique style without breaking the bank. Try researching similar projects for an idea of general costs and get quotes from reliable professionals. Your creativity doesn't have to stop with finances; sometimes the best projects are achieved within constraints.

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Plan for a Contingency

Just as it’s important to be realistic when setting a budget, it’s also important to set a contingency in that budget to help cover any unforeseen costs. Many surprises hide behind old walls and floorboards, so we like to be financially prepared. And it’s always nice when there’s money leftover at the end of a project! We typically advise clients to set aside 10-15% of their budget for contingencies.

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When to consult an interior designer for help with budgeting and more

Knowing how to budget well for your interior design project is essential. When you are looking to get the best return on your investment, a luxury you should consider is hiring an interior designer. We can provide valuable insight and help set a realistic budget based on the work you want done. In general, setting aside about 20% of your total project cost for the designer's services is a good rule of thumb. Working with an experienced designer eliminates guesswork and costly mistakes; additionally, it can result in savings when projects are aligned correctly from the very beginning. Don't hesitate to check in with a pro and reap the many benefits of having an expert on board!

TO WRAP THINGS UP

Deciding how much you should spend on an interior design project can feel overwhelming, especially without a budget plan. Through understanding what you want to achieve and gathering information on low, medium and high end budgets, you can find a determination of the right budget for your space. Utilizing creativity when selecting materials can be effective in finding quality pieces that fit within your budget. Moreover, understanding the points of emphasis worth splurging on and those worth saving on will help refine balance between a cohesive look with a smart cost-conscious mindset. No matter the size or scale of your project, consulting with an interior designer can ensure realistic expectations are being set in regards to design goals and financial commitment. With these essential points in mind and intentional planning with our budget guide as supplemental support along the way, you will be well on the way towards achieving success for designing the space of your dreams! Take a deep breath, trust yourself (and us) - and take a look at our budget guide - and begin to ideate how you can get your project off the ground!