How to Define a Budget for Your Interior Design Project

You can have tens of thousands of dollars and still end up twisting your budget for your interior design project. There is simply too much to consider; from labor costs to furniture, to paint, you have to think about so many things! This is why budgeting is critical when you think of remodeling or designing your home.

But, why?
It is not important to have a very strict budget. You just need something to work with. If you don’t, your design mission can whirl out of your hands in a minute and you can lose on your dream project. The key here is being money smart, not cheap! And hopefully I will help you do exactly that – learn about a few different and unique ways in which you can define your interior budget!

5 Ways to Set Your Budget

  1. Set a Number – Keep It Real

This is the time to be brutally honest with yourself. Even if you are not on a budget and don’t think money is an issue, you need to be very specific. Quote and set an amount you are comfortable with. The best way to go about this is to calculate all your running costs. Also, keep aside funds for a “rainy day”. After doing this, see what remains for your interior design project – you should not try to invest more than you can manage.

2. Design Concept – Envision Your Space

I know! Easier said than done. But it is important to envision how your space will look like. What sort of fixtures will you incorporate? What paint will you use? Will you go for built-in walls or mosaic tiles?

All these should have an effect on your budget considerations. Will you be going for minimalistic or a contemporary design? Your style will also have an impact – the more accessories and details you add, the more dollars you are going to spend. Close your eyes and imagine what will go where. Keep in mind you should try to visualize EVERYTHING you want to upgrade or change at this point. You can get to less significant details later.

3. Quality Or Quantity – Do It Right Even When No One Is Looking

Another decisive factor in your budget is going to be whether you are going for quantity or quality. Again, it is a personal choice. Interior designers always focus on going for high quality. But, sometimes we have to be a bit less strict, depending on the client’s needs and – you guessed it – budget. If your brand-new home requires a luxurious chandelier in the living room, pick quality. At the same time, no one is going to come up and check the bath rug you have outside your washroom, are they? So, on these items, you can allow yourself to be flexible in terms of the quality and don’t need to necessarily spend a lot of money on them!

On the other hand, things like bathroom fixtures, mirrors, lights, etc. need to be of good quality. No compromises there!

4. Budget Busters – Yes, They Exist

“Impulse Buying” Been there, done that, right?
We have yet to come across someone who has not bought on impulse. Now that you have your interior design project, we can’t expect you to go by the book. Always keep some extra funds aside for these impulse purchases and other alternatives for your project selections.

Tip: It’s recommended to keep about 10%-15% of the entire budget you have decided on for these expenditures.
If you need to spend it, you will not go out of budget. On the other hand, if everything goes according to plan, you will have extra cash after the project is over! Win-win!

5. Wants VS Needs – What Do You Want?

Everyone knows the concept of wants and needs, right? Decide what you want and what you need. Take a pen and paper and make two columns. Label one as wants and the other one as needs. Now, start jotting down all the necessary things. For example, if you are renovating your bathroom, the shower fixtures are necessary – one would hope! In the other “Wants” column, you can add anything you WANT in your bathroom. Anything that will make you happy if you had it, but not exactly “necessary”. Now, you will come up with two budgets, one with the needs only and one which has needs and wants. If there is no major gap and if fits your budget, then go for it!

The best way to go about it is to go in phases. Redesign or design room by room or floor by floor. This will give you more flexibility and fewer headaches – which is why e-design is the perfect option! One step at a time and as your budget allows.

Book a free consultation today to learn more about how e-design is the right option for you!