Budget Breakdown I

Starting a project in your home can be overwhelming.

The #1 roadblock in home design projects is understanding and defining a clear budget. Where do you start? Are you trying to do everything yourself? How much will this cost?

Priorities

Different spaces require different things, but one constant that remains is your list of priorities.

These are all fair questions, and questions that need to be answered before you can start crunching numbers.

This budget breakdown is meant to give you a better understanding of your project, and will help you define your project’s budget: (*Hint*- It’s easier than you might think!)

• Is this a space that you spend a lot of time in?

• Is this going to be your forever home?

• Do you have children who commonly use this space?

These are all fair questions, and need to be answered before you can start crunching numbers.

This budget breakdown is meant to give you a better understanding of your project, and will help you define your project’s budget: (*Hint*- It’s easier than you might think!) I’ve broken down the process into 5 easy steps, that’s all! It all comes down to how you use your space, how long you want your design to last, the materials to plan to use, your thoughts on art and decor, and what you think your overall budget might be. I say might with some hesitation, allow yourself to read through the entire guide before you set yourself on a number. It might give you a better expectation as to how much you might need or want to spend. So let’s get started!

Step 1- How Do I Use My Space?

Determine who will be using the space. Do you have children, pets? Is this a high-traffic area?

More formal spaces see less use, and can utilize more delicate fabrics. Fabrics like velvet and silk give a space a more upscale look, and are more expensive than fabrics like polyester or microfiber.

PRO TIP: If you have children, and your space sees a lot of wear and tear, you might consider more durable fabric options, or less expensive pieces that can be replaced once your children are a bit older.

Step 2- How Long Do I Want The Design To Last?

Determine the desired longevity of your design. Are you looking to make a long term investment in the design of your home? Or is this a temporary dwelling?

If you have found your forever home, Congratulations! Depending on your circumstances, you might be looking to invest in pieces that will stand the test of time.

• Beyond aesthetics, investment pieces are of impeccable craftsmanship and are constructed using quality materials.

• If you are renting, or are in a home that is relatively temporary, you might consider less expensive pieces that you could easily part with should they not be appropriate for your next home.

  • Sofas and rugs are especially important considerations, as sizing is space-specific.

  • A right-hand facing sectional might work in your apartment, but your next home might have a totally different layout that would better fit a corner sectional.

  • A 5’x8’ rug might be perfect in your apartment, but your next home might require a 9’x12’

Step 3- Do Materials Matter To Me?

Determining the types and quality of materials you want in your home is important. Some fabrics are eco-friendly, while others are made with chemicals meant to preserve things like color and texture.

While eco-friendly and otherwise natural materials might be more expensive, their longevity will be much higher than artificially made materials.

• If linen is too delicate for your lifestyle (doesn’t mix well with kiddos and fur babies!) you can consider materials like canvas, leather, and cotton.

• For a price reference, a leather sofa is going to be your more expensive alternative, with leather sofas and chairs starting at $1,000.

  • The average leather sofa (depending on size) could cost anywhere from $2,500 to $20,000 depending on where you buy it and the filling you choose (down vs. down-wrapped, down vs. poly fill). I'll discuss that in more detail in "Budget Breakdown II".

Step 4- How Do I Feel About Art and Decor?

Even the smallest of pieces can really add up! Do you have built-ins that you just can’t figure out how to fill? Do you want to add a designer’s touch so that your mantle doesn’t look like a possible shrine to your children (or dog)? Decor is SO important, and can turn an empty space into a well composed oasis that you have been dreaming of.

So you’re probably wondering, where do I spend, and where do I save?

• DO spend on things that hold meaning to you. My number one suggestion is to frame your photos with picture frames of higher quality. If you frame a photo from your trip to the sahara desert, showcasing you on the back of a camel in a caftan ala Sex and the City 2 in a cheap $10 frame from Target, your space will most definitely not have Carrie Bradshaw vibes. Framing your favorite photos in picture frames that speak to the experience will give those memories a more meaningful appearance.

• DON’T spend on filler books unless you have or plan on actually reading them. You can easily find filler books that are sold in sets that don’t carry a hefty price tag. I always suggest that you use books that you have already read or will soon read, as it gives the space a warmer, more personal feeling.

• DO spend on quality mirrors. Not only will they make your space look beautiful, but you will be more inclined to put on those snazzy earrings and that super cute new lipstick because it always looks better in that mirror than the one on the back of the door in your college dorm.

• DON’T spend tons of money on tiny "chotchkies" that are all the same size, shape, and sometimes even style. Use a variety of sizes, small and large, to bring a little more variation to the composition. Look for items that serve a variety of functions (even if you don’t plan on using them). Candle sticks, vases, decorative boxes, mix it up!

Step 5- Set The Budget

So now you might be wondering….“now what?!”

You’ve thought through these points, figured out what your needs and wants are, so now it’s time for the fun part! It’s important to know where this project will fall in terms of your overall day-to-day, month-to-month, and year-by-year budget.

That is the first place you should start. Think about how important this project is, and if there is going to be anything else that you will be investing in this month or year.

Below is a general range of budgets based on clients who want to splurge, and clients who want to spend more conservatively. 

Overall Budget Ranges 

Splurge: $25,000-$75,000+

Moderate: $15,000-$25,000

Save: $7,500-$15,000

FINISH LINE! You’re almost ready…

Budgets can seem daunting, but if you break it down step-by-step it’s actually pretty simple! So take a deep breath, pour yourself a glass of wine (or La Croix), and relax! This process is going to be so much fun, and you’ve already done a huge chunk of the work!

Do you now have a better idea of how much you want to spend, but aren’t sure what you are going to spend it on? Stay on the lookout for the Budget Breakdown II, that dives a bit deeper into the details!