Budget: Let’s Talk About It.
Dream BIG! A great designer can edit according to your needs, lifestyle and budget later.” - Rose Dostal
Designs By Damienne recently had the privilege of being featured in a recent Redfin article, Working With an E-Designer? Here are 10 Things You Should Know. In it we briefly discussed a dreaded but very important topic, budget! Specifically, around setting a realistic budget and what that looks like. Because this topic is so important and one that I run into frequently I want to expand on it with a quick checklist of things to consider and/or do when setting a design budget for your next project.
I don’t know about you, but I have expensive taste. Unfortunately, my finances don’t always align with this taste (as much as I wish it would) Ha! In a perfect world you could buy whatever you wanted when you wanted (One day). If this is already your life, kudos to you, the rest of us need to be a bit more “selective”. This is where a good budget comes in; it helps narrow down exactly how much you can actually spend on a particular item and ultimately the entire space. When deciding on a budget there are a few questions that you need to ask yourself.
Budget Planning Checklist
How much money do I have to spend?
What features/qualities are important to me?
How much do these features/qualities cost?
Am I willing to spend more (Can I spend more)?
Step 1: How Much Do I Have?
Before you can determine how much you have to spend on furniture you should first set a budget for the entire project. Total project costs should take all expenses into consideration:
Structural Improvements (painting, flooring, doors/windows etc.)
Design Fees (If contracting with an Interior Designer)
Furniture Costs (Don’t forget tax and shipping)
Installation Cost (Hired contractors for design specific tasks like hanging wallpaper, assembling furniture, hanging shelves, etc.)
You probably noticed that just by figuring out how much the entire project will cost you have also figured out how much you have to spend on your furniture. Note: Designer fees are listed separately because whether you’re doing E-Design or Full Service, the design fee is always separate from the cost of furnishings.
Step 2: What Do I Like?
Here is where you drill down into what your preferences and minimum requirements for furniture are. It’s best to do this by room because how the room is used will influence what features are/aren’t important. For example: if a room isn’t heavily used and is more for looks, durability and comfort probably won’t be as important; but, in a room that you use frequently you probably want furnishings that will continue to look nice under heavy use and won’t fall apart in 6 months.
Formal Living Room (Decorative/ Minimal Use)
Non-Performance Fabrics and/or synthetic blends that are pretty but won’t hold up under a lot of wear and tear.
Seating that’s visually appealing but probably isn’t super comfortable.
Tables or storage that are on the lighter side. (Think: Ikea)
Master Bedroom (Frequent Use)
Performance Fabrics (cleanable) and/or natural fibers that are soft/comfortable and will stand the test of time.
Seating and storage that is well constructed and comfortable (seating).
Bed/ Mattress/ Bedding exhibit all of the above qualities.
I think you see where I’m going here; since added/improved features and qualities dictate the price of the furniture you’re probably going to end up spending significantly more on the furniture in the Master Bedroom than in the Formal Living Room.
Step 3: What Does It Actually Cost?
You’ve set the budget and decided which features are most important; but are you able to find pieces that check all of the boxes at your desired price point? If your budget is high enough, the answer may be “Yes”; however, if you’re working with a tighter budget, you might discover that you either must adjust your budget or your requirements.
When planning a space, we love looking for inspiration images that help us visualize or dream space. Whether it’s on Pinterest or Instagram there’s a wealth of inspiration out there but you know what’s noticeably absent from much of these? The Prices! They don’t tell you that the navy-blue velvet sectional you instantly fell in love with is $5000 because it’s actually a custom build featuring: an 8-way hand tied spring system, performance velvet and premium down-filled cushions. Yikes!
Now for some homework: gather your inspiration pictures and look for the same, or a similar piece to see how much something like that is actually being sold for in the marketplace. Once you’re armed with your “market data” you can see if you’re initial budget aligns with what the furniture, you’re looking for actually costs. One caveat: If you’re working with a designer, they may have access to trade pricing (MSRP is usually marked up 2-3 times) and can extend a portion of their discount to you but that still dependent on what’s available and how good their discount is, so it’s good to be prepared to pay full price.
Step 4: Busted Budget: What Now?
This step is pretty self-explanatory. You discovered in step 3 that maybe you were a little too specific or ambitious on some of your criteria and your budget simply can’t meet the requirements. Do you have some wiggle room to increase the budget to accommodate? Maybe there’s an area in the project that you cut some cost through a little sweat equity. (DIY paint or wallpaper, nix the handyman to assemble your furniture or hang your shelves etc.) Doing some of these things yourself could free up enough budget to allow for the pricier furniture. *Note: some of these more luxe pieces may come with White Glove Delivery service included in the cost of shipping so they’ll assemble and place the furniture for you.
If there’s no wiggle room, it’s time to start modifying your requirements and/or looking for less expensive dupes. Less expensive doesn’t always mean lower quality but typically you’re sacrificing quality or comfort at these lower price points so be prepared for that. You can find some good stuff for less, but it may take a little more legwork (or fingers if searching online). Get ready to browse stores, scroll online inventories and read plenty of reviews for the best value for your money.
Like the opening quote said, I can edit your dreams to fit your needs, lifestyle, and budget later, but it definitely makes my job easier if my client has done their research and is well-informed. I like to tackle the budget topic during the initial consultation because I can usually tell right away if a client’s expectations are inconsistent with their desired budget and I like to modify their expectations or their budget BEFORE I spend a lot of time looking for a unicorn that doesn’t exist.
