How to create a space you love while staying on budget?
Here is a design dilemma for you! It’s so easy to fall in love with some of the home design pictures on Pinterest or Instagram…but even easier to break the bank when trying to replicate the pretty images we see!
If you are ready to update a space within your home, here are some tips I've learned along the way to a) stay on budget and b) ensure the changes are wise.
Establish Your Budget
It seems obvious, but with life being so expensive, you should first establish if you can actually afford to do a renovation. How much money can you contribute to this project?
A Cohesive Design
Once you’ve established your budget, you need to loosely list all that needs to be done and assign costs for each of these items. Browse online and do your research.
DIY vs. Contractor
Determine if you will need help from a handyman or contractor, and get at least three different quotes. It won’t cost you anything to get the opinions and ideas of others. If budget is tight, assign “easy” tasks like painting your own walls or swapping hardware yourself.
Review the current furniture throughout your home to determine if there is anything that can be reused or refurbished. If purchasing new, plan 10% of the overall project cost for these buys. There is nothing worse than being unable to furnish a room because money has run dry. The project will just feel incomplete.
Have a Buffer
Always plan for the unforeseen! Once your budget is complete, set aside at least 10% of your budget just in case something goes wrong or you hit a roadblock.
It’s just like the HIGH and LOW section of Style at Home magazine. For every expensive couch you fall in love with, there’s most likely a cheaper dupe available somewhere else. Practice patience and put in the work to find the affordable version for you.
When To Use A Designer?
If you feel absolutely lost and have no idea where to start, talk to a designer. It may seem counter-intuitive to pay someone while trying to work with a budget, but designers have inside tricks, a lot of contacts, and in some cases…discounts!
If funds are limited, but you really want to proceed with some changes, break down your renovation into different stages. ie, “Phase 1”, “Phase 2” and “Phase 3”. It is actually a really nice way to not feel in constant renovation mode or have half-finished rooms.
Does The Update Make Sense?
When you live in a space, it’s important to design to your likes and lifestyle. But you should always ask yourself if the money spent will actually make sense in the long run. Will it actually add value to the home?
For more information, feel free to contact our team for any renovation or design advice. We are always happy to help.
As featured in our Mink Group Magazine, Fall/Winter 2021 issue.