Gathering the Facts for your Project- Budget

-->

Post 2/5 in the series Gathering the Facts for your Project 

You've decided you're ready to redecorate a space...

The next step is figuring out your budget.  It’s so easy to say “oh, I don’t know”.  Or “I’ll spend whatever it takes to get the room done”.  While shopping at the mall or online for a new outfit, you know which retailers to focus on because you are keenly aware of how much you are willing to spend for certain clothing items.  The same will be true when you begin shopping for home furnishings and accessories.  The stores and websites you buy from will be determined by your budget.

You MUST know your financial parameters in order to accurately spend for the space.  I tell clients, “we can spend $800 on a new sofa, or $8000- where do you want to land in that range??”.  This usually evokes a response.  Push yourself to answer this question honestly as it is the key to starting the process on the right foot.  There is no shame in any size budget.  I’ve worked with folks who have $300 to spend on only accessories for a room, and others who have $30,000 to redo their space from top to bottom.  Everyone will have a different budget, and there are plenty of stores that offer items within your price-range.   If you aren't sure where to start when planning a budget, do some online research to see what price ranges of furnishings are out there.  You will quickly be able to determine where you are comfortable spending-wise.  

The upholstery pieces you purchase will take up the bulk of your money.  They will get a lot of us over the years, so you want to make sure they are sturdy and of good quality.  Your casegood pieces (side tables, coffee tables, bookcases, etc) will be the next most expensive category.  If your budget is getting tight, you can afford to lessen the quality of these items since you and your guests won't be sitting on them.

Extra tip- I recommend leaving some cushion room within your budget to allow for unexpected expenses.  You never know what might come up once you start redoing things.

Stay tuned for next week's topic: TIMELINE