(This is a post from a new partner. I'll see you all tomorrow!)
Design projects can and will go over budget. Spending must be carefully planned throughout a project, and it’s important to allocate funds for unforeseen costs. If you’re lucky enough to complete a project without any unexpected issues, you’ll be able to use the allocated funds to further improve your design. Overall, a budget is fundamental to success. In the event you do go over budget, begin by creating a new budget, and then reassess your design.
Creating a Design Budget
Before creating a budget, ask yourself the following questions:
· How much can I afford?
· What is the estimated cost of my project?
· Do I require professional help? (Construction managers, interior designers, etc.)
· What is the cost of professional help?
· And, what issues could arise, such as nonworking plumbing or an instance of mold that would require additional spending?
Once you have some numbers in mind, create a budget. You can use a spreadsheet program, such as Excel, to create a budget worksheet. Remember to cut costs, so you have room in your budget for unforeseen expenses. How much you allocate to unforeseen expenses is dependent on the size of your project. To be safe, budget at least 10 percent for unexpected costs, and 15 to 25 percent for labor (If you require professional help).
After the project is completed, you can invest the remaining funds back into your project. For example, if you didn’t run into a single issue and your budget was $10,000, you’ll have $1000 to spend on high-end furniture, fabrics, fixtures, etc.
Finishing the Design Project on a Limited Budget
When your budget is dwindling, you need to get creative. Luckily, there are a number of pro-tips for limited budgets. Cheryl Eisen, a home stager for cosmopolitan real estate businesses, offers the following home decorating tips. These tips are designed to maximize a limited budget, and create rooms that are sophisticated and expensive looking.
· DIY art – “You can make your own! Rather than commission a custom piece, Eisen downloaded free art from the web, printed an extra-large image at a local printer, and cut the image into three parts to fit into Ikea frames.” Instant triptych, without overpaying for gallery paneled art.
· Make small spaces seem larger – Eisen likes to make rooms feel big. She uses oversized rugs, mirrors, and neutral colors to maximize the space.
· Take a minimalist approach – Eisen recommends not overcrowding shelving. Instead, place one or two items, varying in height and color, on each shelf. This creates a clean look.
· Give guests something to look at – According to Eisen, “Every room needs a focal point.”
· Redo just one wall – Create an eye-catching effect by painting, wall-papering, or texturing just a single wall. “Redoing only one wall is perfect for a budget makeover because you’ll save a ton of money (and time).”
Save Money on Those Final Touches
For even more savings, cut costs on after expenses by looking for discounts, buying used, and using what you already have on hand to create final touches.
For example, if your final design includes home entertainment, you’ll need a cable package. You will pay more when your contract is month-to-month, but that’s going to cost you hundreds of dollars in the long run. It’s better to look into cable packages, such as Directv packages, which lock you in at an affordable rate for the long term.
Look to thrift stores for fabrics, art, and furniture. Thrift store prices are drastically reduced, especially when compared to big box stores. And, finally, take a tour of your home. Look for unused decorative items, and see if there isn’t anything you already own that would improve your room’s design.