How do you determine the right design budget for your project?
If you are unsure about how to arrive at a design budget, your designer can provide ranges for different types of services and projects.
There are also some great tools that you can use to better understand the costs and the ROI of your investment.
If you have, a dollar amount allocated for the project be honest with your designer so they can help you optimize your budget.
A professional designer accesses your needs and helps determine where to spend and where to save, prioritizing expenses while creating an interior that is within your budget.
However, you need to be realistic too!
How you choose to remodel/furnish your interior and how you work with your designer will have a tremendous impact on the final cost of your project. Modifications that involve altering or moving load-bearing walls or beams will significantly increase the cost of your project, as well as requesting changes mid-project or making excessive demands on the designers time.
The more research and planning you do before you start, the more you will be able to keep costs down during the project.
Below are the different ways to determine your design budget.
1“This is what we have to spend” Based on your wish list your designer will create a proposed design budget. If this amount comes in more than the budget allowed, the designer will work with you to value engineer the project and prioritize items into design phases. This format provides a design blueprint allowing you to move to the next step as finances allow.
2“This is what we want to achieve” If no budget is provided, your designer will determine the level of quality and embellishments you desire and then based on that information create a design concept and budget for your review.
3How much should I invest in my home? A general guideline regarding the acceptable amount to invest in your home is 20% to 30% of the home’s value. For example, if your house is appraised at $400,000, it is reasonable to invest another $80,000 to $120,000 in fixed improvements.
Below are several Remodeling Cost Calculators.
In seconds get a range of what it might cost for labor (contractors) and materials to remodel your bathroom.
The remodeling cost calculator uses the following criteria to give you an estimate of the cost to remodel.
Your home’s location
The size of the space
Information about who will do the work
Your material preferences
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