Creating a realistic budget for a renovation project can be one of the hardest parts of planning a project. Not properly understanding your project finances can cause delays to your renovation. This is why it’s vitally important to spend time planning and researching your budget before starting your renovation.
We’re going to outline how to go about setting yourself a renovation budget and just why they are so important.
We know how daunting it can be to start planning any kind of budget, which is why we have put together a Budget Guide to help get you started on your project. Want to find out more? Read on for more information!
Why is a budget important?
Having a detailed budget for a renovation project ultimately makes our job as designers that little bit easier! We would argue that the budget is just as important as the design itself. By completely understanding your budget we can propose budget-friendly products and materials. Yes, our end goal is to design a space that you love, but for a successful design we need to work within your set price-point.
One of the benefits of working with an interior designer is the industry awareness that comes with us. As professional designers we have all the skills to be able to source appropriately priced products from our trusted suppliers. We also have the knowledge of where we can cut-back if your budget is becoming too strained. Having a really good grasp on your budget will allow us to both get the most out of the design process. If you’re looking for a Manchester interior designer to work with or a Liverpool interior designer get in touch with us today.
How do I get started?
Typically, your project budget is a combination of professional fees (that’s our design fees, tradespeople fees, architectural fees etc.), the cost of any building works, and FF&E (fixtures, furniture and equipment – all the moveable items).
There are lots of different ways to start your budget. Some might start with an overall maximum spend and work backwards allocating the funds to each room. Others might set a maximum budget per room or per floor, and these totals will equal the overall spend. There’s no right or wrong way to do this, as long as it makes sense to your situation and finances. We advise you to have both an overview or a maximum amount that you are willing to put into the project, and also a detailed break down of how you would best like it to be spent.
We would recommend beginning the process with research. Research your own financial circumstances first. Do you have savings set aside for your renovation? Do you know just how much you are spending each month on your household bills, and how much you would be able to contribute monthly to the renovation? Spend some time really analysing your income and expenses.
Secondly, you can start your research into tradespeople costs and materials. Get in touch with some (recommended) tradespeople and request quotes. Visit some showrooms. Request material catalogues. This will start to paint a picture of how much your design might cost. Quite often at this stage people start to realise that their ‘dream design’ might just be a little over their budget.
Don’t worry if you’re struggling, we’re here to help you! We can guide you through the process of creating a budget for your renovation project if you really don’t know how to best allocate your funds.
Once you’re happy with your renovation budget, and we have had a chance to sit down and discuss it in detail, we can take over with sourcing relevant products for your design. You can leave the rest to us!
Our budgeting Golden Rule
Our budgeting Golden Rule is to always be as honest and open as possible with your designer. In order for us to be able to work together efficiently, it is vitally important for us to understand just how much you are able and willing to put into your project.
We know how it can often be difficult to talk openly about finances, but it’s important to remember that our role is first and foremost as a designer. We are professionals who have worked on renovation projects with varying budgets; each project is completely different and we have been trained to adapt our designs depending on the budget available.
Our Renovation Budget Guide
We want to make the budgeting process as easy as possible for you. That’s why we’ve created your very own, Budget Guide.
What’s included?
The Budget Guide provides you with practical information, designed to give you a head start on your budgeting research. We’ve provided rough estimates on renovation costs per room, average tradespeople costs as well as outlining a rough guide to our design fees.
Also included in the guide is a short introduction into understanding average project timescales. To find out more about timescales head over to our blog article ‘How long will my renovation take?’.
How can I get my hands on a copy of the Budget Guide?
You will receive a copy of our budget guide as part of booking in a 2 hour renovation strategy session.
To find out more about the services we offer, and how we can help you to plan your renovation, get in touch with us today!