An Interior Design Budget: How Do I Come up with What to Spend?
Money is an incredibly sensitive topic, and yet so much time and distress could be avoided if budgets were discussed in detail before a home project begins!
What if you don’t even know where to start though?
The Book Home by the New York School of Interior Design asserts that 10% of your property’s value is a good number to put towards interior design. For example, if your home is worth $400,000, $40,000 is 10% of its value. This number extends to interior designer rates and associated materials, including finishes and decor.
Keep in mind you don’t have to spend this all at one time! A home is a living, breathing entity and always evolving. A master plan can be constructed, and a comfortable pace set for all involved.
What we want to avoid is budget creep, so it’s best to keep a running spreadsheet of all materials and update it consistently. I encourage clients to be open to spending “less”, or as I like to say “reasonably”, on things that won’t matter down the line, and put the big bucks towards the investment pieces that will stand the test of time, i.e. fine art, antique pieces, rugs. Regardless, a wise homeowner should consider setting aside a cushion amount for the unexpected costs, which will invariably happen, of around 25%.
Have you used an interior designer or remodeled your home? How did you handle your budget?