When you start an interior design project, whether it’s updating a small corner or redesigning your whole home, the excitement can often be overshadowed by one big challenge—budgeting! It might seem overwhelming, but it’s the key to making your dream space come to life without stressing or overspending.
So, how exactly do you define a budget for your interior design project? Let’s break it down into simple steps that help you strike the perfect balance between creativity and cost.
1. Know What You Want (and Need)
Before you even think about numbers, define your vision. Are you aiming for a complete makeover or just adding new elements? Understanding the scope of your project is key. It could be as minimal as updating furniture or as major as removing walls to create an open space. The clearer your goals, the easier it is to allocate funds.
A pro tip: List your needs vs. wants. For instance, upgrading your sofa may be a need, but adding a luxury chandelier could be a want. Knowing where to draw the line can help you prioritize when your budget starts stretching.
2. Do Your Research
Once your Wishlist is in place, it’s time to hit the Pinterest, websites, and home décor stores! Get a rough idea of how much different elements cost. Compare prices for furniture, paint, lighting, flooring, and décor items. Keep an eye out for sales or discounts—those can be lifesavers!
For those looking to save without sacrificing style, mixing high and low-end items is a great way to get the best of both worlds with Oye Turtle.
3. Set a Realistic Budget Range
Now comes the money talk. Based on your research, set a budget range that feels comfortable. For most interior design projects, it’s a good idea to allocate around 10-15% of your home’s value if you’re redesigning an entire space.
For smaller projects, break it down by room. Allocate funds based on priorities: for instance, the kitchen and living room may eat up a larger chunk of the budget than a guest bedroom.
4. Get Quotes and Compare
Before you dive in, get quotes from multiple vendors for big-ticket items like furniture, paint, and renovations. Comparing quotes can save you from overpaying and give you a better idea of where to allocate more or less.
5. Add a 10-20% Cushion for Surprises
The golden rule: Things will change. Maybe that custom cabinet you wanted turns out to cost more, or you discover a plumbing issue mid-renovation. Whatever the case, always add 10-20% extra to your budget as a contingency fund. This buffer will give you peace of mind when those unavoidable surprises pop up.
6. Stick to the Plan (As Much as You Can)
Impulse buys can be a budget killer. That dreamy rug or fancy backsplash may tempt you, but they can throw your financial plan off course. Keep referring to your original vision and budget plan, allowing for changes only if you have the funds for it.
Wrapping It Up
Budgeting doesn’t have to be stressful—it’s about being smart and planning well. By defining your goals, researching thoroughly, and sticking to a flexible but realistic budget, you’ll be well on your way to creating a space that’s both beautiful and bank-account-friendly.
And remember: creativity can often save you more than you think. A budget doesn’t have to limit your vision. Instead, it can inspire you to think outside the box and find innovative ways to create the home of your dreams.
For Happy designing of your dream space in a budget, Contact Oye Turtle Interiors.
