When planning how much to spend for interior design and renovation, do remember that as much as quality comes at a price, it is not prudent to spend excessively. With a whole host of other commitments in life to also have to plan for, let us learn how to stretch the value of our dollar. With a realistic budget set in mind from the outset, it will be possible to effectively balance both quality and cost.
Setting a budget
A key concept we all need to remember is scarcity. We all have unlimited wants and needs, but a limited budget.
The very first thing you should do is to set a budget. A planned budget allows you, and a good interior designer, to consider the entire project from a big-picture perspective. This allows for a more balanced allocation of money (and thus quality) among the different design categories.
A planned budget also manages your expectations of the end result. By doing a market research of typical prices, you will be able to anticipate how far your budget can carry the project.
Our designers are experienced at maximizing most budgets ranges and give you the best finish that your budget can buy.
Do not overkill
Yes, price does necessarily buy quality. But it is important to remember that past a certain point or price, the effects of diminishing marginal returns set in. For example, breaking the bank and buying the latest state-of-the-art QLED television does not give you that much added satisfaction if you do not watch much television. Furthermore, most of the current shows are not fully optimized to make use of the full potential of a QLED set.
Another example would be, choosing the right Countertop for kitchen. Everyone is talking about Quartz these days but what exactly are they and what are the key differences between the various type of Quartz top – ranging from high to low end. The higher end Quartz probably has the state-of-the-art technology and it has more appealing designs. The question is, do you need them if you do not utilize the kitchen at a regular basis?
Consider quality second-hand equipment
Finding the sweet spot between quality and price does involve compromise. However, even if you have a lower than average budget, you do not have to compromise so much that you end up with products with defects and questionable quality.
Furniture from a reputable brand known for its durability and workmanship can easily last a decade or more. Scour the market for lightly used products still in good condition, and you may just find a gem at a fraction of the price. Besides, who doesn’t enjoy the thrill of the hunt!
Splurge on a few statement pieces
The right statement pieces can really accentuate and elevate the look of your home to the next level. An astute designer who also keeps updated with current trends can advise you on what to splurge on and what to save on. Should you splurge on a dazzling chandelier and go modest on the countertop table? Or vice versa? It all depends on personal preference and how it balances with the overall look and feel of the space.
To sum it up, the main takeaway is that it pays to think about this like a business would – maximizing the returns on investment (read, budget). Interior designers are commonly thought of as a luxury, but this is one instance where a good designer can actually save you money! Professional interior designers also have access to industry discounts, helping you save even more. Leave the stress of planning to the professionals, while you take a step back and get excited about your new home!