Establish a Budget for Interior Decorating

Establish a Budget for Interior Decorating

Setting a budget for an interior decorating project is no fun, but it can be a very useful tool. Budget planning for decorating can result in more rather than less.

The worst part of most creative enterprises is the budgeting, but once that’s done the creative part can get even more interesting. The hesitation and anxiety are also removed, once an interior decorating budget is firmly established.

Initial Look at Finances
The first step in any budget, no matter what the project, is to realistically look at household finances; what is owed, what the monthly bills are, and what is the monthly income. These are the obvious considerations, but some not so obvious ones should be thrown into the mix as well; mainly considerations about the home to be redecorated. Obviously renters don’t want to spend too much, or in most situations make permanent or structural changes to the property.

Future Implications of Redecorating
Many redecorating projects can actually increase the value of a home. This should be considered when planning the budget and priority should be given to projects that can increase value. Redecorating projects in the kitchen and bathroom tend to have greater pay-outs when it comes to resell. Before decking the kitchen out in the latest and greatest trends and materials, it’s important to know a bit about the neighbourhood; spending a ton on a redecorating project that prices a home out of the area is a financial mistake.

Determine Taste
Create a design book, which is basically a collection of pictures, design styles, colour swatches, fabrics, and other decorating elements that are part of the overall room scheme. Begin making lists of items needed for the interior redecorating projects and items wanted. Try to consider every aspect of the project and make the most complete list possible.

Establish Price Ranges
Once the list of items and decorating elements is complete, it is time to do a little research, to see what these things will cost and establish a price range for big-ticket items. Compare the expected costs to the estimated amount of money available for the project. If some expense trimming is necessary, then begin shopping for deals and discounts, and target the lower end of the price range. If you are on a budget, check out this cheap bed sale for some great furniture at fabulous prices.

Get Creative
Finding a way to make an interior decorating project fit into a budget can be a lot of fun if it’s approached in a creative way. Look for new and innovative ways to get the same result without spending a lot, and try to come in under budget wherever possible. There are a number of tried and true ways to find interior decorating bargains, but the most exciting ones are unique to the decorator.

Remember that most interior decorating projects end up costing around 10% more than the original budget, mainly because professionals take longer than anticipated or odds and ends are not in the original estimate. Plan for these expenses by creating an interior decorating budget that is realistic and doesn’t stretch household finances too far; always include a little contingency money.