How to build a realistic interior design budget for your dream home, whether it’s new construction or your current residence
Figuring out a home improvement and interior design budget can be an eye-opening experience.
I work with homeowners every day…my clients are a combination of business-savvy professionals, retirees who held executive positions, new empty-nesters who lived a full, rich life, and some who are widowed. What’s amazing to me though is with all of this purchasing experience, so many are in the dark as to what kind of investment is needed to remodel, redecorate, or transform a new construction or older property into a dream home. Here is a list of the best home updates for reference.
Why is this? Evidently, many homeowners have not made major home improvements in many years, and they are now dealing with a world of crazy price increases due to inflation.
The benefits of improving a home through design
1. You are likely adding value to your real estate should you sell in the future.
2. Your quality of life, home enjoyment, and comfort significantly impact your wellness, your mood, and your happiness factor & sense of security.
3. A beautifully designed home is a place where relationships are nurtured, and family & friends share important times.
The impacts of new construction design selections on future home maintenance costs
A well-designed new construction home will add instant value to the asset, improve your quality of life in the home for years to come, and furthermore, reduce future maintenance & repair costs.
To help you plan for these important investments, Home Frosting has created a pricing guide including interior design tips to get you started. This home interior design, finishes, and furnishing pricing guide includes estimate ranges for “good” to “best” options.
Remember: this guide is a starting point, and your final investment will be depending on a few things. How quickly do you want the project done? What quality of furnishings do you expect? How custom do you want things to be? Do you prioritize low cost over all else? Interior design follows the same general rule of any service you seek – You can have it good, you can have it cheap, you can have it quick. But you can only pick two.
I’m also a proponent of using the home value % formula as a baseline. This means 25-40% of the home value should be allocated for decorating, finishes, fixtures, floors, window treatments, and furniture to complete a home. For example, a two-million-dollar home can expect to invest approximately $500,000 to $800,000 for everything.
I hope this is helpful. Of course, if you have questions or are looking for help from one of the best luxury Tampa interior designer’s, give me a call and we can schedule a consultation.
