How long is a piece of string? I attempt to give you a starting point.
Budgeting can be confusing for clients with uncertainty about what a reasonable price is to get their space “looking and feeling” the way they want it to. Setting a budget is the very first step in any interior design project and it can be a challenging task. However daunting it may be, you need to give it careful consideration, I can’t stress the importance of setting a budget to avoid miscommunication and unmet expectations. A budget communicates clearly with your designer about your expectations for furniture quality & design and what you’re willing to pay for both. If your budget doesn’t match your vision you’re creating an impossible task.
Before we can begin creating something wonderful we absolutely need a products budget to work with; I need to know if I’m shopping ‘Ikea’, ‘John Lewis’ or ‘Harrods’, or mixing and matching, if you catch my drift?
Everyone's idea of a ‘reasonable amount to spend’ and quality expectations will be completely different like they would when shopping for fashion.
Designer or Replica? Top quality, or do we make a few compromises? I also want you to get the best value out of my time and without any guidance I could spend several hours creating a room using Products that are £2000 over the ‘budget’ I know nothing about; I’ll then spend further chargeable time resourcing items to lower the cost, which ultimately is a ‘false economy’ if you want to keep costs down. On the flip side I also wouldn’t want you to be disappointed if I selected a sofa from Made.com when you’d actually love to have something ‘made bespoke’. So lets discuss this openly, and I can advise on this if you need help.
A GOOD RULE OF THUMB
So that everyone’s on the same page, let’s start with a disclaimer…
EVERY PROJECT IS DIFFERENT, AND SO IS EVERY BUDGET
There’s no ‘one-size-fits-all’ budget for designing a room. Budgets rely on critical information such as the size of the room, the quality & brands of furniture required, and the specific pieces/amount of furniture you’ll need to purchase. Budgets also don’t always just fall into the two categories I’ve laid out below. Often, designers select various pieces from each price category to value engineer the best outcome at the best value; using mid-level and sprinkling designer where it can shine to elevate the whole space. Mixing & matching pieces in a design to meet your budget is one of the many things a professional interior designer does for you. For example, I may choose a designer sofa but decide to save money with a retail-level coffee table.
BUDGET WITH THE PROPERTY VALUE IN MIND
What you should spend on a home renovation or just furnishings depends on the overall value of your home. As a general rule of thumb, I suggest allocating 10%+ of the home's value for interior design expenses. This will give you a design with some "Mid-Range" products. If you're looking for "Designer" level finishes, I recommend budgeting 25%+ of the home's overall value. For example, for a £2 Million home, I would suggest budgeting around £500,000+ to decorate the whole house at the "Designer" level. * Please note that these prices would not include designer, contractor or renovation expenses. Feeling like that's a lot of money? I understand! Keep in mind that many clients have items that designers can work with which can be re-upholstered, re-finished, or using the pieces as-is which can help reduce expenses. Don't worry, designers always keep your bottom line in mind and are constantly looking for the best available deals.
BUDGET TO GO...OVER BUDGET
I know this sounds counter-intuitive, but it’s not. After years of working on projects and through discussions with other designers ( I don’t want you thinking it’s just with myself) I’ve found that in most cases clients manage to go over their budget. This doesn’t mean that you won’t be able to stick to a budget, it just means that client’s often add features or upgrade finishes as the design process progresses. All of these little additions, in turn, add cost of the budget and increase the scope (work involved for the designer). To avoid unanticipated overspend (or disappointed expectations), I suggest that you add about 20% to your initial budget estimate. This will leave breathing space for upgrades and allow for more accurate financial expectations. For example, for a £2 million home, if a client budgets £500,000 and adds 20%, they’ll end up with an estimated budget of £600,000. Now they’ve got plenty of wiggle room within the budget for any changes or upgrades.
A DESIGNER'S BUDGET
Interior designers are, in fact, professionals, but of course, you already knew that. I only say this because homeowners often fail to realise the benefits of hiring a professional (and yes, these benefits can include saving you money.) Need to know more about the benefits of hiring an interior designer? Read my blog post ‘Why to hire and Interior Designer’. This is how an Interior Designer can impact the budget:
ACCESS
Interior Designers have access to exclusive furnishings and finishes, called ‘Trade Brands.’ These higher-end furnishings, fabrics, lighting, and décor are only available to interior designers and people who work within the ‘trade’ (hence the name). These products are often of superior quality and design and are typically offered at wholesale pricing to designers (meaning you can save money vs. shopping independently).
VALUE ENGINEER
Interior Designers use their design expertise & experience to “value engineer” your project. Now, what does that mean? “Value Engineering” means that a designer looks at the overall scope of your project and then decides where to splurge vs. where to save while still achieving the same general aesthetic & design quality. This may sound easy, but trust us…it’s not.
BUDGET CONSCIOUS So long as long as you have clear communication and realistic expectations, a designer will always work hard to stay within your budget. We may sometimes suggest more expensive upgrades or features, but that’s only to make our clients aware of all of their options. Sometimes clients choose to increase their budget after discovering what would be possible if they spent just a bit more money.
PRICE CATEGORIES
So how much should you be looking to invest in your new space? As I said earlier, every project and every budget is different. However, to simplify this very complicated topic, I created two categories, Mid-range and Designer, with applicable price-points of products to be found at equivalent brands. This should give you a general idea.
MID-RANGE
This price category is oriented around moderately priced retail brands, for clients seeking for better quality, but not looking to make life-long investments. These products can be trendy, but often lean towards more practical designs in order to appeal to the widest audience. I suggest that clients use this category as a budget-saving alternative for smaller pieces, such as side tables, ottomans, and occasional chairs. Pieces that aren’t heavily used and won’t endure lots of wear are great from this category.
Brand Examples:
West Elm, Oka, Anthropologie, Love your Home, Pooky, Dowsing and Reynolds, Mullen Lighting, Cole and Son, Swoon, Atkin and Thyme, Neptune, Casamance, Linwood
DESIGNER
These products will be of the highest quality and often include semi-custom and custom design options. Though you’ve likely never heard of some of these brands, designers will be very familiar with the quality & style that they offer, and some are exclusively for trade only, so only attainable working with a professional. They use the best artisans and craftspeople and will have a keen eye over the production process and where all materials are sourced from. Furniture from this category will be a life-long investment and can later be reupholstered for an updated look. I go to trade shows across Europe every year to preview the exclusive new products, this way, I can offer my clients the latest and best of what’s available.
Brand Examples:
Bert Frank, & Tradition, Julianne Chichester, Arteriors, The Rug Company, CTO, Palecek, Arté, Romo, Phillip Pullman, Soho Home, Aramac Martin, Paolo Mochino, La Cornue, Andrew Martin, Eicholtz, Dome Deco, De Le Cuona
NOW THE CATEGORY I'VE NOT MENTIONED SO FAR: COST EFFECTIVE
I use this phrase really in replacement of the word ‘cheap’. As a quality design studio I only want to present both quality in materials and design, and so this is not a category I aim to work within. To achieve lower price points the materials will be inferior, the products will be mass produced and the production methods of a lower craftsmanship. Instead of having something less attainable that limited people own, or something unique that no one owns, you’ll have something that is much more commonplace. The low cost may be tempting, but these products don’t meet expectations of great design or quality and will result in a ‘false economy’ investment with product that won’t stand the test of time; You’ll soon have a worn out interior and you’ll be spending again to replace. There’ll certainly be replicas of design favourites, but they’ll be pale comparisons to great design; compromising the quality and the detail. This is like Primark trying to replicate Boden or Gucci, no one could argue that it would match in style and quality. Furthermore, it’s more likely (such as with fast fashion) that cheap brands may not have a good ethical policy, either environmentally in its materials or its labour. So you may want to think about brands you’d like to support.
BUDGETING BY ROOM
To help you better understand the costs associated with each of these categories, I’ve created price charts for three different room design scenarios. A living room, a dining room, and a bedroom; These are the three most common spaces clients ask for help with, and they tend to be some of the most heavily furnished rooms (so they’ll give you a good idea of what an entire budget will look like).
LIVING ROOM
The living room is one of the largest (and often one of the most heavily furnished) rooms in a home, making it one of the most expensive to design. A living room budget can vary significantly based on the size of the space. When selecting furniture for the living room, I advise clients to invest in the sofa & rug. These are the largest & most used pieces in the room and set the tone and overall style of the space. I suggest that our clients select these items carefully, as they’ll likely be in the home for many years to come. Spending more on the sofa & rug will create a higher-end finished product as well. If you’re looking to save money in the living room, I suggest limiting the amount décor and accent furniture to help save your budget for fewer, better pieces.
DINING ROOM
The dining room is another space where the budget can vary based on a few factors. When budgeting for a dining room, it’s important to consider: the size of the space, the number of people you want to seat, and how you plan to entertain. When we design dining rooms, we advise our clients to invest most of their budget in the table & chairs. These pieces set the tone and scale of the space and will be pieces they keep for years to come. We also advise our clients to consider splurging on the rug, art, and chandelier, if possible. These pieces will bring the “wow factor” to the dining room. Are you looking to save money? Reduce the number of accent pieces (such as china cabinets, bar carts, etc.) to allocate more money towards the main furnishings.
BEDROOM
Your bedroom is your sanctuary; setting the tone for both the start and end of your day, so it’s no place to skimp on spending. I suggest to invest heavily on the bed (headboard and frame) which is the centre piece, will take most wear and tear and is a lifelong investment. I advise clients to think about how much furniture they’d like to have in the space. Are they looking for just a chest of drawers and bedside tables? Or would they also want to create a more multifunctional space with seating such as a bench, lounge chair & more? The budget will need to be increased accordingly. If you’re looking to save money, go for cost effective items that you’re more likely to change over time such as accessories. Great quality bedding can also be found at mid-range retailers. The budget can also balloon in this space if you require wardrobes.
DISCLAIMER
No project and no budget and are alike. As I explained above, there are so many variables to consider on an interior design project that factor when creating a budget. From the size of the space to the quantity of furniture required and the quality of the brands you’d only like to consider.
Whilst I’m very conscientious of a clients budget, it is also recommended to add about 20% contingency. I’m always on the lookout for the best deals, to value engineer the product selection and I ultimately aim to deliver a project which meets the bottom line. However, I recommend allowing 20% for flexibility and unforeseen costs. As we develop projects I find that almost every clients starts wanting to upgrade here and there of their own volition; they’re introduced to new brands and products that they’re not familiar with and suddenly have a higher education in design, quality and cost possibilities. I also want to give clients the best overview and choice, so I sometimes present additional options which I think clients may love as I would hate for them to miss the opportunity to make a considered decision, especially when they see the added value in quality and the overall design. There also may be other additional unexpected costs from fright, to cost increases, etc.
I ask that you note that the numbers I've suggested are just general estimates to serve as a starting point and a guide. These budgets and prices are not guaranteed nor required.
At Magpye Creative Interiors we create unique space for unique clients. To enquire about working with us to create your dream interior please get in touch.
Katie
Katie Longshaw-Pye
Creative Director | Magpye Creative Interiors
Ribble Valley
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