Budget: The cornerstone of your project

By Kathryn Marsh

The budget is the key to your interior design project; without a budget we cannot begin to move past the conversation stage. Your budget is a guide, an amount you are willing to spend on your project. The budget is your responsibility, and should be taken seriously. Before you speak to a designer you should at least have a ballpark idea of your budget. Not being honest and clear about your budget can lead to wasted time and money. Most experienced interior designers will not begin a project until budgets are firmly and carefully established. 

 
Once a budget is established we will be guided by your budget to create the best interior design possible. A clear budget allows us to allocate your resources across the entire project, and establish a plan with your priorities in mind. We don’t spend your money capriciously; allocations are made within the guidelines established by the budget and design parameters we agree upon. We are experts at making adjustments to accommodate budgetary realities.
 
The first step of putting together a realistic budget involves deciding the scope of the project. At Kathryn Interiors we are familiar with the list of items that are involved in any project. Here is a general guideline of items involved in a project that you can use when trying to determine your budget. Each choice impacts the budget and has to be weighed against its impact on each other choice. 

 

  • Furniture – retail vs. custom
  • Window treatments – retail vs. custom, hard, soft, or a combination
  • Flooring - ceramic tile, carpet, stained concrete slab, wood, linoleum, etc
  • Wall & Ceiling - paint, wallpaper, faux finish, wainscoting, or wood panels.
  • Lighting: - general, task, decorative.
  • Decorative accessories: artwork, mirrors, pictures, sculpture
  • Taxes
  • Construction Costs - contractors’  labor and material; demolition & removal
  • Permitting - for major renovations and/or remodeling
  • Design Fees 
  • Project Management
  • Reserves - 10% to 15% of total budget for unforeseen expenses 
 

Keep in mind that every project has a budget. All that a budget does, whether it is large medium of small is establish the parameters of a project. There are many ways to make adjustments to accommodate a budget and we are experts at that.
 
 
The sample budget below is based on the renovation of a condo living room in Miami FL. in 2010. This project was at a mid level price point. Depending your individual choices and the scope of your project both the overall cost and the distribution could be different. We started with a projected budget of $40,000 and finished the project within budget. Each project is different however; it is a good example of how a budget can be allocated across a project.

(Percentages have been rounded)

 
 
 

Sample Budget - Living Room Renovation

Item

Cost

Percentage

General Contractor

 

 

Demolition

2,750.00

7%

Repair wall & floor

1,695.00

4%

Electrical –wiring, outlets & switches

1,550.00

4%

Painting walls & ceiling

2,200.00

6%

Refinish floor

1,875.00

5%

Furniture and furnishings

 

 

Sofa (reupholstered)

1,725.00

4%

Design supply and install built in book shelves

1,850.00

5%

3 Lounge chairs

2,315.00

6%

Coffee table

2,005.00

5%

Side tables (2)

800.00

2%

Custom AV cabinet

3,650.00

9%

Custom area rug

3,350.00

9%

Custom window treatments

2,375.00

6%

Lighting

 

 

Ceiling fixture

1,790.00

5%

3 Lamps

1,125.00

3%

Subtotal

31,055

 

Design: optimized space planning, design concept, project supervision, sourcing all components, installation

4,125.00

10%

 

Contingencies

3,900.00

10%

Project Total

39,080.00

100%



                                                                                          -Kathryn


Copyright © Kathryn Interiors, Inc.
Info@kathryninteriors.com