Budgeting for Your Dream Home: Where to Splurge and Where to Save
As an interior designer, I've had the pleasure of helping many clients create their dream homes. It's a thrilling journey, but it also requires strategic planning, especially when it comes to budgeting. Knowing where to splurge and where to save is crucial in achieving a balance between luxury and practicality. Here's a guide to help you allocate your resources wisely.
Where to Splurge
1. INVEST IN QUALITY FOR HIGH-TRAFFIC AREAS
Your living room, kitchen, and bathrooms see the most activity, so it's worth investing in high-quality materials and finishes for these spaces. Durable flooring, solid countertops, and sturdy cabinetry can withstand the wear and tear of daily use, ensuring your home remains beautiful and functional for years to come. I recommend selecting engineered hardwood flooring like European white oak with wire brushed finish and a high-quality substrate (not all are made equal!) for your flooring throughout the home. Opt for porcelain tile in your mudroom and bathrooms to protect those water prone areas. For countertops in the kitchen and bathrooms, budget for quartz with high quartz content. Finally, invest in cabinetry that is solid inside and out. There are many great cabinet door options but make sure to specify birch plywood boxes and good quality soft close hardware.
2. PRIORITIZE THE FIXED ELEMENTS
Especially when building a new home, it’s important to remember that certain elements of the building envelope won’t easily be changed down the road. For this reason make sure you do additional research on how you want the home to function. This should not be a haste decision but one that reflects your priorities and values. Whether investing in a proper window package to optimize daylighting and views of the home or talking to your contractor about how to make your home more energy efficient or how to achieve a building with a lower carbon footprint, these are features of the build that will have a good long term return on investment.
3. QUALITY FURNITURE
Invest in high-quality, timeless pieces that will withstand daily use and remain stylish over the years. Think of a well-crafted dining table or a comfortable, durable sofa. Not all pieces have to be expensive, but budgeting for high-quality furniture for the bigger pieces will ensure you can enjoy them for years to come.
Where to Save
1. OPT FOR COST-EFFECTIVE ALTERNATIVES IN LOW-IMPACT AREAS
In spaces that aren't the main focus, like a guest bedroom or a secondary bathroom, you can opt for more cost-effective materials. There are many high-quality, budget-friendly options available that mimic the look of more expensive materials.Consider laminate countertops in your laundry room or tenant suite. Your designer will be an expert in knowing what brands and products look good but are easy on the pocket.
2. CONSIDER THE BALANCE IN PLUMBING FIXTURES
The plumbing package is easily an area of the budget that often can surprise clients with it’s high cost. There is an art in balancing what areas of the home are worth the dollar just like with the hard finishes we talked about earlier. If you’re considering adding some special finishes to your home like gold or polished nickel metals (which are beautiful but more costly), consider mixing that with a metal that is more affordable. A gold faucet in your kitchen, powder room or ensuite can be paired with black options in laundry or remaining bathrooms. Opting for a mix of both worlds can save you a significant amount of money. Plus, it adds a personal touch to your home.
3. ACCENT DECOR
While trendy, accent pieces tend to be short-lived in style. Opt for affordable options that you can change out without guilt as trends evolve. Even some furniture pieces can be shopped at a lower-tier budget. When working with clients on furniture selection of a home, we go through an exercise where we list all the pieces required and select a low/medium/high tiers of preferable pricing for each, seeing how it can balance with the bottom line and their target budget. Often places like a guest bedroom or side tables and sometimes even art can be a way to save money so that it can be invested in where it matters most.
BONUS TIP: HIRE A DESIGNER
While interior design is certainly a luxury service and one that has to be allowed for in the overall budget, a good designer is a great return on investment. By hiring a designer you will be able to avoid thousands of dollars in potential mistakes that many homeowners face. No matter if building or renovating a home, there are a million and two decisions that need to be made, all in balance with careful consideration of the big picture. A good designer will be an expert in knowing which shade of white paint to choose or how to specify a certain tile so that it’s installed properly. All the small details are paramount to a project well done. A designer will be ready at your disposal to oversee that those costly mistakes are avoided. In addition, at RC Studio, when it comes to furnishing your home, we structure our procurement process so that the client can take advantage of our trade discounts wherever possible. We only charge a small management fee that is usually less than the full savings we pass on, so the client can take advantage of additional savings!
Final Thoughts
Creating your dream home doesn't have to break the bank. By splurging on the essentials and saving on the details, you can design a space that's both luxurious and economical. Remember, a well-planned budget is the foundation of any successful interior design project.
I hope this blog post provides you with a clear roadmap for budgeting your dream home's interior. If you have any questions or need personalized advice, feel free to reach out. Let's make your dream home a reality, without compromising on style or quality.
