INDUSTRY INSIGHT: WHY BUDGET IS NOT A BAD WORD

In this series of insights on how we work with clients I’ve shared how we begin a design plan, build a floor plan, and why not all chairs are created equal. Today- let’s focus on budget.

Lisa Canning Interiors Budget Not a Bad Word

One of the first questions I ask prospective clients is what their budget is. And what is the most common response? “I do not know.”

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Everyone’s got a budget- it might be $300, $3,000 or $300,000. But you’ve got to decide at the beginning to give yourself a frame of reference in which to make decisions.

Here are my top 5 things to think about when thinking about your budget:

1. Pick one item you don’t want to compromise on. Values are different for everyone and you have to decide yours. Pick something special- like an amazing wallpaper, or fantastic piece of art, and slot that into your budget as a non-negotiable.

2. Be realistic. Things cost money, and if you want quality / custom, it’s going to be more of an investment. You may not be able to afford everything on your wish list, so be ready to compromise.
Lisa Canning Interiors_Cost, Quality, Quick Balance

3. Be patient. It might be that this year is not the year to tackle a major renovation, and you’d be happier in the long run to wait and accumulate more funds so that finishes can be higher quality, or the scope can be larger. I’m not one to spread out a budget too thinly- I love an element of luxury in a space and would rather have a client wait until they can afford a project robustly, than be worrying about every dollar.

4. Don’t be a snob. This is going to sound like a complete contradiction to my point above, but while I love luxury, good design doesn’t have to break the bank. An expert mix of high and low products is so my philosophy.

5. Allow for contingency. This is so important. When I build a budget for a client I  begin with a 10% contingency buffer. This is helpful for anticipating overages / unplanned occurrences that inevitably come up and really help to set a project up for success.

Contact us if you’d like our help to build the ideal budget for you. The strategy in me finds the budget one of the most enjoyable parts of a project- budget, in my books, is no not a bad word!

Photo by Larry Arnal, interior design & inforgraphic by Lisa Canning Interiors. 

 
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