Budget Planning for New House Owners Which Many May Not Heard of
If a person have recently become a new house owner and want to renovate a house, do not dismiss the idea of placing new home into the hands of a trained professional.
Singapore, January 5, 2015 (Newswire.com) - How to keep an interior design project on budget?
Most people balk at the mention of high cost of interior design. If a person have recently become a new house owner and want to renovate a house, do not dismiss the idea of placing new home into the hands of a trained professional. Interior design services can come in a variety of prices and can easily spiral out of control and chalk up the bulk of savings if the home owner do not set a budget.
Bargain hunting and considering low cost alternatives for each piece in the renovation project can help interior design team produce wonders even if the home owner have a modest budget. Be prepared to scour local stores, furniture exhibitions and wholesale suppliers before heading straight to the expensive shops.
Cadine Lim, Director
Here are some of the useful tips for budget planning:
1. Do research on renovation and interior design costs
It is good to know that many interior design agencies as well as loan providers actually offer renovation and interior design loans at interest rates that are generally lower than those for personal loans. But never take out a loan without knowing how much that is needed. Don’t be shy to call up renovation contractor and interior designer for a cost estimation if unsure of the market rates.
2. Set budget limits
It’s very important to understand how much the home owner is willing to spend. Unfortunately, furnishing an entire home does not always happen in one fell swoop. Start with the basics then choose to add on before feeling that interior design is complete.
A proper budget is more than the total dollar can spend, and a interior design budget will be greatly influenced by the size of room or space, the type of furniture and furnishings, the desired completion date, how experienced the interior designer is, as well as personal style. If the home owner want a designer furniture, be prepared to spend a lot of money. If the home owner is fine with whatever sale items there are from the local stores, the budget will be very different.
Draw up a detailed list of every element involved in the renovation project. This includes furniture, raw materials, installation fees, window treatments, flooring, artwork, accessories and consulting fees. Most interior design packages only offers the interior design portion and does not include interior decorating. If the home owner need it, make sure to include the cost for it. Setting aside 20% more than the actual budget is always a good idea lest the home owner need to add something into your project.
3. Monitor and balance expenses
The key to keeping budget in control is to monitor and balance expenses. This can be easily done by creating a checklist with the estimated budget in one column and actual expenses in another, the home owner will be thankful that he/she actually did. If the home owner have only spent $3000 on furniture instead of the $4500 estimated, the home owner can always allocate the extra money for better items.
4. Look for bargains
Bargain hunting and considering low cost alternatives for each piece in the renovation project can help interior design team produce wonders even if the home owner have a modest budget. Be prepared to scour local stores, furniture exhibitions and wholesale suppliers before heading straight to the expensive shops. Internet sites such as Taobao, eBay and online stores can become excellent choices when looking for a good deal – even on quality furnishings. If there’s something the home owner like and it’s just impossible to find them locally, he/she may even want to make an overseas trip to nearby countries to get them. Sometimes, the same item may cost just a fraction of the local price, even after including the shipping costs and air tickets.
5. Consider alternatives
Stay flexible. Even if a checklist calls for an elaborate cupboard, don’t pass up the opportunity of creating a beautiful piece. Friends with great taste in interior decorating or even handicrafts can come in handy and save some unnecessary high costs. If a friend is real good at producing unique furniture hacks, politely ask him or her to help. They are mostly glad to oblige.
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