The Power of Transparency: Why Setting a Budget and Communicating Clearly with Your Build and Design Team is Key to a Successful Renovation or New Build Project
When embarking on a renovation or new build project, defining and setting your budget is crucial to ensure the success of your project and to set your contractor/builder and interior designer up for success. It may also help to start by framing your mindset around the reality that the client, contractor/builder, and designer are truly a team in this entire process. Any other view of these relationships will keep your project from running smoothly.
It’s important to establish a realistic budget that aligns with your goals and expectations. Understand that your interior design budget is completely separate from your contractor/builder budget, even though you should have an overall project budget in mind before your project begins, based on the investment that you’re able and willing to make.
To begin planning your budget, start by determining the scope of the project and the specific areas you want to focus on. Consider factors such as materials, furniture, lighting, and any additional services you may require by consulting with your preferred contractor/builder and designer before signing any contracts - we can provide valuable insights and recommendations, along with the estimated costs for similar projects, or by providing average industry costs at any given time. Know that these numbers fluctuate and many economic factors dictate project and industry costs. Communicate openly about your budget constraints and be willing to make compromises if necessary. By doing so, you will not only set clear expectations but also empower your interior designer to curate a creative and functional design solution that meets your vision and budgetary needs.
It’s important to know upfront - your budget cannot be a secret when working with architects, contractors/builders, and designers. Your budget determines what is possible with your project. If your budget does not allow for all of the work that you desire all at once, your builder/contractor, and designer can help you determine what your budget needs to be to complete your renovations in phases based on priority.
Transparency is key for your build/renovation team to provide accurate estimates, along with the best options, and suggestions for you. Transparency of budget also allows us to provide a finished product that accurately meets expectations. Not being transparent about your budget can end up costing you more money in the long run, especially if substantial work is done for your design and the amount you’re willing to invest abruptly changes along the way, because this can impact floor plans, electrical, and quality of selections and materials for your design, etc.
It’s also helpful to decide early on in the process which items or areas you’d like to splurge on and which ones you’d like to save on. Throughout the process, be realistic and flexible, willing to adjust your budget as needed. Finally, establish a contingency fund to account for unforeseen expenses. Remember, careful planning and research are key to creating a budget that allows you to achieve your design goals while staying within your means.
