Where To Splurge and Where To Save On Your Next Interior Design Project
If you’re considering making changes to your home, you might be wondering: “Where can I save money on this project and where can I splurge when it comes to building/renovating or furnishing my home?”. This can be a challenging question for homeowners to answer. Almost no one can build or remodel a home, or furnish one for that matter, with an absolutely unlimited investment. The reality is that there will almost always need to be consideration given to expenditure limits and discretionary spending — both when building, remodeling, and/or furnishing a home.
So, what we really want to determine is where — in all the choices available when it comes to building, renovating, or furnishing your home — it is best to splurge, and where a bit more restraint might be appropriate. The answer to this question is not quite the same for every client we work with, because your priorities may be different than someone else's.
There are specific things we consider when helping a client decide where to splurge versus save. At Eclectic Designs we take the time at the start of each project to discuss your priorities, helping to ensure your money is invested in details that are worth the price tag and meet your specific needs.
Here are some factors to think about when deciding where to dream big versus where to spend more modestly:
Spend on items that will increase your home’s value.
Splurge on home details that appeal broadly to most people, and that will positively impact your home’s value. Choosing to spend more on design aspects that increase the value of your home is always wise — even if you plan to live there for a long time. Details such as higher ceilings, better-quality finish materials, automation features, radiant heating, ample storage space, and substantial built-in cabinetry increase the value of the home and are worth the indulgence.
Other nice-to-have features, such as radius drywall corners or high-end air filtration and air exchange systems, will not necessarily result in a higher home value. Why? They are appreciated only by a subset of people who value those particular details and are not universally sought by a broad range of homeowners.
Spend on items that have staying power.
For construction projects, a sound approach is to splurge on areas of greater permanence that are costly to change, and be more moderate in areas where making changes is an easier undertaking.
As an example, we recommend investing in high-quality hardwood floors versus wall-to-wall carpeting. Why? The initial investment in hardwood floors is higher due to labor and materials, but it has a longer lifecycle, therefore is a more sound investment over time. Wall-to-wall carpeting, on the other hand, will need to be cleaned & replaced more often so the initial investment makes less sense.
Spend on items that provide a return on investment.
If you’re building or remodeling a house, consider investing in items and materials that have a good return on investment while also improving your comfort and enjoyment of the home.
For example, upgrading the insulation within your walls, or investing in higher-quality windows, will help regulate your home’s temperature, making it more comfortable day-to-day while also equating to savings in heating and cooling costs year after year.
These types of energy-efficient upgrades are worth the costs because they save money over time, providing a tangible return on your investment.
Spend more on the items that get the greatest use.
We recommend spending where quality matters.
When it comes to furnishings, we put more strain on some items than others, so we always ask about how the home is used and then suggest investing well in high-traffic areas and high-use items.
For example, in a typical family room, the sofa gets a lot of use over time and often becomes a centralized gathering space. Because of the heavy usage, investing in a high-quality family room sofa is a no-brainer.
For items like side tables, bookcases, and storage furniture that only receive occasional use (hence why they are called occasional pieces), we often choose items that look good but are a lower investment. We may even repurpose items you already own and love to fit these needs, saving you even more.
Spend on items that make a statement, or are focal points.
The term “Value Engineering” is often used in interior design; it’s the process of removing excess costs from a design while still preserving a high aesthetic and maximum functionality. We do this often for our clients by saving in areas that aren’t as impactful and investing more in spaces that make the most sense. This ensures our clients stay on budget while still allowing for wise investments in their home that they will enjoy for years to come.
Spend money on things you see every day or that your guests will see (if you host often). This might include a beautiful fireplace surround in the great room, custom kitchen cabinets and countertops, or stunning window treatments in your living room or bedroom. On the other end of the spectrum — spaces that aren’t used daily, and aren’t in the most public spaces of the home — are better approached with a lower price point in mind.
Think of it like stunning jewelry layered over a simple black dress. If you choose more moderately priced cabinetry, consider adding stunning cabinet hardware to “dress up” the more conservative choice.
Are you ready for the next step?
Having an interior designer on your team ensures your money is allocated wisely throughout your project. We know exactly where to invest more and where to scale back. When you work with Eclectic Designs, we’ll take the time to get to know you and your home, ensuring that every dollar you invest in your project goes toward creating a space you love, with long-lasting appeal.If you’re about to start a large-scale renovation, new build, or furnishing project and want an expert by your side, we invite you to collaborate with us on creating a vision of your perfect forever home.
