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How to Budget for New Furnishings: A Simple Guide
A common refrain I hear from clients when asked about their budget for new furnishings is, “I have no idea!” These days, just the thought of a budget can create feelings of anxiety. But being aware of your budget from the start is one of the most important steps in creating a space that feels right for you. Knowing how to budget for new furnishings is key, it will help you feel confident with your choices and ensure that you’re not blindsided by any unexpected costs along the way. Setting a realistic budget will keep your design journey on track, making it easier to feel confident about the decisions for your space.
Budget for Different Rooms
As a general rule of thumb, most rooms fall around the $20k mark. That said, every space is unique, and your budget can shift up or down based on what’s most important to you. Let’s take a look at how budgets can vary from room to room:
Living Rooms
- More furniture and accessories are needed (sofas, coffee tables, lighting, rugs, bookshelves, media consoles)
- Budget: $10,000 to $15,000 (depending on size and style)
Example Breakdown for a Living Room:
- Sofa: $2,000 – $5,000
- Coffee Table: $300 – $1,500
- Lighting (Lamps, etc.): $500 – $1,500
- Rug: $300 – $1,500
- Accent Furniture (side tables, chairs): $500 – $2,500
Dining Rooms
- Key items include a table, chairs, and lighting
- Budget: $3,000 to $7,000
Bedrooms
- Focus on a bed, nightstands, lighting, and some accessories
- Budget: $5,000 to $10,000 (especially for primary bedrooms)
Smaller Rooms (Guest Rooms, Home Offices)
- Guest rooms need fewer pieces (bed, maybe a nightstand or lamp)
- Budget: $2,000 to $4,000
- Home offices typically include a desk, chair, and storage
- Budget: $1,500 to $5,000
Many people love the idea of investing in a comfy, high-quality sofa, but may lean towards a more budget-friendly area rug to balance things out. This way, they are able to splurge on the sofa while staying within budget for other items in the room.
What Affects Your Budget (It’s More Than Just Price Tags!)
When setting your furnishings budget, there’s more to consider than just the price tag. Several factors can influence your overall costs, so it’s important to plan accordingly.
The Style Factor
Your style plays a big role in how much you’ll spend. For example, minimalist modern styles often focus on fewer, high-quality pieces, which can be pricier, while cozy, rustic designs may offer more budget-friendly options.
Quality vs. Quantity
Opting for high-quality materials like solid wood, leather, or luxury fabrics can raise your budget, but they’re worth the investment. A handcrafted dining table, for instance, might cost more upfront, but it will last for generations. Durable furniture often saves you money in the long run by not needing frequent replacements.
Customization Options
Custom pieces and high-end brands (like Restoration Hardware) can easily sky-rocket your budget. While custom-made furniture can elevate the overall look and ensure a perfect fit, it does add to the cost.
Hidden Costs
There are several hidden costs to consider that can quickly add up:
- Assembly and Installation: Large or complex items often require professional assembly or installation, which can cost $50 to $200 or more.
- Packaging Disposal: Disposing of packaging materials is often overlooked but can add $100 to $500 if you need professional removal.
- Shipping Fees: Shipping, especially for heavier or distant deliveries, can surprise you. Always check the shipping fees beforehand to avoid unexpected costs.
- Maintenance and Upkeep: Over time, furniture requires care. Whether it’s conditioning leather or re-staining wood, plan for small maintenance costs, typically 5-10% of the furniture price, for long-term upkeep.
By keeping these factors in mind, you can set a more accurate budget that accounts for both visible and hidden costs.
Where to Splurge (From My Experience)
When it comes to furnishing your space, it’s about balance. From my experience, the best way to stay within budget while creating a space you love is by knowing where to splurge and where to save. Here are some of my top tips:
Comfort First
If you’re going to spend a little extra, I highly recommend a quality sofa; it’s likely where you’ll spend most of your time, so investing in one that’s durable, cozy, and fits your style is totally worth it. Quality seating enhances your room, standing up to years of lounging, family time, and hosting guests.
Save on Accessories
It’s not necessary to break the bank over pillows, throws, and decorative rugs. While accessories help tie your room together, they don’t have to be expensive to look good. Shop around for budget-friendly finds at home goods stores, online marketplaces, or even local boutiques.
Mixing High and Low
Mix splurges with more affordable finds. For example, invest in that high-quality sofa, but pair it with lamps or side tables from smaller, local stores or online marketplaces. By mixing high and low-priced items, you’ll get the best of both worlds without going overboard on your budget. If you’re looking for more ideas on this approach, take a look at my previous posts Where to Splurge and Save When Decorating Your Home.
Highlight Specifics
A high-quality sofa is an investment, but you can find beautiful, budget-friendly coffee tables or side chairs from local retailers or online shops. By focusing your splurge on the areas you use the most, you’ll make sure your money goes toward what matters most, while leaving room in your budget for stylish finds in other parts of the room.
How to Source Within Your Budget
Staying within budget while furnishing your space is all about planning and flexibility. Here are a few quick points to help you source smartly and stick to your budget:
Research and Planning
- Start by researching different retailers to get a feel for what’s available at various price points. Compare options, read reviews, and understand the quality at each level. Set a realistic budget for each item based on your needs and stick to it.
Flexibility in Sourcing
- Get creative! Mix high-end pieces with budget-friendly finds. For example, invest in a quality sofa and save on decor items like lamps or side tables from more affordable stores. Shopping both in-person and online opens up even more options to stretch your budget.
Using Design Services
- Working with a designer can help you balance your budget while maintaining the look and quality you want. A designer can recommend where to splurge, where to save, and source pieces that fit your style and budget. With their expertise, you can avoid costly mistakes and find hidden gems within your price range.
Creating a Budget-Friendly Shopping List
- Make a detailed list of everything you need for your space. Prioritize must-haves first, then fill in the rest. Break down your budget into categories (sofa, lighting, decor, etc.) and stick to it. Having a plan in place helps keep you focused and prevents impulse purchases.
Quick Reference Guide:
Creating a budget for your furnishings can be overwhelming, but with a little know-how, you can achieve space that fits your needs and your wallet. Remember, it’s all about finding the right balance between quality and affordability. If you’d like some help creating a plan and navigating the details, I’m here for you! Reach out at hello@revelryinteriordesign.com, and let’s see how we can bring your vision to life!
Cheers,
Dana Feagles, Principal Interior Designer