VIDEO - Budgeting for your Project

Hey there! Thanks so much for clicking on this week’s video.  

This might not be the most fun topic today, but it is one that is super important if you are thinking of tackling any type of renovation or decorating project.

HOW TO BUDGET for your project……

People ask me all the time how much things are going to cost and it’s such a tough thing to answer because every home and every project is so unique. But, I am going to do my best to walk you through some ways to come up with a number that is realistic for your type of project.

First off, let’s be clear here. Home renovation and decorating projects are a luxury. And not everyone is in a financial position to have their dream home or space. If you are watching this video I am assuming that you have a project your thinking about and either now or in the future you are going to be ready to take some action. Hopefully some of these tips will get you on your way.

Now, I am here is Edmonton, Alberta. The budget numbers I am using are based on what I have seen here over the last few years. So things might look a little different in your area.

Let’s start with renovation budgeting. I took a look at the average square foot pricing for basement projects we have been involved with over the last few years. On average, the construction and materials to finish a basement cost 75 dollars per square foot. Now, just to give you some perspective, these basements all included one full bathroom, some sort of small dry or wet bar and a fireplace. Now before you start thinking “Oh those must be fancy basements with really expensive finishes – the majority of them were not. They were mid level family friendly spaces. Furniture and décor added roughly 20% onto and above the construction costs.

When you move upstairs, costs typically increase. You now have kitchens and more bathrooms, so your square footage construction costs jump to an average of around $110 per square foot. Keep in mind, this is based on a complete renovation of a main floor or second floor. This average will be much higher if you are tackling just a kitchen or single bathroom. Again, add on another 20-30% for furnishings and décor.  

A recent bathroom renovation project we designed that was a VERY basic bathroom from a finishes and fixture perspective, with a tub, a 48” vanity and toilet came in at around $20,000. But, I have seen bathroom projects cost as much as $80,000 for a larger swankier ensuite, and I am sure they can go up from there.

For some reason, I have seen time and time again, construction quotes coming in at double what clients think the costs are going to be. So, I am guessing that whatever number you have in your head right now, it’s a safe bet to double it to be realistic.

I don’t tell you these numbers to scare you, but to help you plan with as much information as possible and the least number of surprises down the road. And, yes, I know this video is likely to receive the most negative comments, because it’s information that people don’t like to hear and don’t want to believe to be true. And no, these are not inflated designer prices. I truly have your best interest at heart and want you to have all the information.

So, the next question that typically comes my way, is “How can I cut costs?” The reality is, the only two ways to really have a major impact on renovation costs, First is to cut scope – so in other words, remove part of the project, a bathroom or laundry room, OR the second way to cut costs is  to do the work yourself. But make sure you are being realistic about your skills and the time you have to manage what can be a very complicated process.

Now let’s say, you aren’t looking at a renovation per say, but you do want to redecorate or spruce some areas of your home up. How much is this going to cost you?

Hmmm, again, tough to answer because there are options for furniture and décor at every different price point, so what you spend, in some ways is really up to you. But I want to give you some idea, so again I looked at past decorating project costs to come up with some average costs. Keep in mind, that these costs are for product only.  It doesn’t include the cost of a designer to help select or make recommends for you, delivery costs, or movers to help get the space set up.

An average living room with mid to higher end furniture came in at around $19,000. This typically included a sofa or sectional, one chair, a coffee table, two side tables, a rug, lamps, some pillows and small décor. It did not include window coverings or art. Again, this was an average, so some were lower and some were higher.

An average bedroom came in around $11,000. This included a bed, side tables, a dresser, a rug, lamps and bedding.

Custom drapery averages around $2000 for one pair of decorative side panels, but varies greatly depending on your fabric choice. Fully closing draperies would increase dramatically depending on the width of your window.

Don’t hate the messenger – updating your home is expensive. But investing into a space that you spend so much time in can have so many rewards – I hope I haven’t scared you off the idea. Remember, you are in control of your budget and ultimately only you can decide what you value the most.

Thanks for joining me today and if you have a question for me shoot it over with a DM on Instagram or hit reply when you receive one of our weekly newsletters. We will catch you in the next video!