Wednesday, April 9, 2014

Design Budgeting

The other day I concluded the first phase of the apartment project I've been working on, and reviewed the budget with my client and the project came out right on budget. This made everyone very happy because all the money was sent wisely on the places where it needed to go.


Budgets are difficult to plan but necessary before any project as they will be the "reality check" to what your heart desires to accomplish. As a designer, I've never liked when clients don't have a budget because the chances of you designing up their high or low expectations are very small.


The first step to do a budget is to make a list of what needs to go into that project {I use Excel as it helps with the organization} like chairs, drapery, tables, rugs, etc. If you already know how much you want to spend, then put your total at the end of the list as it will determine the exact amount you should spend on each item.


If you still don't have the magic number, then start assigning a value to each item on the list. In order to do this you have to do some research on the cost of the things you like and that you know you can afford. For example, a restaurant chair that is durable and of a nice design would be somewhere around $350, so that is the amount I assign to my budget that will be multiplied for the amount of chair I will need.


Finally, add all the values for each item {don't forget to add any labor for services and taxes}, this way you'll get the magic number for your budget. If this number is not so magic for you, then start adjusting the prices and quantities for the items listed... this will require a little bit of compromise on your behalf. Once your happy with it memorize it, love it and befriend it, because it will keep you on track and if you stray a little bit from it, make sure it is because your flexible and not something else. if you need more advice just let me know... I'll be happy to help you!

Have a great day!