Budgets can be considered a bad word when discussing a design project. Budgets, however, are the reality of every project that we take on at J Banks Design. We feel that it is our mission to help you manage your budget.
We are constantly searching the marketplace to find sources that help us to give our projects the look that they desire within the budget that has been set. We also strive to spend the money where it is most needed and realize that you can spend less in other areas, again, to achieve that budget. Our vendors and subcontractors are our comrades in the quest to stay within budget.
Today, we felt that you might enjoy seeing some budget trends that we can pull from past projects!
To get you started in the right direction, Cathy (the Queen of J Banks Accounting) has given us a little break down of where the money is most likely to go in a residential design project.
(Cathy doesn’t like to get her picture taken… )
With years and years of experience (both as a design assistant and an accounting guru) Cathy was the perfect person to go to for this topic.
JB: Hey Cathy! How do budgets usually break down in terms of percentage? Where does the money go?
Cathy: Residential and Commercial projects are very different in terms of how things break down… and it changes depending on if we do the WHOLE thing from the ground up, or if we come into the project later on in the process.
JB: OK, Let’s image that we’re doing a residential project from the ground up.
Cathy: Great! Let me look at some past projects and give you the figures…
True to her word, Cathy came to my desk a few minutes later and broke it down based on her beautifully kept financial records. Below are the results.
Remember that the percentages can change based on what you personally value. Are you an art enthusiast? An oriental rug collector? The things that you value may change where you invest your money. But you can pretty much guarantee that furniture will be the biggest part of your budget.
This was a super quick look into how interior design budgets break down. Did anything surprise you?
A BIG round of applause to Cathy… for her know-how, her get-it-done attitude, and her number-crunching savvy.