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Tips and Guides

Renovation 101: Budget Allocation

How much should you spend on furniture, accessories, and appliances? Let this list guide you

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Photography: Tammy David (Main Photo)

To ensure a successful home renovation, you need to set a budget for construction and accessories. Identify your budget ceiling so you can keep track of expenses and allocate your money accordingly.

Have a budget breakdown so you will know how much you'll spend on labor, furniture, decor, appliances, and the like. Interior designer Ayet San Jose-Aniag shares a sample breakdown below that you may want to consider. 

40% for Construction and Labor

It’s best to focus your budget on labor and buying the materials needed for renovation. Assess the current market prices of commonly used construction materials like paint, wood planks, cement blocks, and so on.

You should also ask how much the labor costs are for skilled workers like carpenters, painters, plumbers, and electricians. Doing this will help you come up with an estimated amount that you will spend for labor on a per hour or per day basis.

30% for Furniture

Now that you’ve prioritized the basic foundations of your home, you can now work on choosing the right furniture pieces.

“Off the rack furniture is still a better choice if you’re working on a budget. Check the fabric type, durability, and color options of the piece first before buying," Ayet explains. Consider the warranty of the pieces to ensure quality.

RL Tip: If you prefer vintage pieces for your space, you may visit secondhand stores and try your hand at thrift shopping. You can have your purchases reupholstered or repainted to give it a new look.

Astra Chair, Heima.

20% for Equipment and Appliances

Your home can’t be complete without trusty appliances. Before buying a new microwave or air conditioner, consider its features first then check where you can place it at home. Consider the size of your space—if you have a compact kitchen, shy away from buying bulky pieces as these can make your space look cramped.

RL Tip: If you are shopping for appliances and furniture, make sure you have your list of measurements and a tape measure with you. Click here for more tips. 

Bottom Mount  Freezer Refrigerator, Samsung.

10% for Accessories and Accents

While decor maybe your last priority, Ayet shares that you can still add more interesting pieces after the renovation project.

Whether you plan on going for an eclectic or minimalist style, the key to keeping a stylish home is anchoring it with a solid focal point.

Click here for more tips on styling your space.

Photo by Tammy David.

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