3 Steps to Getting Your Dream Space - Know Your Level of Investment
We’re continuing the conversation about phases. No, not the stage in life where rebellious teenagers can’t stand being around their parents because “we don’t understand” or “we’re old and we didn’t have phones growing up”. Do our kids think we grew up in the 1800s or something?
Anyway, I’m talking about getting what you actually want out of your design project. Believe it or not, there’s a process involved. In my last blog post, I discussed how important it is to rack and stack or prioritize the things you want to transform in your home.
You can have a laundry list of nice-to-haves but do you have a bottomless pit of cash? If you do, awesome! You are the minority though. Most people don’t have limitless funds, so the need to prioritize is key. There are three questions I want you to ask yourself before you go full steam ahead with that project. Read on!
Determine Your Level of Investment
Once you have your priorities in order, the first question you need to ask is: What is my level of investment (aka budget)? I say level of investment because your home is probably the largest investment you’ll make. So, if you want to improve it in any way whether it be renovating part of it, doing a full remodel or just making some minor updates to freshen it up, you are investing in your home!
We spend money on our clothes, make-up, hair, vacations, hobbies, sugary snacks, etc. But we invest in the place where we hang our hat (or handbag) every day. If it’s your forever home or you plan on selling it one day, anything you do to improve the look and function of your home is an investment.
What you want to spend and how much you can actually spend are two different things. You may want to spend $100,000 but you only have $15,000. Look at your list of priorities and ask yourself if your level of investment is realistic. If not, you may need to re-evaluate and re-arrange or even remove some items on your list.
Or you may just decide to wait a little longer so you can save up and get what you want! There is no shame in that my dear…it’s called delayed gratification and there’s wisdom in that.
Some people just flat out don’t know and need to be educated. I have had people reach out to me wanting to design their entire home with a $500 budget and they were so serious. Ummmm…yeah…that’s not going to work. Class is in session.
Determine What You’re Willing to Invest More Money Into
Another question you need to ask yourself is: Am I willing to pay more for quality or customization?
Realize that you get what you pay for. I know this sounds so cliché but it. is. the. truth. If you’re looking for the biggest bang for your buck, that may not necessarily equate to quality. Is it possible to put a beautiful room together on the cheap? Absolutely! But don’t be surprised if your guest sits on your beautiful chair and the arm snaps or the fabric catches on her jacket zipper and it unravels right before your eyes. It happens people.
If you want something that is truly custom, something unique that everyone can’t buy at Home Goods or Target, than you’ll have to be willing to pay more for that customization and quality. You’re going to get better quality built-ins that a carpenter made out of Mahogany or Oak versus store-bought built-ins made with plywood.
Conversely, you don’t have to (nor should you unless you have loot like that) spend $20,000 on a sofa. You can mix high and low. In other words, select some investment pieces and go moderate on your wall art and accessories.
Is My Level of Investment More Important Than the Result?
The final question you need to ask is: What’s most important – level of investment or the result? This doesn’t mean just care about what everything looks like while you drain your life savings to pay for it.
It also doesn’t mean sticking so rigidly to an unrealistic budget that you end up spending your hard-earned money but you didn’t even get close to what you envisioned. So now you have buyer’s remorse and regret that you did any of it because it was such a let-down.
Balance the equation. It’s typically one or the other that is more important to you. They’re both factors in the equation. Both are important. But which one do you value more in order to get what you truly want in your home. Keep in mind that it’s not just anyone’s home…it’s YOUR home. Your sanctuary. Your dwelling. How valuable is that to you?
Once you really think it through and make that decision, it will make the process go so much smoother because you will have already decided what you value more and your subsequent decisions will follow suit. It’s no longer a battle.
Bottom line. Pause and take your time. Do your homework. Don’t compare your project to someone else’s and use that as a gage. It may not be accurate because everyone’s needs are different. You may be doing a kitchen remodel but your kitchen is not your friend’s kitchen.
Demolition is where problems are often discovered. So don’t base your budget/result analysis on someone else’s budget/result analysis. Ask yourself those three questions and when you have firm answers for them, you can pass GO and collect $200. Okay, real talk…you can proceed to the next phase of planning your design project, which is what you’ve been dying to do.
We’ll explore this last part of the mini-series in my next blog post…so stay tuned!