Whenever you start a new project and start assembling information, sticker shock inevitably kicks in.  Most people have a budget in mind and decisions about where to spend and where to save must be made on every project.

Contingency Funds

In any renovation project, I always advise setting aside about 20% for contingencies…

there are always surprises when you open up walls - beams that must be worked around, insulation or plumbing or wiring not up to current codes.  And price fluctuations and delays in the current era make this even more imperative. 

Worst case, you end up with extra funds to splurge on something at the end of the project!

Here are some suggestions about where to spend and where to save to maximize your investment.

Spend: Get design advice

Options, codes and conventions change constantly, and getting help from a professional who has YOUR best interest in mind will save you from regrets and expensive mistakes.

A good design professional will listen carefully to understand your goals and offer creative solutions to meet and exceed your expectations. They will have ideas you hadn’t thought of and will know how to maximize your investment.

Spend: Don’t compromise on function!

Even if it costs a little more to rearrange the plumbing for a bathroom or kitchen, if it will make a difference in the ease and efficiency of the space it is worth the extra money to get the placement right.

It will be far more expensive and disruptive to have to rip it out again to change the layout later.

Spend: Buy quality for basics and heavily used items

The best ‘rule of thumb’ is, the more you use it, the better the quality should be.

Don’t make the mistake of selecting based on lowest price alone.  Understand that quality shortcuts have been made to get the price lower.

This is value engineering.  It is not always bad, but often the lowest priced option has sacrificed enough quality in materials and construction that you will pay for it many times over in replacements and end up spending much more in the long run.

This is especially true with products where you can’t “look under the hood” like upholstery and plumbing.

Save: Select classic finishes

Select classic chrome for faucets/shower/tub in full bathrooms - it is generally the lowest cost option, is widely available, and is a classic that will not go out of fashion.

Save the splurge on the pricier finishes for powder rooms where you only need a single faucet.

Save: Select Stock or semi-custom cabinets

Cabinets are available as stock, semi-custom, or fully custom.

If price is a bigger consideration than personalization, you can save on cabinets by going with a stock or semi custom line in a standard finish offering. 

The choices for size, style and color will be quite limited with stock lines and more limited with semi custom than a custom option, obviously, but there are many great quality stock and semi custom cabinet companies.

Do be sure to look for some quality elements like plywood box construction, soft close drawers, and durable finishes.

Specialty cabinet organizer features are an enticing add-on, but the cost increases add up quickly.  You can add these to your cabinets and drawers later.

Don’t purchase organizer inserts until you decide how you will really use the storage and where they would be most helpful.

Save: Buy more basic appliances

Buying basic level appliances without all the extra bells and whistles can add up to a significant cost savings.  Sadly, appliances all have a limited life cycle anyway, so you will probably be buying them again in 10-15 years.

That said, if you have your heart set on a refrigerator that makes craft ice cubes, or an oven that has a steam feature, or a 6 burner cooktop, by all means prioritize that and trim the budget elsewhere.

Save: Don’t build-in technology

Save by eliminating built in technology.  It is tempting to want the latest tech toys when building or renovating. But technology changes so fast that anything you build in will be out of date quite quickly, and much of it is already wireless anyway.

And out of date technology and automation is never an asset for future buyers if you ever plan to sell.

Splurge: Add special hardware

Adding unique cabinet hardware can make ordinary cabinets look much more custom. The options for finishes and styles are nearly endless.

This is also a great way to upgrade existing cabinets that are not changing.  Just be sure to match the size so the holes are in the right place to accept the new hardware…unless you are repainting them too, in which case you can fill the old holes and drill new ones, so the whole hardware world is your oyster!

Save/Splurge: Light fixtures

Beautiful light fixtures add soooo much to a room, but lights are easy to change if you can’t afford to splurge on all the decorative fixtures of your dreams right away.

Save by using vintage fixtures or upcycling them with new paint  - you’ll end up with something affordable and completely unique.

The harder-to-do-later part is the wiring in the wall or ceiling, so plan ahead for any fixtures you ultimately may want to add.

Splurge: Add millwork

Millwork is another area worth the investment as it immediately upgrades the look of any space. 

Just say NO to standard issue builder 2 1/2” colonial pine casing, anemic baseboards, and hollow core flat featureless doors!

Using nicely scaled trim and applied moldings is a cost effective way to get a high-end look on a more modest budget.

We added applied moldings to this apartment foyer to create wainscoting and upgraded the baseboards, window and door casings, and crown molding throughout the unit to a larger scale more appropriate to the 9’ceilings.

Save: Use wallpaper in small doses for high impact

Wallpaper is baaaaack! And you cannot beat the pattern and color impact of it!

The best way to save if you fall in love with a pricey wallpaper?  Use it in

a tiny powder room,

on the bed wall as a feature wall,

or picture framed with millwork into panels

for maximum impact with the least material.

Save: Use pricey special tile sparingly

Use the pricey tile only in high impact areas. Try is as a feature stripe in a shower or as the stove backsplash and fill the rest with less expensive coordinating material.

Most Critical: Prioritize what is important to you.

• If you need to maximize every inch of storage, spend on fitted organization that optimizes your closet space.

• If beautiful textiles make your heart sing, use pricier fabrics in smaller doses - on pillows or shades rather than on upholstery and drapery panels.

• If art feeds your soul, seek out new artists and invest in pieces you love.

• Make a plan that can be phased in over time. For example, beautiful layered window treatments can start with functional shades or blinds and have drapery panels added later.

• Mix hi and low accessories.  Heirloom quality pieces, meaningful personal mementos, and curated Home Goods finds can happily coexist.

• Plants make great inexpensive fillers for empty corners and are always a beautiful addition to any room.

• Mix in some vintage furnishings. This can be a cost savings as well as adding panache.

• Upcycle reusable pieces with nice lines with new fabric or paint.

  We’ve reupholstered many quality family pieces for our clients to make them fresh and new. Not only do they have sentimental value, they are generally really high quality construction.

We took this bronze chandelier our client didn’t love out of her library, painted it a fun flamingo coral, added shades (not shown), and gave it a new life in the refreshed breakfast room.    

With careful planning, you can have a wonderful new space that maximizes your investment and provides enjoyment for years to come!

Other Posts you might enjoy:

Room by Room Checklist of Selections for Renovation/New Build

Why do two sofas that look alike have different price tags?

How much does it really cost to remodel a bathroom?