We’ve all gone to purchase something and been shocked (maybe even horrified) by the price. The fact is, we’re in an unstable economic environment that isn’t really looking like it will settle down soon. There are a lot of factors pushing and pulling at the value of a dollar, and I’m pretty sure most of us have no control over that.

So, then, how do you plan a budget that’s even sort of accurate?

[scrunches nose and looks away] …uh… you have to spend time researching.

Research is fun sometimes for some people, but if you’re trying to pin down the cost of things you’ve never bought before, and services you’ve never hired out, you might benefit from professional input.

Here are my tips:

Part 1: Know what you need to pay for

Seems obvious, but it’s a little trickier than just listing the things you need to buy. There are surprise costs associated with home projects, so capitalizing on the experience of your pros will minimize forgotten expenses.

For a high level check list:

1. Do a full walk through of your space and write down everything you want to change. (i.e. update kitchen appliances, change floors in the entry area, living room needs more light, etc.)

2. Review your wish list and make a corresponding list of products you’ll need to buy. (For now, just write down names of things and notes, but don’t think about the prices until “Part 3: Add it up”)

3. Review your wish list from step 1 and make a list of the tasks that need to be handled from start to finish (i.e. clearing out the room, covering things in plastic, painting the walls, hanging art, etc.)

4. Now that you’ve thought in more detail about the process, double back through the product list and try to think of things you’ve missed or complimentary purchases that might be needed (for example, secondary materials like underlayment for flooring, paint brushes and drop cloths, art and accessories, and tv wall mounts)

5. Next, review your task list and consider (REALISTICALLY) what your DIY skills are and which parts of your project you’ll need to hire out (Can you change a ceiling fan yourself? How much do you like painting? Are you going to need some extra muscles to get all of this setup?)

6. Group the notes on your project so far into the following categories: (1) products to buy, (2) materials and tools, and (3) tasks required

Part 2: Figure out what you want and like

You’re almost ready to start the pricing research… BUT BEFORE YOU DO…. answer this question:

What quality level do I want?

This question is imperative to answer before you research prices, because if you aren’t consistent between the things you’re pricing and the things you’ll actually buy, your budget will be worthless.

And don’t forget that labor comes in quality tiers, too! Handyman rates are not as high as specialized trades, and you’ll need to identify your priorities with those choices.

Part 3: Add it up

Okay, now you can begin with researching prices for the things you categorized in Part 1. I recommend doing this in excel or something similar so you can easily reorganize your lists and calculate totals.

Tips:

1. Add at least 10% buffer for things you may not have known you’ll need, or for costs you may have estimated incorrectly. If you can, make it 15%. The bigger your buffer, the bigger your peace of mind as the project is coming together.

2. If you’re not familiar with labor rates for different tasks, you can google this to get a ballpark, but know that pricing for these services varies regionally and by market demand, so you may have a more accurate result by posting on Nextdoor, or something similar. If you MUST, call some trades directly for quotes, but please do this as a last resort, only if you really aren’t able to estimate your costs with the information you’ve found online. If you’re at the early planning stages of your project, be mindful not to waste the time of pros on consult visits for tasks you aren’t serious about.

3. Hiring a designer means you don’t have to do all of that work. Everything listed above is our responsibility if you’re our client. How much time could you save by letting someone else manage it for you? What is saving that time and avoiding that stress worth?