Raise your hand if you’re confused.You’re not a loone, er, I mean, alone. I think most people who are ready or are planning to remodel are asking themselves the same question… how much should we spend?
And since I’m immensely intelligent, I have the answer. No, not really. But I do have some thoughts on the subject. Lets start at the beginning…
Manufacturers Offer Consumer Rebates
I got an email last week from the folks at Danze. If you’ve not heard of them, Danze is an Illinois company that “manufactures and distributes fine furnishings for the kitchen and bath”, and they’re having a sale… sort of. Along with the email, I received a photo…
Nice…
Two things caught my eye more than anything else. First, it was the light fixtures which I think are purrdy sharp. Then it was the vanity, which I thought was unique and nice looking. The press release said that they were offering a rebate of up to $125 on vanities. I wonder how much that vanity is… I started thinking. Ready?… about $1,000.00, give or take.
That’s how I got to thinking about the question “How does one determine a budget in tough times?”
What Kind of Investment Are We Talking?
I’ve seen some husbands choke over the years. (it’s funny and sad at the same time) A $1,000 little vanity would usually do it. But I’ve also seen $40,000 worth of Onyx in one master bathroom. That makes this vanity look very affordable. It all depends on perspective.
But the times changed dramatically with regard to investment. The days when you could quantifiably say…”we ought to get most of this back in resale value.” or better yet…”we’ll profit from this choice.” … well, let’s just say that option is “temporarily unavailable.”
But there is another entire side of the budget decision. There is an investment in “lifestyle”. There is a heartfelt pursuit of a great environment that changes the way we feel, which of course changes everything. It’s these parameters that drive the high-end market in a tough economy. It’s an investment in emotion, not an IRA.
Permanent Shifts In Thinking
Green. Small. Do more with less. Footprint. Impact.
All of these words are in people’s mind when it comes to the homes they want to create. These factors can play heavily on the budget for an item… such as a cool light fixture.
You might be willing to spend a little more on the perfect light if you only need one or two special fixtures than if you need a dozen.
Scale can increase item-by-item budget.
Authenticity and Individuality
I’ve been reading a ton about the new wave of design consciousness. People are less apt to accept the same as the neighbors. They want unique and they want it to be uniquely them. Two different things. Both can impact budget.
The Bottom Line
I’m trying to say that while I think overall budgets may go down as people build smaller homes and banks change lending practices, I think there will be more instances of “truly special” items in peoples homes.
So, let me ask you a question… when your overall budget goes down, do you feel like you want at least one splurge item? Like one special part? Or no? I’d love to hear your answer in the comments!
{ 8 comments… read them below or add one }
Do I want at least one splurge item?!? Ohhhh yes.
Major renos took place over my home during the last year. But one thing I made very sure of was that my kitchen, although moderately priced, was HIGH quality. My thrifty spending elsewhere allowed me to be able to buy what I want and needed, putting quality where it really mattered.
Do I still get caught up in $800 lights I see online? You better believe it! But what I do nowadays is attempt to simulate the look I love. Using that high end item, I attempt to either make it or find something with similar structure.
You can save alot of money if you find your inspiration and work towards it, rather than just buying it outright. But with that comes enormous patience. Ask me how I know.
Welcome back Tim. Your posts have been missed!
Donna
Hi Tim,
Definition of splurge item is as varied as that $1,000 vanity. I splurge by looking at all the really high end things I like & then try to find them as inexpensive as possible. If I get my camera fixed, I should be able to send you some pictures soon. The kitchen is still coming slow but the other rooms are all about finished.
Jen
I agree with Jennifer…I prefer to splurge all over a room in little touches that reflect us. We have never really had a budget that allowed major splurges so I have to content myself the little things…like PAINT!
Our budgets have always been VERY small & tight. So my goal is to make it look like us, simple, functional, & organized. Our goal is to always come under budget so we don’t splurge at all. We know in 5 years we’ll want some change & the kids will have done some damage so we don’t worry because we know it isn’t permanent. Not to mention spending a smaller budget makes it less heart breaking to redo the whole thing, and to not worry when your toddlers do some damage to it all. =]
I agree with the previous posters. I look for the high end items then find look-a-likes that are way less expensive. But I also look at the life of items and ease of upgrading later on. When we built the budget for our build, I considered how something would last or stay in “style”. I also considered how easy it would be to upgrade a year or so down the road if I wanted to. For instance lighting fixtures and faucets are pretty easy to change out and can become dated pretty quickly. So I went with the least expensive I could find that I still liked. If down the road I don’t like them I can change them out for something a little more expensive. And always shop around!
We’ve just started out, and are excited to HAVE a budget finally
But I agree with Kira- we always try to be as frugal as possible by working on what needs to be done and not “spending the budget.” (Although I DID fall in love with a $3k Chihuly-style chandelier a few weeks ago…and yeah, that will NEVER be in the budget! Know any good knock-offs?? 
I find inspiration in expensive items and try to make or revamp something in the same style or vein. Unless it’s something I can’t live without, then I’ll save my pennies. Or try to find ways to save in other ways so I have the money in my budget for the item or do the remodel/decor job in stages until I find the perfect item or have enough money to buy it with cash.
We’re actually going to redo our bathrooms this Christmas… I think our one splurge items will be tile. I’ve recently fallen in love with this website http://www.glasstile.com but haven’t actually priced the tiles yet (I’m too scared it will be WAY out of our price range). We’ll save money everywhere else by doing all the demo and installation ourselves. I think it’s fun and keeps you motivated to have an occasional splurge item.
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