Five Ways to Fund Your Interior Design Project

If you are shocked to find out how much an interior design project costs you are not alone, many clients are.  I am not sure why this happens, maybe because budgets for actual projects are not often published. I feel as though most of the numbers I see published in home design magazines or on blogs are for DIY projects that were done on a budget and without a designer. This gives no real frame of reference for what the actual cost of furnishing and decorating a room could be. These projects can turn out really great and a lot of people have a natural flare for home décor, but for those who need to outsource their interior decorating, these features can create confusion and unrealistic expectations when it comes to the cost of interior design and decoration. We all want beautiful homes, but we are not all weekend warriors. So how can people who don’t have the time or skills get the home they dream of.  Of course budget is going to vary widely based on the scope of the project.

You should look at an interior design project the same way you would look at any kind of home renovation or remodel. It’s an investment and you want it to last you a while.  If you are going to put a significant chunk of money into a space then it is really not worth it to spend on things you don’t really love or that will get used up. Or you may buy something of lower value that looks good now, but you will be spending all over again in a year or two to replace it once it breaks.

In the world of home furnishings the adage holds true that you get what you pay for, and if what you pay for doesn’t last you will be paying for the same thing all over again, usually sooner than you would like to.  I can add though that I personally have two 8 year old white slipcovered sofas from Ikea that have held up very well to use and abuse from three small children, so sometimes the budget option works, but we have had to compromise on comfort and scale. My plan is still to upgrade as soon as we have a chance, they do the job now but I would like something a bit more lush and scaled more appropriately to my space. and lifestyle. For instance the seats are shallow, my husband and have never been able to lay next to each other, something we would like to be able to do in the evenings. As the kids get older we will need more “cushion real estate” to pile on for stories and movies…these are all things a designer can help you navigate.

So as I think of ways to fund my own upgrades, let me share with you five ways to fund your next interior design or decorating project.

Below are some ideas to get you thinking, and to help you see that it can be done. That said I am not a financial professional and I recommend you speak with yours before taking on any sort of major expenses.

1. Cash

Obviously, if you’ve got the cash laying around this is the most straightforward way to pay for anything. But most people don’t, so we can move on from this.

2. Personal Loan

Sure you can finance through a furniture store, but what if you want your home to be personal, bespoke, a one of a kind space that fits your one of a kind life. If you want a space that feels like home instead that feels like home and not like a showroom. It’s funny to me that as a decorator, I never want my clients rooms to look “decorated”. Just because a client is making major changes in home all at once does not mean the finished space can’t lived in and collected…in fact, that exactly how it should look. I am a proponent of sourcing products from multiple vendors, which is why taking out a personal loan and hiring your own decorator is likely to give you a better result than buying off the floor at a furniture store where, if you finance you will be locked into buying products only from them.

3. Spend a Little, Save up the Rest

There is absolutely nothing wrong with spending up front with a designer to put together a plan and a budget for your room. If the cost of the room is more than you are willing to pay in the moment it is perfectly fine to pause the project and save up the needed funds. In many cases the in between time can be beneficial to the final project as it gives you time to sit with the plan, get needed perspective and make sure that the direction you have taken with the design plan is really the direction you want to go.

Also by working with a designer from the start you will have a vision of what you are saving for, instead of some hypothetical. Because of this you will be more likely to set money aside because you can already picture the finished space in your mind.

4. Do it in phases

Break it down even further. No you won’t have the “Big Reveal” but slowly you will have something to show for you diligence in planning and your patience in getting there. I love full service projects, where we install an entire space all at the same time. There certainly is a place for that. But just because you can’t to it all at once doesn’t mean you can’t do it at all. The most important part of the design is not the purchasing or the installation, the most valuable part of the design process is the planning; knowing the layout, the items you need and for what purpose you need them. So I know that we all want to get to the fun stuff and have a finished space, but you will find that having a solid plan is an invaluable foundation to build the space upon regardless of how quickly you can bring that plan to fruition.

5. Credit

Credit cards are another option. You can shop around to find one with the best interest rates and reward perks (cash back, travel points, etc) and then use that card for your interior design purchases. 

Aside from rewards, the credit option benefits are similar to the benefits of taking out a loan. The drawbacks are also similar, here I am talking about  interest. However, if you have a plan to pay off the debt you accrue on your card you will greatly reduce the amount of interest you will pay and you will be building credit. Not to mention you will be able to have that design completed sooner than you realized. But don’t even think about it if you don;t think you can commit to making your monthly payments in full. Great design can improve your life dramatically, but its not worth going into financial ruin for!

If you have the funding and you are ready to get to that design project you have been dreaming about, I would love to hear from you. Head over to my “Contact” page to get started on creating a beautiful home for you and your family!