1. Start by Defining Your Maximum Renovation Budget

A design project can easily include elements like layout modifications, expensive furniture, or luxury wallpaper that may not fit within your budget. If your goal is to renovate cost-effectively, begin by determining the maximum amount you are willing to spend. Once you have a limit in mind, you can then select interior solutions that align with it.

There is no universal rule for setting a budget. Some suggest allocating 10% of the property’s value, while others recommend 25–50% or even more. Another approach is to consider your income and the timeline for the renovation. Estimate how much of your salary you can comfortably allocate to construction materials and furniture, then multiply that amount by the number of months you are willing to spread the renovation over.

2. Define Your Design Preferences

At the very least, outline your desires on paper: note the color of the floors and walls, the textures you want to incorporate, and the furniture you plan to include. This will save you from endless visits to construction and furniture stores and from debates over paint shades or sofa models.

Having a design project simplifies the process even further by providing a visual representation of your ideas. This can help avoid unnecessary adjustments. For instance, dark blue walls might seem appealing in theory, but in reality, they can make a space feel smaller and overwhelming. A design project will make such issues apparent before any work begins.

Worried about the cost of hiring a designer? While a custom project from a well-known professional may be expensive, there are more affordable options available. Pre-designed templates can be adjusted to fit your dimensions and layout, or you can create your own design plan using free online tools on the websites of construction stores. However, hiring a specialist is advisable when possible, as they can help prevent common mistakes.

3. Create a Detailed Cost Estimate

Break down your expenses into categories: required work, materials, furniture, and tools. Check market prices for each item and compile them into a consolidated table. It is best to create separate estimates for each room rather than a single budget for the entire property. This makes calculations more precise.

For example, if you need laminate flooring, keep in mind that boards are installed like bricks, meaning some will need to be cut. You should buy extra to account for this, but determining the exact amount by simply multiplying the total square footage by the area of a single pack of laminate may be inaccurate. Different rooms, such as the kitchen and bedroom, may have distinct layouts. Calculating room by room prevents over-purchasing or multiple trips to the store.

Once your cost estimate is complete, add a section “Additional expenses” – typically 10-15% of the total budget. Even experienced contractors struggle to predict the final renovation cost with complete accuracy. Unexpected issues, such as uneven walls, discontinued wallpaper, or rising material prices, can arise. Having a financial cushion will help you manage these situations smoothly.

4. Analyze the List of Works and Building Materials

If your total estimate exceeds your budget, go through each item and evaluate its priority:

  • Must be done immediately – For example, in a brand-new apartment, installing a bathtub and toilet is essential for moving in. In an already occupied home, replacing worn-out furniture or outdated wallpaper may take precedence.
  • Can be postponed – If your existing interior doors are functional but outdated, consider replacing them later.
  • Can be replaced with a budget-friendly alternative – Instead of re-wallpapering, consider painting over existing wallpaper for a fresh look at a lower cost.

5. Identify Complex Tasks and Assign Them to Contractors

DIY work is not always the most cost-effective option. Improper plumbing installation can lead to leaks and expensive damage, while electrical mistakes pose fire and injury risks. Hiring professionals can save money in the long run by preventing costly errors.

The same applies to working with premium materials. Installing designer tiles or luxury wallpaper requires expertise; a mistake in tile placement or pattern alignment can result in wasted materials and additional expenses.

Before hiring a contractor, research market rates to ensure your budget aligns with actual service costs.