Where To Splurge When Renovating Your Home

Where To Splurge When Renovating Your Home

Where to save versus where to splurge when it comes to renovating your home. This is a difficult question for homeowners to wrap their head around. Almost no one is able to build or remodel a home, or even furnish, with an absolutely unlimited budget, where everything they can imagine is financially attainable. The reality for most is that there needs to be strong consideration given to expenditure limits and discretionary spending — both when building, remodeling, and/or furnishing a home.

So, the question is, to determine where it is best to splurge, and where it’s not. The answer to this question is not exactly the same for every client we work with and this is because some clients have hot-button concerns, where the quality of a certain element is really important to them. For instance, we had a client who had to have a custom runner going down the front stairs because that was their focal point for guests, we also had a client who wanted a full set of custom cabinetry with a hidden pantry, spice drawers & custom cutlery drawers because they spent most of their time in the kitchen, then we had a couple who needed (2) private water closets because.. why not. Everyone's must-haves & splurges are different but it’s important to know & understand where you want to put the investment in.  

There are specific things we consider when helping a client determine, where to splurge versus save. Because even with an endless budget, some things simply don’t require a splurge.

Below are some factors to consider when deciding where to dream big versus where to spend more modestly. 

 01 | Spend on items that will increase your home’s value.

Choosing to spend on design details that increase the value of your home is always a good idea. This could include details such as higher ceilings, better-quality finish materials, automation features, radiant heating, ample storage space, and substantial built-in cabinetry. 

 Other nice-to-have features, such as radius drywall corners, or high-end air filtration and air exchange systems, will not necessarily result in a higher home value. Why? Because they are valued only by a subset of people who value those particular things. They are not universally sought out by a broad range of homeowners. I always say, splurge on home details that appeal to most people, and that will positively affect your home’s value. 

 02 | Spend on items that have permanence.

 For construction projects, one very sound approach is to splurge on areas of greater permanence that are costly to change, and be more moderate in areas where making changes is an easier undertaking. This would mean that you would spend the money to get high quality hardwood floors, but not spend lavishly on built-in lighting or switch plates. Why? Because there is a great deal of expense and labor involved with changing hardwood flooring if you were to decide to do it down the road. But adding built-in lighting or switching plate covers can be changed much more easily, and at a fraction of the labor cost. Another example would be to invest in high quality cabinets and stone countertops, and choose a lower cost backsplash tile. A backsplash can be changed out much more easily than ripping out cabinets or countertops.

03 | Spend on items that provide a return on investment.

 If building or remodeling a house, consider investing in items and materials which have a good return on their investment. Unfortunately, this often means spending more money where it is not visible. Upgrading the insulation performance within your walls (higher R value), or investing in better quality windows will equate to savings in heating and cooling costs down the road. Installing radiant heated floors (in-floor heating) is not only a desirable feature for home buyers because of the comfort factor, it’s a very energy efficient means of heating a home. The cost of energy efficient features will save money over time, and therefore is a wise investment.

04 | Spend more on the items that get the greatest use.

 When it comes to furnishings, we put more strain on some items than others. We always suggest investing well in high-traffic areas and in high-use items. In a typical family room, the sofa takes a lot of wear and tear. Most likely, the whole family, including the cat and dog, frequent the sofa daily. Even when very careful, sofas get beat up. But the tv cabinet or console table — they are rarely touched. So, investing in a high quality family room sofa is a no brainer. 

We also recommend investing in lighting when possible. Lighting can do so much to enhance a space and the investment up front will ensure you don’t need to swap them out down the line after you have enhanced the overall look of your home. 

Then, for tables, bookcases, and storage furniture that only receive more occasional use (hence why they are called occasional pieces), we often choose items that are good looking, but lower priced. This is especially true in kids bedrooms, laundry rooms, guest rooms, mudrooms & offices, considering that these spaces could eventually get used for another use one day. 

We recommend spending where quality matters.

05 | Spend on items that make a statement, or are focal points.

Spend money on things you see everyday or that your guests will see (if you host often). This might include a beautiful fireplace surround in the great room, beautiful kitchen cabinets and countertops, or stunning window treatments in your living room or bedroom. On the other end of the spectrum — spaces that aren’t used daily, and aren’t in the most public spaces of the home — are better approached with economy in mind. Marble countertops aren’t needed in the laundry room. The children's bathroom can serve them well with a simple coat of colorful paint. And closet systems are fantastic, but keep your finish options simple. For example,  we love to use IKEA Pax closets and customize the fronts to enhance the look. 

Another approach to this strategy equates to stunning jewelry layered on top of a simple black dress. Choose more moderately priced cabinetry, but add stunning cabinet hardware (drawer and door pulls). Find ways to “dress up” more economical choices. 

The term “Value Engineering” is used often in interior design; it’s the process of removing excess costs from a design while still preserving a high aesthetic and maximum functionality. We do this often for our clients by saving in areas that aren’t as impactful, and investing in areas that make the most sense. This ensures our clients stay on budget while still allowing for wise investments in their home they will enjoy for years to come. 

Learn more about working together by filling out a Project Inquiry Form.