Where to save versus where to splurge, when it comes to building or renovating your home, is often a difficult question for homeowners to wrap their heads around. With over 15,000 project decisions required during a renovation or new build, it is easy to get confused.
With all the choices available, where is it best to splurge, and where is it best to save?
Spend on items that will increase your home’ value
Choosing to spend on design elements that increase the value of your home and impact how you live, and feel is always a good idea.
This could include details such as higher ceilings (2700mm), glazing that’s 2400mm in overall height, better-quality finish materials for functionality and durability, and focusing attention on your main living areas and their connections to the outdoors.
Splurge on home details that appeal broadly to most people, and that will positively affect your home’s value.
Spend on items that have permanence
I always recommend splurging on areas of greater permanence (that are expensive to change), like your windows, main flooring and cabinetry, and being more moderate in areas where making changes is easier (like carpet or cabinet hardware).
When selecting finishes, prioritise quality, durability, functionality and a space that brings you a feel-good factor. Timeless design isn’t just about aesthetics – it’s about creating something that truly serves your needs, with the flexibility to evolve and upgrade in the future.
Spend on items that provide a return on investment
Every decision you make can be measured by its return on investment. While many choices offer financial returns, such as increased property value or cost savings, others deliver value in different ways.
Some returns are less tangible but just as important: reducing your stress, preventing future headaches or ensuring a more enjoyable building experience.
Working with a professional designer or architect often provides a strong return – whether through cost savings, added value or avoiding expensive mistakes. Hiring a professional should always return more in savings or value than the cost of their fees.
The most impactful choices are those that manage risk. By minimizing the chances of budget blowouts, unexpected issues or major design errors, you not only protect your investment but also set up your project for success.
Spend on items that are important to you
Spend money on things that are important in bringing you happiness every day. This might include kitchen upgrades to make daily routines more enjoyable. Other areas of the home can be designed with cost efficiency in mind. Like swapping out premium stone bench tops in the laundry for a standard stone or laminate.
The term ‘value engineering’ is used often in interior design; it’s the process of removing excess costs from a design while still preserving aesthetics and functionality. I do this for clients by saving in areas that aren’t as impactful and investing in areas that make the most sense. This ensures clients stay on budget while still allowing for wise investments in their home, so they will enjoy it for years to come.
