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…
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!