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  % of Reno Budget for Furnishings and Accessories
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posted
I am wondering what amount of the renovation budgets stated as a total on "Property Brothers" and "Love It or List It" are dedicated to finishing touches plus hard and soft furnishings. I have a renovation project upcoming and would like to have adequate money allocated so I don't feel like I have to end up skimping at the end of the project.
 
Posts: 8 | Registered: Mar 06, 2010Reply With QuoteReport This Post
Picture of rker321
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You mean that you noticed that they spend your hard earned money on furniture and accessories that will be added to your mortgage payments? No, I don't think that they tell you anything regarding that. I would suggest either HOlmes programs or Property income to see and have an idea of the costs of renovations, that don't include those "necessities" as furniture and accessories.
 
Posts: 4902 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
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Hi. Thanks for your response. That's not what I was asking. Here's a hypothetical example.

Couple gives show host $50,000 to do renovation of one floor of the home. What percentage of that budget does the host reserve/allocate for furniture, soft furnishings (curtains, accessories)...the things that make the space look good (permanent staging, if you will)?

I would like to know, even from designers out there, how much of a budget it typically set aside at the outset to have the money to buy the finishing touches.

Warm regards.
 
Posts: 8 | Registered: Mar 06, 2010Reply With QuoteReport This Post
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What you are confusing is that renovation and decorating are two separate things. Renovations are permanent or semi-permanent changes made to the structure. Decorating is temporary. They are two very separate things and have to be budgeted for separately.

The TV shows state them as one because it is TV and not real.
 
Posts: 6722 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
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Yes, I know that they are separate things, but on the shows they are stated as one bottom-line budget. I would like to know how much of this bottom-line is construction and how much is decorating.

If you would like me to restate it...I am asking ON THE SHOWS, what % of the stated budget goes to DECORATING.

If no one knows from the vantage point of the shows, is there a General Contractor or Decorator out there that knows a ROUGH formula?

e.g., if the renovation costs $50,000 plan an additional $10,000 for decorating OR if you have an open-concept design, that costs $50,000 to renovate, budget $15,000 for decorating. ETC.

Thank you for attempting to answer my question.
 
Posts: 8 | Registered: Mar 06, 2010Reply With QuoteReport This Post
Picture of rker321
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I guess the problem that at least I am having with your question that in the shows that you see, the furniture and accessories are temporary and if you are paying for example the Property Brothers our of your line of credit 50,000, why would put in that amount for temporary fixings that are going to eat into your equity loan. I imagine that in Buying and Selling programming the staging is done with rentals rather that actually spending money on a place that you are selling. Now in Property Bros. the budget does include furnishing and accessories, Have no idea what they do in Love it or List it.
 
Posts: 4902 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
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Dear rkr321. Let's pretend I have cash. I am not concerned about financing furniture. Put aside any concern that there is a couch in my home equity loan Wink

I am just trying to get a sense of how much money to budget for the furnishings/finishings.

Either given the scenario that the renovation is costing $50,000 OR
given the scenario that this is for an open concept living space (kitchen, dining, living room).

Whichever way someone can give me an amount, I would be grateful.
 
Posts: 8 | Registered: Mar 06, 2010Reply With QuoteReport This Post
Picture of mriley
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kb04090, If you go to the Facebook of either Property Brothers or Cousins Undercover and ask you might get an answer to your question or maybe not. It is hard to say, but these people do read their Facebook.
 
Posts: 1454 | Location: Ohio | Registered: Aug 24, 2010Reply With QuoteReport This Post
Picture of Sparky
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kb,
I've never seen the number. Clearly on shows like LIOLI and Property Brothers they spend a bunch on furnishings which do not raise the value of the property. Hilary has never ended the show by saying that replacing the joists that were cut up by the plumber 50 years ago forced me to cut the furniture out of the renovation.

I've seen people say landscaping should cost about 10% of the cost of the house, but rarely have I ever seen a house in a new subdivision where the builder spent close to that amount on landscaping. Generally people who say it should cos 10% of the budget are people in the business to make money if you did spend that much on landscaping.


General Disclaimer

Any advice given here is general in nature and is not necessarily valid for your given area. If in doubt check with your local codes enforcement department for what is required when doing electrical, plumbing or structural work on your house. Permits may or may not be required in your area and home owners may not be able to DIY some tasks. I have no way of knowing if you have the skills needed to complete the tasks you are asking about, when in doubt seek professional assistance.

My advice may be worth exactly what you pay me for it. :-) For the record I did not stay in a Holiday Inn Express last night.

 
Posts: 6856 | Location: Cary, North Carolina | Registered: Sep 18, 2002Reply With QuoteReport This Post
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Haa haa, Sparky. Love your response! I saw that episode of LiOLi! I don't think she's also ever said, fixing those cut floor joists raised the value of your home by the amount equal to its cost.

Sigh ... I guess I'll just have to cross the furnishings bridge when I get there, realizing that I will probably have to shop wisely and get things on sale. I'm sure home furnishings much be a lot more than 10%, since I know I could easily spend $5K on just the living room furniture if I get a nice sectional.

I also realize that these shows must get incredible deals on their materials and furnishings in exchange for the store being shown on the TV, so their budgets are probably not realistic for Joe and Jane Homeowner anyway.

Thanks to everyone who's tried to help!
 
Posts: 8 | Registered: Mar 06, 2010Reply With QuoteReport This Post
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Now I seem to understand what you are asking. I guess that it depends on how much money you have for decorating your home. If you hire a designer expect to spend top dollar for what they do. but still you will need a budget. they will present that to you before proceeding. Now, if your are doing it yourself. I guess it also depends on how much you want to spend. You could go to IKEA, or Rooms are US and spend a lot less than if you went to a high end furniture store. Remember you can spend in a bedroom 50,000 if you so desire or just a couple of thousand if you have a modest budget. I do believe that yes you are correct, we don't really know how much money LOve it or List it spend on the furniture that they put. If it was my money, I would not allow them to do that themselves without me having control of the costs. There is no set figure as to how much money you need to spend in decorating your home, it only depends on how much money you want, and have to spend.

This message has been edited. Last edited by: rker321,
 
Posts: 4902 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
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I was watching an episode of "Sarah's House" while at the gym this morning. I can't say I've ever seen this show before, but Sarah and her assistant Tom were decorating a new fairly large house in the suburbs. It looked to be 3000 square feet plus, but I'm not sure exactly how big. Nice house, and I believe this show is another Canadian production filmed near Toronto as the city street scenes looked a lot like other Toronto based shows on Scripps networks. Anyway, their budget for furnishing/decorating the whole house was $100K. No idea of the cost of the house, but based on LIOLI's prices it was easily $800K to $1M. Around here it would easily have been $600K


General Disclaimer

Any advice given here is general in nature and is not necessarily valid for your given area. If in doubt check with your local codes enforcement department for what is required when doing electrical, plumbing or structural work on your house. Permits may or may not be required in your area and home owners may not be able to DIY some tasks. I have no way of knowing if you have the skills needed to complete the tasks you are asking about, when in doubt seek professional assistance.

My advice may be worth exactly what you pay me for it. :-) For the record I did not stay in a Holiday Inn Express last night.

 
Posts: 6856 | Location: Cary, North Carolina | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of Sparky
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With respect to some of the things Hilary has to fix in LIOLI a new furnace or roof is considered maintenance and not exactly an improvement. A buyer may note, hey they put a new roof on last year, I won't have to do that for another 20 years, GREAT! But you can't expect that it will increase the value by the cost of the new roof. If it needed a new roof, the buyer would however subtract that from the offer.


General Disclaimer

Any advice given here is general in nature and is not necessarily valid for your given area. If in doubt check with your local codes enforcement department for what is required when doing electrical, plumbing or structural work on your house. Permits may or may not be required in your area and home owners may not be able to DIY some tasks. I have no way of knowing if you have the skills needed to complete the tasks you are asking about, when in doubt seek professional assistance.

My advice may be worth exactly what you pay me for it. :-) For the record I did not stay in a Holiday Inn Express last night.

 
Posts: 6856 | Location: Cary, North Carolina | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of rker321
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I think that what the poster is looking for is what % does these people in the programs spend on the furniture and accessories.
I don't think that we really know, because they are not designing programs or decorating programming but renovations.
Which they drive me crazy, especially Property Bros, that they do include furnishings and accessories in the price of the renovation.
LIOL does tell you anything. I imagine that if they are not staying they are not buying the furniture or accessories, because they may not be in the taste of the homeowners or want them In their new home. These programs have too many holes for my taste. Just enjoy what you see. and try not think logically about them.
So, in my opinion the % of what you spend in furniture and accessories is really open depending on your budget.
 
Posts: 4902 | Location: 0 | Registered: May 31, 2007Reply With QuoteReport This Post
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