Estimating the interior design costs is an essential part when planning to remodel a home. Knowing how to calculate the required fees can make the whole job much easier for you and your designer. From pricing models to setting and managing a budget throughout the project, knowing the details will give you peace of mind and it doesn’t have to be such an overwhelming project.
Below are some helpful tips you might want to consider before starting to remodel your house.
Interior design fees
Depending on the type of work being performed, there’s a variety of ways designers and decorators charge. Many professionals opt to charge by the hour which covers not only their time and knowledge but also their bills, rent, etc. Nowadays the hourly rate may seem like the most common model of charging, but there are also other ways including flat rate, square footage rate, and percentage fees.
Different designers offer different fee structures which can be difficult to calculate. Comparing the overall interior design cost and detailed services can help you choose an interior designer that best meets your needs and fits your budget.
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Flat rate
The flat-rate cost estimate is a model that interior designers charge for the entire project. This is one of the most popular models among designers and it can be quite challenging to calculate. Of course, there are a few setbacks like the client’s unpredictability, but having a contract can help prevent any unnecessary issues.
Also, determining your fixed rate can be easier if you already have experience and know more or less what to expect from the projects. For example, you can base your rate on the average number of hours you spend on a project, and add approximately 15% for a buffer in case of surprises.
Hourly rate
Like we already mentioned, this is one of the most popular pricing models nowadays, and it’s used by many professionals including interior designers. This pricing model depends on the level of experience, as well as the country, city, and state the client lives in. Depending on your designer’s experience the hourly rate can vary between $75 to $125 per hour for a new interior design and more than $150 per hour for an experienced one.
Having experience can help with coming up with a good estimate from the beginning, depending on the size of the project. The designer will probably include the fee in the contract along with a detailed list of the work that they’re charging you for. Also, expect invoices periodically to let you know how many days you’ll have to pay the invoice in full.
Square footage rate
This method is simple and works well when dealing with a sizable space like a good-sized kitchen, master bedroom, or a great room. It is more common for commercial projects than residential ones. It can be used for design services and the designer can add a percent to cover all purchased furnishings, or they may include a percent to cover management of contractors for renovating and remodeling.
For example, the rates per square footage can range from $5 to $12/square foot. If you’re taking a property that’s 10,000 square feet and the rate is $6 per square foot, it will cost $60,000. This fee structure may be quite costly but the good thing is that there will be no additional charges. It is a great rate for single rooms or small homes.
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Percentage fee
This is the easiest and most straightforward way of pricing the services of an interior designer by charging a certain percentage of the project cost, and it averages around 20-25%. The cost may include materials, furnishings, accessories, contractors, etc. A great fee structure for a budget-conscious homeowner.
Bear in mind that this leaves room for the designer to choose more expensive products and services, so it is recommended for homeowners to select their contractors and purchase their materials to bring down the cost of the designer. Although being restricted by a budget, those who want to benefit from the designer services might want to consider remote, online services that are less costly and involve less work for the interior designer.
In closing
Knowing the pricing models and what to expect from professional interior designers will make your renovating project less stressful. Although it is normal to face some challenges, understanding how the pricing works can help you stay ahead of the game. Being a give-and-take kind of situation, you should keep track of what’s coming in and how much is going out, so you’ll stay in control.