Did you recently move into a new home? While you may still be processing the closing costs, mortgage rates, and escrow balances, you have another task at hand — furnishing and decorating your new place.
Perhaps you have some furniture you inherited from your parents or bought for an apartment, but those items may not match your needs, your space, or your style anymore. You may feel like you’re starting at square one to furnish your home.
If this is the case, you may be asking yourself how much you should set aside to decorate or if some rooms cost more than others to furnish. Read on to learn the answers to all your home decoration questions.
There’s no single answer to this question. A lot will depend on your budget and your decorating style. If you love DIY activities and like to shop at flea markets and yard sales, you may spend quite a bit less than someone who prefers to hire an interior designer and make purchases from high-end furniture stores.
You need a place to sit during your downtime, a place to eat, a place to sleep, and places to store your clothing and your food. So, no matter your style and budget, there are a few essential items you should purchase:
All other furnishings are secondary to these items. Depending on where you do your shopping, you could pay as little as a couple hundred dollars for everything if you go to secondhand stores/flea markets or use social media marketplaces, or you might pay thousands of dollars if you get them at local and retail furniture stores like IKEA or Ashley Furniture Home Stores. Or you could even find many items for free if you get hand-me-downs from friends and family - it simply depends on your taste.
Remember, it can be worthwhile to spend more on certain items. For example, a well-made couch, table, or dresser can last for decades. A quality mattress can help you sleep better. Put your money into the pieces you think you’ll use the most.
If you have a larger budget and more money available upfront, you may want to buy more than just the essentials. Some extras to consider are:
Some of these things you could easily purchase from friends, family, or neighborhood garage sales if you’re willing to buy them secondhand. But if you want new or better-quality items, a higher budget will allow you greater flexibility with your options so that you can purchase pieces that suit your style.
Now comes the fun part of furnishing a home — accessorizing. Accessories are what make your home truly your own. They let people know what you love, what you care about, and what you treasure. You can set a large or small budget for your accessory items. Some people prefer to devote a significant portion of their budget to a few key accessories they adore. Others want to get as many as possible for the least amount of money.
Like most design-related choices, there’s no right or wrong way to decorate. Choose whatever approach you like. You’ll find setting your budget is the key to accessorizing. If you have a larger budget or home, you have more flexibility to buy. Accessories that cost less money but still look nice include:
Many people also find that curtains give a home a major upgrade, though they can be costly. If you’re on a limited budget, look for curtains and rods at discount stores or, even make your own!
Again, it’s nearly impossible to give a single dollar amount for this because the price of furniture varies so greatly. However, the top three most expensive rooms to furnish are often the following:
All three require at least one larger, higher quality piece, and you may find you desire smaller pieces such as end tables, too. It conceivably could cost several thousand dollars to furnish each room. But for another room, such as a guest bedroom, you could spend less than $1,000 on a bed, mattress, end table, and lamp.
If you’re trying to save money, stick with the lighting that came with the house. But if you have a larger budget, you can find lamps for less than $50 and even budget-priced chandeliers. If you have more flexibility, you may also want to purchase more energy efficient lighting, such as LED bulbs. These have a higher cost upfront, but last longer and can save you money in the long run.
Home is where the heart is, and you’ll spend quite a bit of time there over the next few decades. If you need some extra money to get your new home in order, consider a Signature Loan from PSECU. You can use this personal loan to finance the furniture you really want and enjoy it for years to come.
And for more money-saving tips, check out our Resource Center.