Making the Luxury Home: Video Series 2

Once you have decided to begin the journey of transforming a house into your dream home, you’ll inevitably face the challenge of balancing luxury with budgetary considerations.

We have the pleasure of collaborating with two distinct clientele — those with aspirations of manifesting their ultimate dream home and those looking to elevate their home’s design within a more measured budget, aiming to increase the future resale value. Be it a grand, lavish project or the creation of a modest dream home, every renovation operates within the confines of a budget. This essential aspect is entirely dependent on the scope of the project. From aesthetic modifications to structural enhancements, the number of spaces involved, the square footage, and the depth of design and project management entailed. 

The finesse of project management is a vital cornerstone that we strive to do well. It has become something we can’t compromise on, as we’ve seen so many projects unravel when we were not closely involved. It is imperative to consider the budget’s effect on your timeline, discerning whether to take on all renovations at once or opt for a phased approach. Each avenue presents its merits and drawbacks.

I strongly advise clients to invest upfront in a comprehensive design study to gain a clear view of the project as a whole before beginning renovations. Having this clear vision will allow you to phase out your project thoughtfully so you can progress toward that final goal, even if you aren’t doing it all at once. While there are economic advantages to completing everything at once, if this is not feasible, you can still spend less in the first phase and make real progress toward the end vision. 

The last thing to be aware of when creating a dream home on a budget is expectations. For clients unaccustomed to the nuances of extensive renovations, I caution against relying solely on broad contractor estimates that may tell you what you want to hear. This can lead to a misalignment of expectations and disappointment in the long run. For this reason, it is valuable to get thoughtful estimates from reputable contractors whose opinions you trust. 

When it comes to numbers, it becomes more involved. While we can provide typical material costs of our finished projects, we cannot simply tell you how much it will cost to build your home. Accurate budgeting requires a detailed look into your desired results. With a working design, including a two-dimensional layout and detailed mood boards, we can work with contractors to create a three-dimensional design that helps price the project comprehensively. Contractors can then provide detailed bids outlining costs, overheads, and markups. This allows us to find the right contractor for the project. After approving the design direction and layout, we finalize the three-dimensional design, create renders, and enable contractors to get actual bids from their trades, resulting in a clear and comprehensive bid for the project.

Interested in exploring more of our transformative projects? Take a visual journey through Lane McNab Interiors' world and uncover more of our designs on our social media channels.