These frequently overlooked items will bust your renovation budget

Oct 2, 2014 at 11:05 a.m. ET
Image: Elmhurst Interior Designers & Decorators Kristin Petro Interiors, Inc.

Renovations are costly regardless of how hard you try to budget, and many times there are unexpected issues that start to chip away at an already tight budget. Try to stay on track by making a list of anything and everything you want to complete the look of your room, from big items like kitchen cabinets or couches, all the way down to the littlest accessories, like coffee table books. Some items that you may consider to be little may actually turn out to be much more expensive than you think.

Chandeliers

Chandeliers and light fixtures can range in price from less than a hundred dollars all the way up to several thousand, depending on what you are looking for and how detailed they are. Start shopping for your light fixtures in advance to get a sense of how much they will cost you. Lighting is more than functional in modern design; in many cases, light fixtures are the focal point. Luckily, when it comes to lighting there is an option for every budget, with inexpensive options at home improvement stores all the way up to high-end options or custom design.

What they actually cost

Light fixtures and chandeliers

Maskros round light fixture (Ikea, $149); Industrial pendant (West Elm, $99); Blown glass pendant (West Elm, $169); Caged pendant (Pottery Barn, $999); Orb chandelier (Ballard Designs, $1,399)

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Area rugs

An area rug can be that quintessential piece of decor in a room that ties an entire space together. They offer warmth and visual interest, and they ground the space. They are also a lot more expensive than you might realize, especially if you need a large one. Expect to pay anywhere from a few hundred to several thousand dollars for an area rug, depending on the size and material it is made from.

What they actually cost

Area rugs

Chevron rug (Overstock.com, $629); Rose shag rug (World Market, $600); Seagrass rug (Pottery Barn, $28-$1,456); Silver traditional rug (Restoration Hardware, $1,395-$12,295); Blue Southwestern rug (West Elm, $59-$799)

Farmhouse sinks

Farmhouse or apron sinks are the latest trend in kitchen design. They come in a variety of colors and finishes. They have a unique way of blending with modern or more traditional design. However, they can be much more expensive than a standard sink. The average cost of a basic farmhouse sink is around $500, but they can go up to a thousand or more depending on the size and detail included.

What they actually cost

Farmhouse sinks

Black decorative sink (Signature Hardware, $1,389); Copper sink (Signature Hardware, $940); Plain white sink (Build.com, $1,241); Steel sink (Wayfair, $476); Decorative white sink (Vintage Tub & Bath, $749)

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Plumbing fixtures

No one updates their kitchen only to add a standard faucet. Faucet selections are just as varied as countertop selections, and they can make just as much of an impact in a space. A more decorative faucet starts at around $200, but they can run several hundred more depending on what they are made out of and where you purchase them. It may not seem like a huge amount in the context of a renovation, but those smaller purchases do add up quickly.

What they actually cost

Kitchen faucets

Industrial faucet (Wayfair, $290); Delta bronze faucet (Lowe's, $209); Moen stainless faucet (FaucetDirect.com, $327); Black faucet (Lowe's, $498); Kraus modern faucet (AllModern, $143)

Backsplashes

Tiled backsplashes add a custom and finished look to any kitchen or bathroom. There are endless options when it comes to tiles and design, and the price can vary greatly. Depending on the size of your kitchen and the tile used, a backsplash can run anywhere from around $500 to several thousand dollars. In a large kitchen, a custom tile backsplash could easily cost around $3,000, and that only includes the cost of materials.

What they actually cost

Backsplash tiles

White subway tile (Lowe's, $5 per square foot); Basket weave tile (Lowe's, $11 per square foot)

Some other items to consider include window treatments, art, decorative accessories and accent furniture. Keep your budget in check by keeping track of everything you spend money on, from labor to supplies. You may have to prioritize some items and add to your room as time goes on to complete the look without blowing your budget.

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