If you are in the process of building your dream home or buying a new house, you will soon have a beautiful new space to furnish. 

During this exciting time, it is essential to set aside a furniture budget and consider what furniture you want to buy before getting the keys to your new home.   

If you don't factor in a furniture budget at the beginning of your new house journey, you may end up with a half-empty home or stuck with your old furniture that doesn't suit your new space. 

Having designed modular furniture for five decades, KING understands the importance of creating functional furniture that adapts to your evolving lifestyle and space. We also appreciate buying new furniture can be a big decision and an even bigger investment. 

With that in mind, we have some advice and tips on how to set (and stick to) a furniture budget.  

After reading this article, you will know how to set a realistic budget and have a checklist on what furniture to buy for a new home.  

Combine the Bellaire Bed with the award-winning Sleep+ Mattress for the ultimate night’s sleep in your new home. 

Step 1: Create a list of all your furniture must-have items

Before starting your furniture shopping journey, assess what you will need for your new home.  

Go room-by-room and create a list of all the furniture you desire. Being organised and creating a list is a great way to help you stick to your furniture budget and not make any impulse purchases. 

Step 2: Establish a budget for each room and prioritise the essentials

In this planning stage, it is also beneficial to work out a rough budget for each room and determine what rooms you want to focus on furnishing first. The next step is to work out the furniture you need from the furniture you want. 

While it can be tempting to buy everything at once, this can be damaging to your furniture budget, and you may end up buying furniture you do not need or does not suit your home.  

When furnishing a new home and sticking to your budget, there is a middle ground that involves purchasing the essentials and holding off on the non-essentials until after you have moved in. This gives you the opportunity to get a feel for the space and see what will work with the layout and style of your home. 

Promenade Storage Bed is featured in Bowen Natural White and styled with the Apero Table, Pallino Table Lamp and Bicheno Rug. 

Setting a furniture budget can be difficult if you are unfamiliar with the average cost of furniture, particularly when it comes to anchor pieces. 

According to the Sleep Foundation, a quality mattress starts at $1,200 and costs upwards of $3,000¹. While there are more economical mattresses available, the Sleep Foundation recommends investing in a quality mattress that's comfortable and durable.   

Excluding sales and special offers, our Queen beds range in price from $1,342 to $6,056, during sale periods our beds and Sleep+ Mattresses are up to 50% off. Given this information, you could set a reasonable bedroom budget starting at $3,500.  

While the budget you set for your furniture will be entirely up to you, as a guide, one way to set a budget is to allocate a percentage of your home purchase price. Between 10 and 25 percent is a reasonable budget.  

Elegant geometry and clean lines echo across the Aspen Dining Collection.  

Step 3: Start with anchor pieces

Once you have your list sorted, prioritise the larger furniture items before shopping for accessories or complementary smaller pieces. This is more cost-effective and budget-friendly than buying everything at once. 

These larger staple pieces, such as the bed, sofa or dining furniture, help fill the space and make your home comfortable and functional. Additionally, these are the pieces that anchor the space, set the tone and get used daily. These anchor pieces are also a large investment and will use a significant portion of your furniture budget.  

 Fleur is a design statement in comfortable flexibility. Like all KING sofas, Fleur is engineered with a high-grade steel frame for longevity. 

Step 4: Choose quality pieces with longevity and functionality in mind

When buying new furniture for your home, select quality over quantity.  

Remember, the point of creating the list was to help determine what furniture is a priority and what can be purchased over time after you have moved into your home. 

KING Brand Ambassador, Neale Whitaker, says the priority is not to fill your home with as much as your budget will allow, but instead focus on purchasing quality furniture that will last for years to come.  

"I've never been a great fan of current trends when it comes to furniture and home furnishings, as I believe homes should be about personal expression," Neale explains.  

"But, if there's one trend I am happy to embrace, it's a move towards prioritising longevity and sustainability – and quality over quantity – especially when buying 'big-ticket' items like furniture." 

Designed with flexible living in mind, the Jasper Sofa is one of our best-selling modular sofas. Featured above in Whiteley Riverstone, Jasper is paired with Marion Rug in Sandstone, the Issho Coffee Table, Apero Coffee Table and Quay Console Table. 

Neale Whitaker says your furniture should make your home feel inviting and be functional at the same time. 

One way to achieve this is by selecting multifunctional modular furniture that allows you to utilise your space efficiently. This includes sofas and beds with hidden storage. 

Modular sofas, including Jasper and Delta are designed for flexibility and functionality. The modular components allow you to arrange the sofa into endless configurations, including a luxurious guest bed.  

Multi-functional furniture may also help you stick to your furniture budget as you will not need to purchase as many pieces, such as a guest bed or additional storage furniture. 

"The right furniture enhances our daily lives, but it requires a realistic assessment of what we need from it and how we're going to use it," says Neale. 

"With more of us than ever before living in apartments or downsizing, dual functionality is also something to consider, like beds and sofas with built-in storage, bookcases that double as room dividers and desks with integrated lighting and charging." 

At KING, this versatility and functionality extends beyond hidden storage and modularity. All KING sofas feature removable covers, which the King Care® team will replace whenever you wish to update your sofa with a new look.  

This service is beneficial if, at the time of purchasing your sofa, you do not have the budget for the material you want. We recommend purchasing your sofa in an affordable material and later recovering your sofa in the more expensive material once you have the budget to do so. As an example, there is no additional cost if you wish to cover a Concerto Sofa in the Baxter fabric, but a leather finish costs upwards of an additional 35 percent. 

Concerto has been paired with the Mars Marble Table.   

Step 6: Look for finance options

New furniture is an investment that often costs thousands of dollars. 

Many furniture companies offer finance options and payment plans that allow you to pay for your furniture over a set period. 

This allows you to invest in good quality pieces without bearing the brunt of the total cost upfront. Additionally, if you invest in made-to-order furniture, such as KING furniture, you are not required to pay the full amount of the item upfront. Instead, you only need to pay a 25 percent deposit to secure your order. You then have up until two days before the delivery day to pay the remaining balance of your order.  

When should I start shopping for furniture?

When buying a new home, many people question if they should buy their new furniture before or after moving in. 

There are advantages and disadvantages to buying furniture before moving, and there are equal benefits and drawbacks to purchasing furniture after you settle in. 

You may better understand your colour palette, style, and layout once you have moved into your home, which can help you choose the right furniture for the space. On the other hand, buying all your furniture at once can be difficult when trying to stick to a budget.  

This is why we recommend starting with the anchor pieces before buying smaller furniture pieces that complement the space.  

Another thing to consider is the lead time of made-to-order furniture. There is often a few months between when you place your order and when the furniture is delivered. This allows you the time to pay your furniture off in instalments. 

Moving into your new home is an exciting time in your life, after all, this is where you will create lasting memories with your family. Buying furniture for your home does not need to be daunting or overwhelming, the above information will help you prioritise the key pieces you need and help you furnish your home on a budget. 

Creating a furniture budget and a list of what furniture you need are important steps for furnishing a new home, but you also have style, colour and finishes to consider. If you are struggling with knowing what style will suit your new space, discover Neale Whitaker's guide on creating a signature living space.