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Jul 20, 2018

Tips To Save On Renovation Cost

How to renovate in small budget
Tips to save on renovation cost

Tips To Save On Renovation CostThere are many properties available for sale and rent in Singapore, such as condominiumsin River Valley. Have you recently just moved into a new place? Whether it is for own stay or for investment purpose, you will still need to renovate the house. If it is for own stay purpose, it is a good opportunity for you to build a dream home of yours. If it is for investment purpose, you will need to have your place renovated to fetch a better rental yield. This article will guide you through some tips to save on renovation cost.

Before you start, you need to know the average cost to renovate a house in Singapore. The cost of renovation varies, depending on various factors, such as the type of your property, the age of your property, and the type of material your choose. The average cost of renovation for a built to  order HDB is approximately $30,000 to $50,000. Renovation cost can be expensive therefore you will need to follow some tips to lower down the renovation costs. Here are some tips that you can follow when it comes to home renovation.

  1. Set a budget
First and foremost, you will need to be realistic and set a realistic budget. You definitely do not want to overspend the budget and regret after. After all, you have already spent a huge amount in buying a property. Check on your finances and decide on how much you can allocate for your home renovation.

You could check out on the renovation loans available if you need one. Most renovation loans available in singapore will allow you to get a loan up to $30,000. However, most people oversee the unpredictable renovation costs that could arise in the midst of the renovation. Beyond the $30,000, you could also consider getting a personal loan to help ease your burden. Do bear in mind that renovation loans have lower interest rate as compared to getting a personal loan.

Thus, always get a renovation loan first before you go for a personal loan. Also, you will need to know that you will be servicing 3 loans at once after you get a renovation loan and personal loan, including mortgage loan.

2.              Be realistic on what you need and want

Yes the designs that you see online from  Pinterest or Qanvast are beautiful and tempting, but you will need to bear in mind that those are for illustration purpose and might not be realistic to do. They might also burst your budget if you were to follow the design completely. You need to write down on what you need and what you want to avoid getting your budget burst. What you need is what is required for your home to make it functional. What you want is mostly something that falls into the vanity category. You could still save on your budget after identifying your needs by choosing a more affordable materials and designs.

3.              Compare quotation

After you decide on which designs or themes that suit your tastes, you can now decide on which interior design or contractor to work on your renovation. Do your research and get people to recommend you on which firm to engage with. There is no harm in doing your survey to find out which firm gives better price. However, you will need to bear in mind that the cheapest does not necessarily give you the best workmanship. After all, you are getting what you pay for. Therefore, get quotations from different interior design firms or contractors to choose what suits your needs the most. Communication is key so make sure you communicate your requirements with your contractors or interior designers before you sign a contract. Most important, make sure the price fits your budget.

4.              Consider DIY

While we understand that we are not expert when it comes renovations, there are certain things that we could still do it ourselves. Consider doing it yourself to prevent exceeding your budget. Go to the nearest IKEA store and look for cabinets that you can assemble yourself. Furthermore, most IKEA furniture comes with clear and easy instruction as well. You could also choose to paint your house yourself instead of hiring workers to paint it for you.

5.              Be prepared to exceed the budget

Lastly, you will need to be prepared that you might exceed your initial renovation budget. Let us say you have set $50,000 for your renovation cost, that does not mean you should spend all $50,000 on renovation. You should try cutting as much cost as you can so you can use the remaining to pay for some unpredictable additional cost during the renovation.

You can avoid getting your budget burst by:

  1. Avoid last minute changes
  2. Accurate and correct measurements before you make any purchases
  3. Be flexible when it comes to choosing materials
  4. Monitor your renovation work closely so any defects could be rectified as soon as possible

In conclusion, renovating your house could be quite an enjoyable process. Just make sure you stick to your initial budget and do not burst it. Once the renovation work is done, every effort that you have made is going to be worth it.

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