Tips To Save On Renovation Cost
There 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
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| Tips to save on renovation cost |
- 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:
- Avoid last minute changes
- Accurate and correct measurements before you make any purchases
- Be flexible when it comes to choosing materials
- 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.
