How To Reduce Renovation Costs In Singapore?
The next step after buying your own home is your home renovation. Home renovations range from $30,000 to $100,000 depending on what you choose to do. These home renovation expenses are tough to manage! You need to plan each cost carefully and also add in a buffer for miscellaneous items.
A good way to keep track of your renovation cost is to update everything into an excel sheet. Use Google Excel Sheets if you’re sharing with others. It updates immediately and you can have a bird’s eye view of all the renovation expenses.
Of course, before you pour in all of your money into your home renovation, there are ways for you to reduce renovation costs in Singapore. Renovation in Singapore is expensive, but it doesn’t mean that you must definitely empty out your savings for it.
In fact, it can be downright simple – as long as you know where to look and what to avoid. We’ve compiled all the best tips and tricks into this handy guide so you can start right away! Imagine how much money you could save by following tips from other homeowners experts.
Here are a few quick tips on how to save on the renovation costs in Singapore!
What Are Some of the Usual Renovation Costs in Singapore?
|Property||Renovation Type||Renovation Prices|
|HDB BTO||Kitchen, wardrobe, and furniture||$10,000 – $60,000|
|HDB Resale||Complete home design and new furniture||$30,000 – $100,000|
|New Condo||Furniture||$10,000 – $60,000|
|Resale Condo||Complete home renovation and furniture||$30,000 – $150,000|
The renovation costs above depend on several variables:
1. Property Type
Is it an HDB flat, new condo or resale condo?
If it’s a new HDB flat, you’re looking at cheap renovation, whereas a resale condo might require significant hacking. Besides, a house renovation in Singapore is more expensive than a flat.
2. Condition of the Property
Is your home in good condition, or does it require extensive repairs? If it’s the latter, you can expect your renovation costs to be higher.
Resale HDBs in Singapore often come in poorer conditions due to wear and tear. Homeowners will likely need to spend more for their home renovation. Brand new BTOs may require lesser renovation.
3. Size of the Property
The overall size of your home will affect the amount you need to spend on renovation. Generally speaking, the larger your home, the higher the costs.
4. Design Complexity
How complex is your home renovation in Singapore? If you’re looking for a straightforward design, your costs will be lower than those who want a more intricate and detailed design.
5. Furnishing Packages
If you’re getting a complete home design, you’ll also need to factor in the furniture cost. A full-package renovation in Singapore can range from $10,000 to $60,000, depending on the quality and quantity of furniture you want.
6. Add-on Services
If you’re looking for additional services such as space planning or 3D rendering, be sure to factor in those costs as well. Besides, add-on services are more expensive for house renovation in Singapore.
How to Save on Renovation Costs in Singapore?
Try not to empty out your savings on home renovation. You should factor in financial emergencies and the rising inflation rate in Singapore. As you can see, many factors affect the overall cost of renovation in Singapore. However, there are still ways that you can save on your renovation expenses.
1. Get Multiple Quotes
Set a budget and get multiple loan quotes. The first step to cheap renovation is getting multiple quotes from different interior designers or contractors. This tactic will give you a better idea of the market rate and help you compare prices more easily.
Don’t jump on the cheapest option. Analyse the quality of workmanship and services before making your final decision.
2. Do Some Research
You can save on renovation by DIY-ing the simplest tasks (e.g., painting walls or digging some gutters).
Tip: If you plan to do some of the work yourself, do your research first. You don’t want to boggle your home for the sake of saving some money – which you won’t if someone has to redo your work.
3. Be Flexible with Your Design
If you’re working with a tight budget, be willing to compromise on your design. Or, you can look around for the best renovation loan quotes to lessen the financial strain. For example, you can save on renovation if you:
- Consider using cheaper materials.
- Forgo some of the more intricate details.
- Reduce built-in-furniture because it requires customised workmanship.
- Purchase discounted big-ticket items at clearance sales.
4. Shop around for Materials and Furniture
Cheap renovation in Singapore is possible if you take your time to compare prices and look for discounts or sales. You’d be surprised at how much you can save just by shopping around. Cheaper fur
Here are some expensive materials that you can substitute with more value-for-money alternatives:
- Wood flooring: You can opt for laminate wood flooring, which is more affordable.
- Tiles: There are many types of tiles to choose from, so compare prices before making your purchase. You might also consider using ceramic tiles instead of more expensive options like marble.
- Cabinetry: If you’re looking to save on renovation costs, you can get RTA (Ready-to-Assemble) cabinets which are more affordable than custom-built ones.
5. Prioritise Your Renovation Works
Not everything needs to be done at once. If you’re working with a tight budget, focus on the essentials first and gradually renovate the other areas of your home over time.
6. Reuse Materials
If you’re like most people, you might be tempted to replace everything. However, this can be quite costly. Instead, home renovation in Singapore can be made cheaper by reusing some of the existing materials in your home.
For example, if your kitchen cabinets are still in good condition, you can repaint or refinish them instead of replacing them entirely.
7. Use Cash Instead of Credit Cards
Paying with cash can help you save on interest charges and avoid getting into debt. If you don’t have the entire amount upfront, see if you can get a personal loan with a low-interest rate.
8. Splurge on the Right Things
If you want to save on renovation in the long term, you should pick more expensive items if they facilitate durability and functionality. For example, it might be worth your while to spend more on energy-saving appliances or products that require little maintenance. You can also invest in a more solid kitchen countertop and quality flooring.
On the other hand, you can save on items such as door handles, light fixtures, and cabinet hardware. You can find these items at a fraction of the cost at your local hardware store or online.
9. Sell the Items You Don’t Need
Declutter intelligently when you change items in your home. After all, one man’s trash is another man’s treasure.
- Have a garage sale.
- Sell your items online.
- Donate them to charity.
Not only will this help you save on renovation costs, but it’ll also declutter your home and make it look more spacious.
10. Get Insurance for Your Home Reno Project
Once you start your renovation, get insurance for your home and possessions. This will protect you from any damages or losses during the construction process.
Lower Renovation Costs Bit by Bit
Renovating your home doesn’t have to be expensive. By following the tips above, you can save on renovation costs and still end up with the home of your dreams.
It’s always the little steps that count.
Start planning your renovation today and see how much you can save!
To get additional cash for your home renovation, consider getting a renovation loan from recognised financial institutions in Singapore. Having enough funds allows you to plan your renovation well. Also, a renovation loan is beneficial if you and your spouse is moving in soon, or if your baby is on the way! Get free renovation loan quotes here!