Don’t overlook these components when budgeting for your renovation.
Renovating your home is an exciting process that can transform your living space and increase its value. However, it can also be a stressful experience, especially when it comes to budgeting. It is important to plan ahead and set a realistic budget to avoid overspending and financial stress. Follow these steps to help you budget accordingly for your renovation project and make the process a little easier.
How Much to Budget?
As a ballpark, some new launch condos can start as low as S$30,000, whereas a 3-room HDB flat can go all the way up to S$70,000. On the other hand, a landed property project in Singapore can range anywhere from $120,000- $250,000, depending on the scope of work, size, and materials selected. A general rule of thumb is to spend about 5-15% of your home’s value on renovation. Of course however, this can vary based on the extent of the renovation and your budget.
Here are a few factors that will affect your overall costs when you are considering renovating your home.
Type of property: The type of property you own plays a major role in determining the cost of your renovation project. Whether it’s a HDB flat, a condo, or a landed house, the type of property will have a direct impact on the cost of renovations in Singapore. Additionally, it is important to consider the existing fixtures in your home as this can greatly affect the overall cost. For example, if you own a HDB flat with basic fittings, you may need to install new fixtures and appliances, adding to your renovation budget. If you need hacking, that’s another set of costs too.
The current condition:Â The age and condition of your home will also have an impact on the cost of renovations. The extent of work required for a brand new BTO (Built-To-Order) flat will differ greatly from a 59 year old resale flat. If your property is an older one, there may be issues like leaks, cracks, and electrical problems that need to be addressed, increasing the overall cost. Furthermore, the older the property, the more likely it is that major renovation work is needed.
Scope of work: The amount of work you want done will also play a role in determining the cost of your renovation project. Are you looking to tear down and build up or simply looking to remodel your kitchen? Perhaps you already have a design in mind and just need a contractor to execute your vision. The extent of the renovation work will impact the cost. It’s important to consider your budget and goals before deciding on the scope of work for your renovation project.
Picking your materials: Without saying, the type of materials you pick for your renovation will be one of the key contributors to overall costs. Bear in mind that you budget is very likely to balloon quickly if you pick high-end materials such as marble countertops, parquet flooring, and premium appliances. In contrast choosing basic or standard materials will lower the cost of renovations. It is important to strike a balance between your preferences and your budget when choosing materials for your renovation project.
The ID firm of choice: The contractor or Interior Design (ID) firm you choose will also play a role in determining the cost of your renovation project. Different companies offer different rates, so it is important to compare quotes and services before making a decision. Some companies may charge more, but they may offer higher quality workmanship, while others may offer lower rates but may compromise on the quality of work. It is important to choose a reputable and experienced contractor or ID firm to ensure the success of your renovation project.
Keen to remodel or renovate your residential or commercial property? Reach out to Create Logic today for a non-obligatory bespoke consultation!
