How To Reduce Renovation Costs In Singapore

Personal Finance

How To Reduce Renovation Costs In Singapore

August 17, 2022

The general journey of every Singaporean couple begins with a BTO application, an engagement, marriage, getting a house and lastly, children. These are the typical milestones for every Singaporean. One similarity between all of these stages is that they all cost an exorbitant amount of money.

Home renovations are expensive in Singapore. A simple renovation with minimal changes can cost up to $25,000. For homeowners who want to redesign the entire house to a certain theme, the renovation costs at least $40,000 and above.

After getting your flat, you’re probably busy with your home loan repayment. It might be even more difficult to manage if you have an expensive home renovation.

In this blog post, we will discuss some of the best ways to save money on renovation projects without compromising on the quality or aesthetics of the home.

What Are Some Of The Usual Renovation Costs In Singapore?

If you plan to renovate your home in Singapore, it is important to know the typical costs associated with such a project.

Depending on the scope and size of your renovation, the costs can vary significantly.

For instance, a minor update to your kitchen or bathroom may cost you around $5,000, while a full home renovation Singapore can easily set you back $100,000 and above. It truly depends on the extend of your renovation and your goals.

How To Save On The Renovation Costs In Singapore?

There are many ways to save on renovation costs in Singapore. It starts from the project design to the project execution.

1. Choose The Right Contractor

The best way to reduce renovation costs is to engage a contractor instead of an interior designer.

Find a good and reputable contractor with experience in doing quality work at a reasonable price. Inquire at least three quotes from different contractors before deciding.

Be sure to ask for referrals from past clients and check out the contractor’s portfolio to get an idea of their work.

It is also a good idea to have a clear understanding of what you want before meeting with the contractors.

Knowing what you want saves you time and money as the contractors will be able to give you a more accurate quote based on your specific requirements.

Moreover, ask the contractor for a clear breakdown of the costs to know what you are paying for. It will help avoid any hidden costs or unexpected charges.

2. Avoid Unnecessary Changes To The Renovation Plan

Making changes to the renovation plan mid-way can be costly and cause delays.

If possible, try to stick to the original plan as much as possible.

Changes to your renovation plan not only costs more money, but also increases the time needed to renovate your house.

3. Do It Yourself

You can save on renovation costs by doing some of the work yourself. For instance, you can paint the walls yourself.

Before starting on any DIY project, do a thorough research to understand what you’re supposed to do. This helps to reduce any mistakes that could cost you more money in the long run.

With the internet, you can definitely source a wide variety of DIY guides online.

4. Get Creative With The Materials

There are many ways to save on renovation costs by being creative with the materials used.

For instance, you can use recycled materials or opt for cheaper alternatives to ensure a cheap renovation Singapore.

Be sure to research and compare the prices of different materials before making a decision.

5. Save On Furnishing Costs

Furnishing costs include the money needed to purchase your bed, your sofa, your dining table and more.

For instance, you can buy second-hand furniture or shop at thrift stores. You can save on fabric by choosing cheaper alternatives such as cotton instead of silk.

In addition, you can save on lighting costs by using natural light as much as possible.

You can also buy your furniture from Taobao. While this may sound dubious, this method has worked for many couples in Singapore and helped them save a great amount of money. Try buying from a seller with many favourable reviews.

More on this Topic:

How Much Does It Cost To Renovate A Kitchen In Singapore

Apply For A Fast Approval Furnishing Loan To Finance New Furniture (Singapore)

How Much Can I Borrow For My Home Loan In Singapore?

The Type Of Your Property Affects Your Overall Renovation Cost

Depending on the type and size of your property, your final renovation cost will be affected.

New Condo

For some couples in Singapore, they might have chosen a new condo based on the property’s location or the investment value. Prices for a new condo in Singapore starts from $900,000 and goes up to $15 million or more.

The greatest attraction of a new condo is probably the new amenities homeowners get to enjoy.

While the house is brand new, home renovations still need to be done.

Couples might prefer to personalise their new house. For example, the popular styles include the minimalist concept, the contemporary concept, industrial style and more.

The more changes you make, the more expensive it is going to be.

Resale Condo

Resale condos have also gained the interest of many couples in Singapore. If you’ve just bought a resale condo, there is a very high chance that you need to do a complete home renovation.

Due to the wear and tear from the previous homeowners, you might need to renovate the entire house, especially areas such as the toilet and the kitchen.

It is estimated that homeowners in Singapore pay at least $50,000 for their resale condo’s renovation.

HDB Resale Flat

Based on a recent survey, 81% of Singaporeans live in a HDB flat. Within HDBs, homeowners can choose between a resale flat or a brand new BTO.

Resale flats will typically require more renovations due to their age. When purchasing your flat, do remember to check the structural integrity. Check for leaking pipes, electrical wiring, laid over tiles, cracking walls and more.

You can expect to pay a higher price for your resale HDB renovation as well as a longer waiting time.

Resale flats in Singapore tend to be bigger, which gives homeowners more space to unleash their creativity.

BTO Flat

Other couples in Singapore may choose to purchase a BTO due to the location or the friendlier price.

As the flat comes brand new, there will definitely be less to renovate. Homeowners spend an average of $30,000 to $40,000 for their BTO renovation.

Frequently Asked Questions (FAQs)

How Much Does It Cost To Refurbish A HDB Flat In Singapore?

The cost of renovating an HDB flat in Singapore depends on many factors. Consider the size of the flat, the type of renovation and the materials used.

In general, it costs between $30,000 to $60,000 for new BTOs, and $40,000 to $100,000 for resale HDBs.

What Are The Most Common Mistakes People Make When Renovating Their Homes?

One of the common mistakes homeowners often make is to underestimate the costs. It will be a good idea to add in an extra 20% of what you actually budgeted just in case an unpleasant surprise comes up.

Other common mistakes include expecting everything to go according to schedule, not hiring the right designer and choosing a contractor that offered the lowest price.

What Are Some Tips For Reducing Renovation Stress?

The best advice given by other homeowners would be to set a renovation budget and to stick to it strictly.

Before you begin renovation works, have a clear idea of what you want. Budgeting helps you see the bigger picture and the feasibility of some tasks. To prevent surprises from popping up during the project, it is important to plan your finances well.

Choosing Credit Thirty3’s Renovation Loan Is Easy And Affordable

There are many ways to cover the costs of your home renovation. Some of us might choose to apply for a loan from the bank or perhaps apply for a renovation loan from a licensed money lender.

Licensed money lenders such as Credit Thirty3 can be the better option because of the larger loan amount offered.

Renovation loans from Credit Thirty3 are provided at competitive rates with fixed monthly repayments. This is ideal for couples who still need to handle multiple expenses.

Here are a few benefits you can enjoy with Credit Thirty3’s renovation loan:

  • No early settlement penalty
  • No lock-in period
  • Loan tenure up to 30 months
  • 24-hours fast loan approval

Find out more about Credit Thirty3 or simply apply for a renovation loan here.