How can you make the most out of your home renovation budget? Read more on how to reduce HDB renovation costs while achieving the home of your dreams.

Thinking of renovating your space? Here are tips to make the most out of your home renovation budget. Whether you’re renovating a HDB or Condominium, follow these tips to get the most value for your money. We will talk about pathways to renovate your home, how to budget, and how to decide what to renovate. Let’s dive in!

How Much Renovation Costs in Singapore

Renovating a resale HDB will be more expensive than renovating a BTO, mainly because of the different starting points.

BTO units offer a fresh slate, leading to a simpler and potentially more budget-friendly design and renovation process. On the flip side, revamping a resale HDB involves working with existing structures, and if you make significant changes to the original layout, it will rack up more costs.

As of writing, it is estimated that renovating a 4-bedroom BTO flat will cost around $40,000 to $60,000.

So, you may be wondering how much to set aside for your renovation budget. Perhaps you already have a rough number of how much you can spend, and want to know how to get the most bang for your buck. These four insights can help you spend efficiently to achieve your dream home.

1. Strategise A Comprehensive Money Management Plan

For many, this one is a no-brainer—however, since money talks are usually no fun, people tend to procrastinate thinking about managing their finances for big projects like home renovations.

Don’t fall for that voice in your head that tempts you to pay first, think later! Here are some great online tools that help with financial planning:

• Wallet by BudgetBakers
  A free mobile app with an extensive expense tracker & budget planner.
• Budget Planner by MoneyHelper
  Track your expenses and get a detailed breakdown separated by comprehensive categories.
• Budget Planner Worksheet by NerdWallet
  Add your income and expenses, and the planner will evaluate your budget with the 50/30/20 rule.

If you’re not feeling too tech-savvy, a regular, plain Excel workbook works, too.

Next, reevaluate your priorities. You can usually look at your renovation plan and sort them into:

• Your renovation must-haves;
• Something you can put on hold; and
• Something you actually don’t need.

Once you have a better overview of your budget, you can understand your appetite for your renovation project.

2. Opt for Cost-Efficient Renovation

Dreaming of a Pinterest-worthy designer home? We know – we’ve watched one too many episodes of Architectural Digest, too. But not everything that’s aesthetic is worth spending on. Here are some more cost-efficient alternatives:

Minimise Built-in Furniture

Permanent fixtures like built-in cabinets are costly and well – permanent. That means extra costs on materials and potentially modifying your home’s existing structure.

The more complicated the renovation, the more expensive it’ll be. So if you have to pick one built-in feature, maybe just limit it to kitchen cabinets and drawers. You can also save some money by using a portable oven and stove. In addition, there are plenty of new (and preloved) movable surface tops that can act as a kitchen counter, which saves you money from having to install a built-in one.

Avoid Changing Existing Structures

To keep your costs low, consider maintaining the hardwired part of your home. Modifying structures – such as breaking down walls, relocating the toilet, or constructing partial walls – this can mean extensive labour, materials, and time required to dismantle and reconstruct existing elements. Unless you are prepared to make a considerable investment in the renovation, we would make those low priority.

Overlay vs. Hacking Floors: Which is Better?

When it comes to flooring, you can save money by choosing to overlay rather than hack the floor. 
If the current flooring is in good condition, free of any damage, gaps, or irregularities, you should be able to simply overlay the new flooring on top of the existing tiles. This allows you to bypass the costs associated with hacking away the old flooring altogether.

3. Consider Renovation Loans vs. Other Loans

Many banks offer financing plans tailored for your home enhancements, ensuring that every dollar you borrow is dedicated to transforming your HDB space. On the other hand, while personal loans can offer a larger sum, it brings a risk of incurring debt on non-home-related expenses.

Many personal loans are offered at a very convincing and tempting rate. But don’t let them fool you — if you’re looking to finance a home renovation work, opt for renovation loans instead. Check out our full breakdown of all the renovation loans in Singapore.

Reliable Home Renovation Partner in Singapore

We’ve heard of one too many cases of overblown budgets and last minute hidden expenses, and we know that can cause unnecessary stress and anxiety to homeowners. For that reason, it’s very important to find a reliable home renovation partner that understands your budget and your scope and sticks to it.

There is a cost to everything, whether it is designing or sourcing materials and carrying out the actual renovations. That is why Homescape has been a trusted home renovation partner for 30 years. With ready-made design options and an in-house team of contractors and designers, Homescape is happy to be a part of your renovation journey. Contact us and we’ll get in touch to better understand your needs.