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 apartment? Here are tips to make the most out of your home renovation budget. Whether youโre renovating a HDB or BTO, follow these tips to get the most value for your money. We will talk about pathways to resale HDB renovation costs, how to budget, HDB renovation timelines, and more. Letโs dive in!
How Much Does Renovation 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.
Tips to Save on Your Renovation Costs
So, you may be wondering how much to set aside for your home 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 three insights can help you spend efficiently to achieve your dream home.
1. Plan Your Home Renovation Budget
For many, this one is a no-brainerโhowever, since money talks are usually no fun, people tend to procrastinate thinking about managing their finances for big projects like home renovations.
Donโt 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 youโre not feeling too tech-savvy, a regular, plain Excel workbook works, too.
Next, reevaluate your priorities. You can usually look at your HDB renovation plan and sort them into:
- Your renovation must-haves;
- Something you can put on hold, and
- Something you actually donโt need.
Once you have a better overview of your budget, you can understand your appetite for your HDB renovation project.
2. Opt for Cost-Efficient Renovation
Dreaming of a Pinterest-worthy designer home? We know โ weโve watched one too many episodes of Architectural Digest, too. But not everything thatโs 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 homeโs existing structure.
The more complicated the renovation, the more expensive itโll 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 renovation costs low, consider maintaining the hardwired part of your home. Modifying structures โ such as breaking down walls, relocating the toilet, or constructing partial walls โ 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 a low priority.
P/S: Donโt forget to check the HDB renovation guidelines to ensure your structural changes are allowed!
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 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 HDB Renovation Loans vs. Personal Bank Loans
Thankfully, most renovation firms do not need you to pay the full invoice upfront. While they may break down the payment into milestones of completing the HDB renovation, you may still need to stretch your budget slightly. That is where a renovation loan might be of help.
Many banks offer financing plans tailored for your home enhancements, ensuring that every dollar you borrow is dedicated to transforming your home. On the other hand, while personal loans can offer a larger sum, they bring a risk of incurring debt on non-home-related expenses.
We discussed this in detail in our article on HDB renovation loans in Singapore, so take a look to see if it might help.
Reliable Home Renovation Partner in Singapore
Weโve 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, itโs 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 company in Singapore for 30 years. With an in-house team of contractors and designers, Homescape is happy to be a part of your renovation journey.
Contact us and weโll get in touch to better understand your needs.
