Jumaat, 6 April 2018

Tips on Renovating Your Home With a Budget

With so many properties coming out recently for the past few years that you can see from PropertyGuru, many people have also jump onto the property buying bandwagon. Whether it is for own stay or for investment purpose, you will still need to renovate your newly bought home. As the property that you have just bought is expensive, this article will guide you through some tips on renovating your home with an affordable budget that does not break your wallet.

Tips on Renovating Your Home With a Budget


1. Find out average cost of home renovations

The cost of home renovations varies depending on factors such as the age of property, type of property, type of materials used and the scale of project. For built-to-order (BTO) HDB, the average cost of home renovation would range between S$30,000 to S$50,000. As for a resale flat, it will then be 50% more than the cost of renovation for built-to-order HDB. On top of the amount that you spent for your new home, you will need additional money for home renovation. Hence, the importance of setting a realistic budget for home renovation.

2. Set a budget

It is essential to have a budget for your home renovation to prevent yourself from overspending on unnecessary things. You can always choose to use a budget planner to help you keep track of your available budget for your home renovation. Look at your current finances and set a budget accordingly.

In addition, there are also renovation loans available if you require one. Most of the renovation loans available in Singapore allow you to have a loan of maximum S$30,000. Therefore, it is advisable to start saving early for house renovation before you start looking for a house. Do bear in mind that renovation can cost beyond S$30,000. If the renovation loan of S$30,000 is insufficient for you, you can consider getting a personal loan instead. However, personal loan comes with higher interest rate as compared to a renovation loan. A personal loan comes with a 12% to 15% interest rate as compared to renovation loan that comes with a 6% to 7% interest rate.

3. Be realistic

Think about how much you can afford after paying for your home. Once you have decided and set on your budget, stick to it to prevent getting into a debt. Make a list of what you really need and what you want for your home. You will need to be clear that items you want might not be items that you need for your new home. Furthermore, they can add up to an amount that might affect your budget. You may visit some forums online and read the reviews of the items you want before you make a decision on whether to have it or not.

4. Compare quotations

With so many websites in the Internet such as Pinterest where you can look for ideas, it has definitely make life easier by helping you to narrow down on the theme that you would like for your house.

If you are engaging with an interior designer, make sure you shortlist the interior designer before you decide on which design firm to engage with. Make sure that you reach an agreeable price and design with your interior designer. Inform the designer on what you are looking for in your house and your expectations to prevent disappointment in the future.

5. Consider DIY

Although we are not expert when it comes to renovations, there are some things that can still be done easily on our own. For example, you can easily assemble furniture that you have bought from IKEA with the instruction attached. Moreover, you can also paint the walls on your own without hiring any workers to paint the wall for you. .

6. Be prepared to exceed the budget

Lastly, you will need to be prepared to go beyond the budget that you have set earlier. Most people exceed their initial budget when it comes to home renovation. Let us say if the initial budget for home renovation was S$50,000, that does not mean you should spend all of the S$50,000. Be conservative on your spending and try your best to cut on unnecessary costs. The extra money that you saved on earlier will then be used to pay for any extra buffer later on.

You are able to reduce the chances of overspending on your budget by”
a. No last minute changes
b. Take the right measurement before you purchase any items
c. Be flexible when choosing materials
d. Keep an eye on the renovation work to rectify any defects as soon as possible

If money is tight during the renovation period, you can consider using credit card as a form of payment so you will have cash for emergency, in case there is any. Just make sure you settle your credit card bills on time to prevent getting and interest charges.

In conclusion, always plan your budget ahead and try sticking to your budget to prevent yourself from overspending on your renovation limit. Besides, there are also many articles on the Internet on how you can renovate your house without breaking your bank account.

With Love,
#Sofinah696 💕
Follow my instagram ; @sofinahlamudin, @jejakmoment, @labuanblogger, @sopheestudio, @sopheericher .


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