Purchasing a house is one of the most significant financial decisions you’ll ever make. It is natural to consider staying in a home for a longer period of time, so it’s best to make sure that your home renovations reflect your style and needs. However, the most important issue we must answer first before anything else would be: how much would renovations cost in SIngapore?
In this article, we’ll help you know which elements influence your home renovation expenses, money-saving techniques to keep your renovation within your budget, and choices for financing your renovation to assist you in your research.
How much does a home renovation in Singapore cost?
Figuring out how much you need for a home renovation doesn’t have a one-size-fits-all answer since there are a lot of variables that may affect Singapore’s home renovation expenses. Some of the major factors that can highly impact the renovation are:
Size of House
The larger your house is, the more expensive it is to renovate.
Renovation costs for houses under 100 square meters can be kept to $30,000 or less. Meanwhile, a 3- or 4-room HDB flat can cost up to $50,000, while a 5-room HDB flat can cost up to $70,000.
Type of house
The type of house also has a significant role in determining renovation expenses. Compared to HDB flats, new condominium units often cost less to refurbish because they already have kitchen and bathroom fixtures installed in them. In contrast, a freshly constructed HDB flat will require more than just the usual fixtures (kitchen and bathroom fixtures) like new flooring, walls, and built-in cabinets.
Nonetheless, the cost to renovate a brand-new BTO unit is significantly lower than that of a resale flat. Not to mention that resale flats can be up to 40 percent more expensive to renovate than brand new HDB flats.
This is due to the fact that older homes are more likely to have fixtures and furnishings that are antiquated and hence unsuitable for your taste. Hygiene-wise, it could be best to start from scratch if the apartment hasn’t been renovated in the last 20 years. Over time, plumbing and electrical systems can deteriorate, and necessitate replacement.
According to the home portal Qanvast, the average cost to renovate a resale HDB is around $67,000, whereas a resale condo would likely cost you $82,000.
On the other hand, renovation costs for a new HDB are estimated at $44,000, while those for a new condo are around $39,000.
The amount of work you want done
Are you satisfied with how things are done in your flat? Or perhaps at the back of your mind you want to break the walls and make your dream house (nearly) from scratch?
The quantity of work you want done is just the next important factor in determining the bulk of your expenses, after the size of your house. Your renovation budget will likely be influenced by these major categories:
Hacking
When it comes to hacking, you can either demolish, rebuild, or touch up a wall. The size, thickness, and the amount of hacking required will all likely affect the labor expenses.
Gaining approval from the HDB or your condo’s MCST will necessitate an endorsement from a professional engineer, which will set you back several hundred dollars. The cost of debris removal should also be factored in.
Masonry
Masonry is the process of building a new wall or repairing an existing one. Flooring, tiling and other wet works are included in the cost of masonry as well as the area size and labor.
Carpentry
Do you need closets, kitchen cupboards, or desks put into your home? Then there’s the matter of budgeting for the carpentry. If that’s the case, you’ll need to allocate funds specifically for carpentry. The price of such individualized services is determined by the size of the affected area and the level of skill required to complete the task.
Other Tasks
Other tasks and finishing touches will necessitate a budget.
- Incorporating new lighting into existing ceiling fake surfaces such as rafters and partitions
- Plumbing works, including installing water closets and basins
- Applying a layer of paint to the walls and ceiling
- Electrical work which includes: Installing ceiling fans, lighting fixtures, and other electrical fixtures
Quality and kind of Materials
The quality and variety of the materials you choose will have a significant impact on the final cost. The Qanvast Cost Guide lists the prices for ceramic flooring between $3.50 and $9.50 per square foot, while marble flooring can cost anything from $15 to $47.50 per square foot.
Materials used to beautify your walls are another good illustration. Instead of spending $1,500 or more on wallpaper, consider painting your living room instead, which would only cost you $100 in supplies. Craftstone costs $14.75 – $75 per square foot for a feature wall, whereas slate, tiles, or wood cost $50 – $100 per square foot.
Renovation estimate costs for a four-room HDB flat
In order to get a better idea of the costs involved, let’s look at a real- life scenario. See below for an example of how much it would cost to renovate the living and dining areas of a 4-room HDB flat, as calculated using Qanvast’s superb renovation calculator.
How much does it cost to remodel a living room?
As long as the dimensions of your living room remain as they are, there’s no need for any major alterations to the walls or roof. Nevertheless, you’d want to have a built-in TV console and bookshelves, as well as upgraded tiling.
How much does it cost to remodel a living room?
As long as the dimensions of your living room remain as they are, there’s no need for any major alterations to the walls or roof. Nevertheless, you’d want to have a built-in TV console and bookshelves, as well as upgraded tiling.
Expected costs for bedrooms
Kitchen, despite its modest size, can have very hefty restoration expenditures.
Bathroom ranges from $100 to $3,800
Overall Costs:
A Singapore’s ultimate guide to cutting home renovation costs
Quality renovations that include plumbing, flooring, electrical wiring, and woodwork are well worth the cost of building the home of your dreams. In other words, you don’t have to go over budget or go above your means to pay for your renovations.
You can save money by following these tips:
Make sure you know what you want
Having a clear idea of what rooms you want to renovate and what style you want to go with will help you estimate the amount of effort and expenditures involved.
In order to estimate how much it will cost to redo your home, you’ll need to know what areas you want updated and what kind of design you’re going for.
The cost of renovation can vary widely depending on the design style chosen. There can be a price disparity of up to $10,000 between different design approaches. Simpler aesthetics and less built-in carpentry make Scandinavian and Nordic-themed interiors the most cost-effective. Meanwhile, the cost of building a minimalist or eclectic home tends to rise due to the higher demand for rare and expensive building materials and extensive custom carpentry.
Replace built-in furniture with custom-made options
Determine the top three to five woodworking tools you absolutely need to have. Prioritize design-intensive, one-of-a-kind solutions that will make the most efficient use of the available area.
You may fill up the gaps as you go by purchasing things like lamps, couches, and other decorative accents.
Choose a vinyl or laminate floors
The expense of flooring materials, especially if you choose hardwood or marble, will eat up a large portion of your budget. You should expect to pay up to $50 per square foot for these.
Vinyl or laminate flooring mimics the look of wood or marble for a fraction of the cost. The price per square foot will be between $4 and $8, which is considerably less than the more expensive alternatives. Additionally, they’re less expensive and have the added benefit of being long-lasting and simple to maintain. It’s also possible to get them in a variety of real-world colors. If somebody notices, they won’t know!
Paint the walls in your home
Paint your walls instead of wallpapering them or painting a feature wall rather than erecting a feature wall to save money on renovations.
With paint, you can easily change the style of your home without having to spend a fortune on wallpaper or other feature wall materials. They’re notoriously hard to remove, requiring a second series of remodeling operations to flip things around.
Design styles differ in price. As a matter of fact, it has been calculated that the difference between design styles can be as much as $10,000. Scandinavian and Nordic-themed homes are the cheapest to decorate since they have less built-in carpentry and simpler aesthetics. In the meantime, homes that are Minimalist or Eclectic tend to be more expensive, owing to the use of more expensive and rare materials as well as the extensive use of bespoke carpentry.
Decide between Interior designers (IDs) and contractors (contractors)
As for the next step, you’ll need to decide between hiring an interior designer and hiring a general constructor. Because of the design costs and consultation fees they demand for space planning, an ID firm will be more expensive. In addition, they’ll need a 20% to 30% deposit before the process can begin.
On the other hand, a contractor will solely bill you for the goods and labor he uses to complete the project. Although you’ll save money on design fees, the trade-off is that you’ll have to come up with the concepts and oversee the project from beginning to end on your own.
Having said that, it could be beneficial to hire an ID firm to handle the design and management of the project. Hiring a reliable ID business will allow you to avoid the stress of having to plan everything out on your own and instead receive experienced guidance on how to bring your concept to life.
Hire a contractor directly only if you have a great deal of renovation experience and the time to manage the project yourself. They’re there to carry out your idea, not to design or prepare for it. It is necessary that you have sufficient knowledge of renovations in order to provide them with precise directions and technical specifications.
How to raise money for a home improvement project
In Singapore, even if you implement cost-cutting strategies, a home renovation might still cost tens or even hundreds of thousands of dollars. Purchasing all of life’s necessities, large and small, adds up. Make sure you can afford the financial commitment of remodeling your house by following these tips:
Along with your down payment, put money down for your remodeling
Keep a portion of your down payment aside for renovations so you won’t have to take out as much debt when it’s time to renovate your apartment. In fact, you may be able to avoid taking out a remodeling loan entirely if you start saving for it early and in the proper way.
You can save for a portion of your remodeling with a flexible insurance savings plan like Income’s Gro Cash Flex, which offers a range of policy and premium options to fit your budget. You’ll begin receiving either monthly or yearly cash payouts at the conclusion of the second policy year, depending on what you’ve selected. It’s possible, if you have the luxury of time, to save the cash benefit with Income and take it out when you need it. In addition, your application will be accepted regardless of your health, and the plan will cover you in the event of your death or terminal illness.
Loans for home improvement
Taking out a remodeling loan is an option if you don’t have enough money to pay for the entire project. Leading Singaporean banks offer this form of loan, which is exclusively intended to cover the expenditures of a renovation. In other words, you can’t use the money to pay for extras like furniture or other expenses that weren’t included in the contract.
The quotation or invoice from the contractor must be signed by both you and the contractor before you can apply for this loan. You can borrow as much as six times your monthly income, up to a maximum of $30,000, with renovation loans. You have the option of repaying the loan over a period of one to five years by making monthly payments.
Unsecured loans
Another approach to get money for the refurbishment is to take out a personal loan. Personal loans, in contrast to renovation loans, can be used for any purpose and do not require an invoice from a contractor. A remodeling and furniture purchase may be paid for using this money.
Personal loans, on the other hand, typically have higher interest rates. Because the bank knows exactly where the money is going with a remodeling loan, they may offer you a cheaper interest rate. Because no security is required for a personal loan, banks are reluctant to grant a loan to you. This danger is offset by higher interest rates.
Make sure to safeguard your newly refurbished house
The last thing on your mind when you’re scrambling to pay for and manage your renovations is insurance for your property. However, if you’ve invested a lot of time and attention into remodeling the interiors of your home, you’ll realize that it’s worth protecting it.
You may want to look into Great Home Insurance, which provides coverage for the contents of your home, as well as any remodeling work done on the property. To ensure that you’re just insuring what’s important, you have the freedom to choose how much coverage you want. In addition, family members who live at home are covered in the event that they are wounded while in your house.