Cost of renovating your HDB home and how to save money on renovation

The biggest complication after getting your BTO or EC is calculating the total cost of renovation. The average cost of renovating a HDB home is slated around $55000. To understand this concern of most Singaporeans here are some advice on how to save money on renovation.

Key components:

·             Price vs Quality: Cheaper packages might come with a downside. Being economical can be a good option but at a cost of compromising quality.

·             Reputation: It is essential to always research the credentials and history of the interior designer before deciding further.

·             Budget: The budget must be set realistically with regular information on sales and promotions.

 

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No one would want their new home to be under unreliable and suspicious firms. Everyone would rather do it once, do it good. It should be noted that renovation cost is usually 5-digits, which is a large amount and should be a long term investment. A proven reliable and dependable interior designer could save you from many unnecessary problems. Apart from reputation, the overall cost of renovation is a big factor before signing a renovation deal. All the materials including wiring, plumbing, furniture and carpentry are not small items that can be purchased easily. Homeowners who are not careful with their budget planning will be surprised by the total sum of renovation cost needed. It is why many homeowners listed renovation cost as their top concern to avoid the burden of repaying loans.    

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Homeowners usually visualised how their future home should look like before renovating. Browsing portfolios of the interior designers served as a source of inspiration. The search for portfolios are considered as homework for homeowners done extensively to suit their design needs. The reliability of the design firm is regularly emphasised before signing a deal. In Singapore, an official regulation for renovation firms and interior designers has yet to happen. This would mean anyone can easily open an interior design firm, claimed to be a well-known designer and accept projects. This resulted in rising number of renovation scams in Singapore. Therefore, a small research goes a long way to decide what is best for your home. Read through social media and forums and reviews on the firm. Importantly, do a check if the renovation firm is registered under ACRA (Accounting and Corporate Regulatory Authority) to check if their business is legitimate.

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The most important factor in regards to renovation cost is never to pay the full amount of your renovation even before the work has begun. Many homeowners tend to pay large sums of amount even before any work was done. While a few firms would demand a small amount of deposit, regardless of circumstances never pay the full renovation cost before you see anything done. Be concerned with contractors that demand a huge payment upfront. Pay the ensuing instalments only after you have seen actual work done, which means you should also regularly visit your home during renovation to check its progress.

Further mistakes done by Singaporeans includes following unnecessary trends and lack of planning in the long run. Rather than embracing their own creativity, many homeowners tend to follow trends blindly. Trends would not last very long which is why following them are not recommended. As a result, homeowners get tired of the trend after just a few years. It further accelerated into seeking for alternatives which require more cost, time and energy. There could also be problems in regards to obtaining permits from HDB, as certain materials used for renovation can be illegal. While your interior designer firm should be capable of advising you, it is best recommended to make inquiry on what can or cannot be done to prevent further trouble down the road. Any illegal structure can affect the coherence or structure of the house.

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In conclusion, doing your own due diligence is important for better decisions and saving money for your home renovation. Having a wide variety of options is better than having just a single option. Choose the firm you are comfortable with and set a realistic budget. There could be times unforeseen circumstances might pop up and you may not be able to rely on your budget therefore set yourself some buffer amount to safeguard any price changes. Always get advice from the designer on alternative design or materials that can help reduce cost. Again, research is crucial and the designer is also knowledgeable in what to cut. Continuously look around for ideas before jumping into just one. Always keep an open mind, preference of others does not necessarily be suitable for you.