A major renovation can significantly upgrade the look and functionality of your home. It provides an opportunity to personalise your space and at the same time, a chance to change its layout so it can better accommodate your lifestyle.
However, as satisfying as a renovation can be, you must first overcome the challenge of keeping within your budget before you can truly enjoy its wealth of benefits.
How Much Does a Home Renovation Cost?
According to MoneySmart, renovating an average 4-room HDB flat can range anywhere from $4,888 to as much as $110,000. However, the cost can still vary based on at least the following factors:
• Type of Home
• It’s Age & Condition
• Scope of Project
•Type of Materials
• Interior Designer
Obviously, there are so many variables into play when determining how much you should set aside in a home renovation—and the figures they can give are merely a rough estimate. The good news, however, is that while many factors determine the renovation cost, there are nearly just as many ways to keep them manageable.
Discover some of them here in this article:
3 Steps to Save Money on Home Renovation
• Prioritise Your Remodeling Needs
The first step to setting your renovation budget is to know exactly what you want. Create a list of everything you’d like the project to include. Ask yourself, what do you want to achieve in this project? What are you willing to splurge on? What are you willing to compromise on?
Think about the proper order to do things in. For instance, will you get new kitchen counters if you’ll want to change your floor plan in the future? Renovating things in the right order will save you time and money in the long run.
• Get Multiple Estimates
By determining what you want to achieve in your home renovation, you will be able to create a detailed plan that includes information about each portion of the project, the estimated cost for labour, and materials.
It’s also this time when you can reach out to a handful of interior renovation companies in Singapore and ask for estimate costs from them. Request them to give you a break down of the estimates so you can sit down and figure out which ones you think can fit in your budget.
• Shop for an Interior Designer
In most cases, by the time you have asked for estimates, you have also found an interior designer that can accomplish your project within your budget. But, how can you be so sure that you’re getting the best deal?
One thing you can do is to follow some of the time-honoured advice such as asking friends and relatives for recommendations, hiring someone you’re comfortable with, checking a potential interior designer’s license, and reading online reviews.
The purpose of reaching out to a handful of interior designers is not merely to compare the costs but to also make sure that you’re hiring the most qualified for the job.
5 Tips to Cut Renovation Costs
1. Keep What You Can – It can be tempting to dispose of everything and start from scratch. But, is it really necessary? Take a good look at what appliances and furniture you have and consider what you can keep with a little update.
2. Sell Your Old Stuff – On the other hand, you can put the old stuff you’ve decided to dispose of on sale. You can also look for trade-in deals where you can get new items for lower prices in exchange for your old items.
3. Plan When and Where to Shop – When shopping for new items, you may want to wait for promos to save on money. Most retail shops run sales during major holidays including Christmas, Labour Day, and Black Friday, so you’ll want to keep an eye out on these dates.
4. Be Flexible – Many unforeseen things can come up during renovation and it’s important to be able to work around them. For instance, if the kitchen renovation is costing more than estimated, you may need to cut on other areas of the project to make up for it.
5. Prepare a Contingency Budget – Having said that, it’s also worth to set aside a contingency budget, which ideally should be around 10-15% of the total cost. This allowance will help you manage additional costs that may arise during the renovation.
Ready to get started? Sign your renovation project with Fineline Design today!
Our team of interior designers at Fineline has a decade-long experience in interior design, renovation, and project management. Contact us today to book a free consultation and get the latest renovation ideas and advice in Singapore.