5 Money Saving Tips For Home Renovations
With property cost so high in Singapore, many buyers are often more concerned with their mortgage loans than renovation costs. However, renovation is often an essential part of making your new property a home to you, and home-owners may not take into consideration the hefty costs involved.
Here’s a look at how you can shave off the extras to keep your home renovations affordable, without compromising on quality:
Set A Realistic Budget
According to Qanvast, a platform that matches homeowners with home design professionals, the average amount spent on renovation costs for HDB is at $56,000 and condominium at $80,000. That may sound like quite abit, but it’s even common for planned budgets to exceed.
Therefore, a key to keeping your cost in check is to set a realistic budget. It’s a little like buying a house – you work out what you can afford and choose something within the range. Most of the time, homeowners flip through home design magazines first before they look at the cost expected to complete their chosen design. It’s always better to work with what you can afford first and improve along the way.
Take Up A Renovation Loan Instead Of A Personal Loan
With renovation costs coming up to over $50,000 on average, homeowners who are already tied down with paying their dhome down-payments may see the need to take up extra loans to improve their cashflow.
Take up a renovation loan instead of applying for a personal loan – interest charges are usually lower for the former(2 to 3% difference) and can add up more than a thousand dollars of difference.
Compare Quotations But Don’t Be Enticed By The Cheapest
Just like when you are choosing for the best mortgage loans or credit cards, always compare the quotations you receive from the different interior design companies. By comparing, chances are you will be able to save some money or question why certain companies are charging more expensive or cheaper prices.
However, never choose based on price point alone. Ask anyone who has had the experience and you’ll know that you will never get a good job done from someone who quotes you half the price of his competitors. You are going to stay in your house for a long time so its better to pay abit more to have quality work instead of having defects that will haunt you in the coming years.
Buy Your Furniture On Discount
For other home furnishing needs like getting your own furniture and home appliances, it’s always better to go to warehouse sales or expo. There are a number of annual fairs where you can look out for. Some Singaporeans also make the trip to nearby Johor Bahru to buy their furniture in bulk as they are able to take advantage of the exchange rate difference. What’s more, quite a number of these furniture shops cater to a Singaporean crowd so they are able to arrange delivery to your home.
Choose Furnishings That Last
You are most likely going to be staying in your enw home for the next 5 to 10 years, so it’s always better to think long term and choose something that lasts. For instance, wallpaper has gotten a revival in the past year because of its versatility in design and easy application. However, paper doesn’t last very well in our humid environment here in Singapore, so you might find that you’ll need to change it pretty soon. In this case, paint might be a better solution. If you want to jazz up your plainly-painted wall, you can work with decals instead.
Some homeowners may consider a special theme for their home, such as a vintage theme or retro look. These can easily go out of fashion, or you could grow tired of them in a short time. Perhaps it may be a better move to give your place a classic furnishing but kick up the theme using small furnitures that you can easily replace- curtains, sofa cushions, floor mats are inexpensive ideas.
Ultimately, remember to balance your wants with affordability so that your home renovation leaves you financially and physically comfortable.