The largest purchase you will likely ever make is a house. It makes sense to make sure your home remodeling meets your tastes and needs since you'll probably be living there for a long time, especially if you're purchasing a resale apartment. But how much does a renovation in Singapore cost?
This article will help you answer that by outlining the variables that affect the price of home renovations, budget-friendly strategies, and financing possibilities.
What are the factors affecting renovation costs in Singapore?
Type of Home
The type of your house has a significant impact on the price of renovations. Since new condominium units already have kitchen and bathroom fixtures, renovation costs would often be lower than for HDB flats. On the other hand, a newly constructed HDB apartment will require new walls, floors, built-in cabinets, as well as kitchen and bathroom fixtures.
Renovation costs for a new BTO apartment are lower than for a resale apartment. Renovating resale flats can really cost up to 40% more than renovating new HDB flats.
That's because older homes have old-fashioned fixtures and design elements that most likely won't suit your aesthetic. For hygienic reasons, you might choose to start from scratch if the unit hasn't undergone renovation in the last 20 years. Additionally, structural work like wiring and plumbing may have to be redone because they may have worn out over time.
A resale HDB will typically cost roughly $67,000 to renovate, while a resale condo will cost about $82,000.
While renovating a new HDB will run you about $44,000, a new condo will run you about $39,000.
Quality and type of materials
There are many different materials available, and the type and quality you decide on will have a significant impact on your budget. For instance, marble flooring can cost between $15 and $47.50 per square foot, while costs for ceramic flooring range from $3.50 to $9.50 per square foot.
The items you use to decorate your walls is another example. While wallpaper might cost you between $1,500 and $2,400 in materials, painting your living room will only cost you $100. For a feature wall, it can cost between $14.75 and $75 per square foot, whereas slate, tiles, or wood are priced between $50 and $100 per square foot.
The extent of work
Are you generally satisfied with the current state of affairs? Or do you want to start from scratch and almost completely rebuild your ideal house using custom carpentry?
The bulk of your costs, after the size of your house, come from the scope of the work you want done. Your renovation budget will largely be spent on the following things:
Hacking
Hacking is the process of demolishing, erecting, or repairing walls. The labor charges will vary according on the size, thickness, and amount of hacking required.
You will need to pay several hundred dollars to get the required approval from the HDB or your condo's MCST, which requires an endorsement from a competent engineer. Additionally, you will need to budget money for moving and removing the material.
Mansory
Masonry is the labor-intensive process of building a new wall or repairing an existing one. Masonry expenses are based on the size of the area and the labor used, and they also include the flooring, tiling, and wet works.
Carpentry
Are you looking at built-in study tables, kitchen cabinets, or wardrobes? You'll need to allocate money for carpentry. The price for these customized solutions varies depending on the size of the area and the level of craftsmanship you'll need.
Other works
You'll also need to budget money for additional tasks and finishing touches.
Plumbing works, such as installing sinks and toilets
Updating dividers or fixtures like beams, and creating artificial ceilings with lights
Electrical work including tasks like putting in lighting fixtures, ceiling fans, and lighting points.
Painting the ceiling and walls
House size
It should go without saying that the prices of renovation increase with home size.
Smaller homes under 100 square meters can get by with a $30,000 or less restoration expense. A 3- or 4-room HDB apartment can cost up to $50,000, and a 5-room apartment can cost up to $70,000.
Breakdown of how much it costs to renovate a 3-room HDB flat
Living room renovation costs: $2,100 -$7,900
Moderate Masonry
This work entails replacing tiles, making repairs after hacking, and bookshelf building.
Moderate Hacking
Dismantling built-in fittings like cupboards and partially hacking the floors are required for this.
Moderate hacking
You won't need to entirely hack away all the walls or flooring in order to make room for new fixtures. You should prepare for the cost of removing the current cabinetry, doors, windows, or stovetop.
Moderate plumbing
Several water fixtures, including your kitchen sink, faucets, pipes, heater storage, and water filtration systems, must be renovated.
Light ceiling and partition work
Even if you might not want your ceilings or the beams and walls to be extensively renovated, it might not hurt to give these a little renovation. Depending on the size of the region, the pricing will change.
Light carpentry
Light carpentry is required for every built-in feature. Depending on how big you want your bookshelf to be, the price will change.
Kitchen renovation costs
Having a great, roomy kitchen is important if you enjoy cooking in it. An ideal kitchen has loads of space-saving features, excellent lighting, built-in cupboards, and a lovely tile backsplash. You can also remodel it to make it look more cozy.
Extensive carpentry
You'll need substantial carpentry work done if you want all of your kitchen cabinets entirely renovated and with customized storage. Depending on the size of the area and the materials you select, prices will vary.
Master bedroom renovation costs: $11,500 - $44,600
Let's say you you want your master bedroom to have that quirky, boutique hotel vibe without sacrificing storage space. You're considering using a platform with steps leading to the bed to accomplish that. There can be built-in drawers on each step. To make the most of the space, you can also consider installing unique built-in cabinets.
Moderate ceiling and partition: $600 - $1,100
Involves routine upkeep of household furnishings, such as box ups, partially open partition walls, pelmets, and partially lit L-shaped false ceilings. This upkeeping is done through renovations
Moderate hacking: $600 - $1,000
To make room for a trendy platform bed and personalized storage, you'll need to take apart a few of the current wardrobes, cupboards, and floors.
Extensive carpentry: $7,500 - $33,700
It will take a lot of planning and construction to build the custom platform bed with storage.
Extensive masonry: $2,800 - $8,800
The modifications you want call for more thorough cabinet bases and more intricate post-hacking touch-ups.
Light ceiling and partitions: $0 - $600
It shouldn't cost more than $600 to perform basic improvements to fake ceilings and light fixtures.
Spare bedroom renovation costs: $600 or lower (for basic work)
If you don't want the spare bedroom to undergo extensive remodeling to reduce costs, b etter lighting and a fresh coat of paint are all that are required.
Tips to save on home renovation costs
Building the house of your dreams can be expensive, but high-quality upgrades that include woodwork, wiring, flooring, and plumbing are well worth the money. However that doesn't imply you should go overboard with your spending or stretch your resources to pay for your upgrades.
Here are some suggestions to help you stick to your spending limit:
Have a clear idea of what you want
You can estimate the extent of the work that has to be done and the prices involved by knowing which rooms you want refurbished and having a design style in mind.
Not every design trend will be equally expensive. In fact, it's thought that there may be a $10,000 difference in design aesthetics. Scandinavian and Nordic-themed interiors have the most economical décor since they have simpler aesthetics and less built-in woodwork. The cost of minimalist and eclectic homes is higher since these styles call for more expensive and rare materials as well as extensive custom woodwork.
Interior designer (ID) vs contractor
Due to the design fees and space planning consultation fees that an ID business charges, their services are more expensive. Additionally, they will need a deposit of 20–30% before the process starts.
A contractor, however, will solely bill you for the cost of labor and building supplies. The drawback is that you'll have to conceptualize the ideas yourself and oversee the project from beginning to end, even though you'll undoubtedly save money on design fees.
To choose the ID company, you should:
Be honest with the ID during your appointment regarding your financial situation. Before the project starts, your designer must break down the cost and be open and honest about all fees.
Determine whether a company's style appeals to you, by picking a few and browsing through their completed projects.
Only if you have considerable knowledge of designing and planning renovations and have the money to take several weeks off work to supervise the remodeling should you go directly to a contractor. Contractors are only there to carry out your concept; they won't conduct any design or planning work. Additionally, you'll need to be knowledgeable enough about renovations to provide them with detailed instructions and technical requirements.
Skip out on built-in furniture
Make a list of the top 3-5 carpentry necessities to cut expenditures. Your top priority should be creating unique solutions that maximize your available space through substantial and design work that cannot be bought with money.
Purchase the remaining items, such as furnishings and finishing touches like lighting, as you go. When you acquire furniture as you go, you can save a significant amount of money.
Get laminate or vinyl floors
Your budget will be significantly impacted by the price of flooring materials, particularly if you choose options like marble or hard wood. You should expect to pay up to $50 per square foot for these!
When you choose vinyl or laminate flooring, you can achieve the appearance of wood or marble floors for less money. This will run between $4 and $8 per square foot, which is far less than its more pricey equivalents. In addition to being more reasonably priced, they are also quite sturdy and simple to maintain. Additionally, they have realistic finishes. Nobody will be able to tell the difference!
Paint your walls
Painting your walls rather than having them wallpapered or painting an accent wall rather than erecting a feature wall are both excellent ways to reduce the expense of renovations.
In addition to being less expensive than wallpaper or other materials for feature walls, paint is a sensible option if you want to change the appearance of your house every few years. Stone and wallpaper are notoriously difficult to remove, so changing them may need additional restoration work.
Tips on saving up for home renovation
A renovation makeover in Singapore will cost you tens of thousands of dollars, even with cost-cutting techniques. All of the small and large expenses add up. Here are some techniques to make sure you have the financial means to renovate your home:
Set aside some money for renovation and down-payment
Putting aside money for your remodel and the down payment
Remember to save some money for remodeling expenditures along with the down payment on the apartment so that you won't have to take up as much debt for renovations. Notably, if you start saving early and use the correct insurance savings plan, you might not even require a loan for renovations.
Take up home renovation loans
If you still don't have enough money to pay for the entire makeover, you can borrow money for the project. Leading banks in Singapore offer this form of credit, which is only intended to pay for refurbishment charges. This implies that you are unable to withdraw funds to pay for furnishings or other charges over and beyond those the contractor estimated.
You must have the contractor's estimate or invoice signed by both you and the contractor before you can apply for this loan. You can borrow up to $30,000 or six times your monthly income with renovation loans, whichever is less. For a time span of one to five years, you can repay the loan in monthly installments.
Take up personal loans
Another approach to get money for the renovation is through a personal loan. Personal loans can be used for any purpose, unlike renovation loans, which are only intended for renovations and demand a contractor's invoice. It suggests that you can utilize the money to finance the refurbishment and buy furniture too.
However, personal loans typically have interest rates that are greater than loans for renovations. That's because for a remodeling loan, it knows exactly where the money is going. The lack of collateral for a personal loan makes it riskier for banks to lend you the money. Increased interest rates offset this risk.
Protect your freshly renovated home
Home insurance may be the last thing on your mind as you struggle to pay for and manage your remodeling. However, you'll discover that protecting your property is worthwhile, especially if you've spent a lot of time and love remodeling its interior.
With a home insurance plan, you can be sure that you are only insuring what is important since you have the freedom to choose the level of coverage you desire. In addition, family members residing at home are covered for accidents if they suffer harm while unintentionally in your house.
Have further questions about home insurance? Fell free to contact me at 97901583.
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