Buying your own home is one of the most rewarding things that adulting can offer. But whether you have a big budget or small, renovation costs in Singapore can quickly run out of control. Figuring out the finances for your home renovation is one of the most important and difficult tasks. You need to account for unforeseen expenses and keep a buffer for that, too. A perfect way to deal with this is to have a spreadsheet and make entries for whatever you know you are definitely going to be spending on. But if you want some quick tips on how to save some bucks on your home renovation, read on.
How much does renovation cost in Singapore?
The cost of renovation in Singapore is majorly dependent on the type of property and size of your home. Unless you own private property, your home will fall in any one of these categories:
- HDB BTO – HDBs are, basically, new government subsidised housing projects that are built-to-order. Basic amenities are readily available in HDBs and you will not require to carry out extensive renovation, unless you want to. Depending on what you want, you can choose to cut down costs by opting for lesser built-in furniture, omit fancy false ceilings, etc.
- HDB resale – As the name goes, resale properties are usually old and you might need to renovate certain parts as per your liking. These homes require an extensive overhaul of their interiors with hacking, plumbing, electrical, painting, masonry and all other renovation services. Hence, the cost of renovating resale properties is higher than BTO flats.
- New condo – Condos in Singapore are privately owned properties that are non-subsidised and cost more than HDBs. But the good part is that these homes come equipped with high-end furnishings and fittings. Hence, an end-to-end renovation is rarely, if ever, necessary.
- Resale condo – The cost of renovating a resale condo is usually higher than a new one. Hence, people with a higher budget are the ones who go for condos than those who opt for HDBs.
For more details on renovation costs in Singapore, check this out: How Much Does Renovation Cost in Singapore?
How to reduce the cost of renovation?
Coming to the main point, how does one really save up dollars on home renovation? Chalking out a reno budget that suits your requirements and lifestyle is easier when you have some tried and tested ways up your sleeves. Check out some tips below:
#1: Stick to your budget
First and foremost, let’s get this clear—the term “budget” does not necessarily mean cheap. It just means that you allocate your money in the right way and know what you’re going to be spending it on. Therefore, before everything else, decide a ballpark figure that you will be able to shell out for your home renovation. Only after you have this set can you allocate money to different aspects of the renovation. A spreadsheet can be immensely helpful to maintain this as a tracker so you do not go wrong. Also, when you make a budget plan for your renovation, it is best to account for some unexpected expenses. It can be something as simple as 10% of your overall budget going towards miscellaneous expenditure. Once you have all this ready, make sure you try and stick to this as much as possible.
#2: Reduce built-in furniture
Yes, we understand that in compact homes, built-in furniture is quite a boon when it comes to increasing storage space. However, this custom carpentry will turn out to be rather expensive than having loose pieces of furniture. It will set you back by at least $10,000 on average. Therefore, try and opt for loose furniture that can also be chosen carefully if you’re looking for storage-intensive pieces. Moreover, if you plan to move out or revamp often, then loose furniture is an ideal choice, since you can easily carry it with you. An excellent example of this is the IKEA PAX wardrobe that packs a punch and is freestanding.
Did you know we have partnered with IKEA? Check this out for more details: Beautiful Home Interiors by the Winning Duo: Livspace & IKEA.
#3: Always look for discounts on big-ticket items
So what are these big ticket items we’re referring to? Purchases like sofas, dining tables, TVs, mattresses, appliances and so on can overrun your budget by a huge margin. A great way to avoid this is to wait for seasonal sales or clearance sales. This will help you save renovation costs in Singapore. In addition, look for retailers who offer special deals through group buys or BTO projects. The discounts you get in these sales are huge and you will be surprised at the dollars that you’ll be saving.
#4: What material to substitute with what?
Material choice is a big part of your budget and your interior designer will be able to explain this to you better. There are some materials that cost a fortune but can easily be replaced by relatively cheaper options if you’d like. For instance, flooring can be made out of vinyl instead of stone or hardwood which reduces the cost significantly. In kitchens, there are various countertop options and you need to be mindful of your requirements before selecting one. Similarly, you can opt for wall paint instead of wallpapers for your rooms to save bucks.
#5: Reuse materials like kitchen cabinetry
The biggest way to save up on your kitchen renovation cost is by reusing the cabinetry and appliances. On the other hand, if you can do with just giving your old cabinets a lick of fresh paint or new handles and knobs, you’ll still save a lot of money. You can also try out buy/sell/trade websites to get some great deals on these. Get innovative with salvage materials for the backsplash, which is both fun and quirky.
#6: Know where to save and splurge
When it comes to choosing materials for your home, you’ll be tempted to choose either budgeted or extremely expensive alternatives. To save yourself from this vicious circle, it is best to approach it like a save and splurge choice. Know where you need to save and where you can splurge a little to facilitate functionality. For example, we suggest you opt for durable fitted furniture so you don’t have to revamp it due to wear and tear. Similarly, in the kitchen, you can get a good quality countertop, whereas you can save on the type of sink and faucets. Therefore, assess where to save and where to spend intelligently. This will drastically reduce renovation costs for you in Singapore.
#7: Sell out stuff that you don’t need/declutter smartly
This is obvious but some of us still hoard. Trust us, it just doesn’t help when you are trying to give your home a new look. Take the Minimalist approach to home design and start decluttering. Marie Kondo was right when she said, “Discard everything that does not spark joy”. Try to remove anything that you haven’t used in the past six months and do away with all the clutter. Even Feng Shui recommends decluttering to make way for a cleaner home.
Here are 5 Quick Feng Shui Tips for Good Chi.
#8: Choose a smart reno partner
Does everything above sound overwhelming to carry out alone? Well, you need not worry. You can always hire professional help to get you through all of this. Interior designers are trained to help you with your dream home design. Hiring a contractor might sound easy, but in the end, you might end up feeling slightly stressed with all the following up. Do your research and choose a renovation partner that you feel comfortable with. Livspace can help you with a seamless and smooth interior design experience with our massive expertise and organised sector advantage. If you are still not sure, you can book a free consultation with us today and see if it works out for you!
We hope you now know how you can save on renovation costs in Singapore. To know more about us, you can check this out: Hello, We’re Livspace! Here’s Why We Are Your Best Renovation Partners.
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