The Ultimate Renovation Budget Guide for Homeowners Looking to Revamp Their Homes in 2022
Whether you are a first-timer who has just gotten keys to your new Build-To-Order (BTO) flat or a second/third-time homeowner who is excited to overhaul your new resale property, there is one common thing you all need to start with – and that is a renovation budget!
While it is tempting to just get the ball rolling so you can get your new home ready for the big move, there are many things to take into consideration before you make a significant financial commitment like this.
So, what exactly are the things homeowners should keep in mind when coming up with a renovation budget? To help you kickstart your home renovation journey, our experienced team at Redbrick Homes has helped to put together an easy-to-follow renovation budget guide!
Budget Renovation Ideas and Tips for Homeowners in Singapore
Ready to start budgeting for your new home in Singapore? Read on for all our useful renovation budget tips and ideas.
Have A Realistic Expectation of Your Renovation Budget
First and foremost, before we dive into the nitty gritty of the budget, let’s talk ballpark numbers so you roughly know what kind of financial commitment is required.
Here are a range of estimated average costs for HDB flats (both new and resale):
- BTO flats – from $30,000 for 3 room flats and $50,000 for 5-room flats
- Resale flats – from $40,000 for 3 room flats and $65,000 for 5-room flats
Based on the estimates, the larger the property, the larger the renovation budget required, due to the larger amount of materials required as well as manpower to cover the larger area.
When comparing BTOs and resale units, since BTOs tend to already come with all-new bathroom and kitchen tiling (costly expenses), money is saved in this aspect. Unfortunately for resale units, these high-traffic areas (amongst others) tend to suffer from wear and tear, and hence require a significant overhaul, resulting in the price discrepancy.
Now that you have a rough idea of what to expect, let’s go into the details.
Costly Renovation Line Items to Look Out For
Renovation costs can easily add up if you choose to make a lot of changes. While we know that making changes to suit your preferences are inevitable, here’s a list of costlier line items you should try to avoid wherever possible:
If you are trying to keep costs low, hacking is a line item to avoid. Whether it is partial or full demolition to open up a space, costs of approximately $400 – 1000 per wall (depending on length and thickness) can quickly run up a huge bill.
And that’s not even including the mandatory cost to remove and clear the debris.
This line item which covers flooring and tiling works is yet another expensive line item in the budget in part due to the cost of the materials used and the labour cost.
Material costs vary widely from $3 psf (for the cheapest tiles) to $15 psf (for marble). Labor on the other hand also ranges between $3 – 10 psf, depending on their skill and the supply of workers at the moment.
Once all the rage in Singaporean homes, built-in carpentry is also a large part of any renovation cost thanks to costly finish materials, quality wood workmanship required, and manpower to install it on-site.
An estimated cost of a wardrobe is around $200 -$400 per foot run, whereas a kitchen cabinet could be around $150 – $200 per foot run.
Materials & Alternatives
One big aspect that affects the renovation quotation is the materials used. Do note that some materials are incredibly pricey and can easily cause you to hit your budget limits.
If you are on a tight budget, try to compromise by considering cheaper alternatives instead:
- Wallpapers: Consider Korean wallpaper brands over European ones for cheaper coverage
- Paint: Opt for basic paints instead of those that come with a huge variety of properties
- Flooring: Opt for vinyl or tiles (which now come with a wide range of designs and textures to mimic other materials) instead of expensive marble or natural wood
- Kitchen tops: Use quartz instead of expensive granite
- Wood: Consider composite wood over natural wood
Hire Based on Your Needs
There is a common misconception that interior designers are always pricier than contractors due to the upfront costs.
However, if you take into consideration the hours the homeowner is required to spend on the renovation project, it might make a little more sense. Instead of scrimping on the slight difference in cost here, we highly recommend you go with which partner will fulfil your needs best.
Go with an ID if you do not have the time to deal with any of the renovation works apart from giving inputs and approvals time to time.
Go with a contract if you have enough time to plan and oversee the renovation and liaise with all the independent contractors. If not done well and corrections are required, don’t be surprised if it could end up a costlier affair than expected.
Get Quotes for Comparison
Now that you have a rough idea for your budget, don’t forget to get quotes from various vendors for comparison.
Look out for their service quality, portfolio of works, workmanship, design ability and of course how their cost compares to your budget and competitors.
Expect to Spend Extra
Renovations are always unpredictable. Be it last minute changes you might make, material shortages that require you to change to something more costly or manpower shortages, you can expect something to veer from the original plan.
That’s why make sure to budget for a little extra in your budget for these unforeseen circumstances.
Ready To Renovate Your Home For 2022?
Now that you are aware of all the areas to look out for when planning your renovation budget, you are all ready to look for the right professional to help bring your dream home to reality.
Save your efforts in searching for the ID by checking out ID Mate, Redbrick Home’s algorithm-powered matchmaker for homeowners and professional IDs. With a click of a button, get matched with up to 5 interior design firms who fit your requirements.