How much should your reno cost in 2021?
Are you mulling over how your renovation project is going to burn a hole in your pocket? We’ve got great news for you – a beautiful home does not have to come with a hefty price tag. By choosing the right interior design firms, engaging contractors prudentially for minor works, and keeping an eye out for savvy deals, you can save you more than you think!
How much is reasonable to set aside for your renovation?
Your income is a good gauge of how much you should be spending on renovation. A common rule of thumb is that the cost of your home renovation should not exceed six times your monthly household income. Therefore, if your monthly income is $5,000, it is reasonable to spend a maximum of $30,000 on your home makeover.
If you are considering what to cut down on, maybe consider cutting down the aesthetics. After all, it is more practical to prioritise comfort over aesthetics.
1. Spend proportionally to the size of your property
Different properties incur varying costs of renovation. This is because renovation costs are based on the size, type and status of your property. Consider the difference in renovation costs between a new 3-room, 4-room and 5-room flat.
Why does a 5-room flat have the highest renovation cost? Well, this is due to more material and carpentry needed to furnish the bigger flat as compared to as a smaller flat. The average renovation cost would be $32,000 for a three-room flat, $42,600 for a four-room flat and $52,100 for a 5-room flat.
In addition, renovation costs also differ for different types of properties. Renovation for a HDB Resale flat is estimated to be more expensive as compared to a BTO flat. This is due to the additional costs needed to repair the wear and tear of the older flat and replace existing furnishings. Therefore, it is ideal to factor in the renovation costs when deciding the type of housing you wish to purchase.
Photo via QanVast
Photo via Livspace
2. Renovate parts of your home instead of your entire home
A common misconception about renovation is that if you start, you must finish the entire home. This is a big misconception that could cause you to splurge unnecessarily on renovation. Why hurry? Your home won’t go anywhere!
Instead of renovating your entire home, identify the specific areas you wish to renovate. For example, you can consider renovating your kitchens and bathrooms first, as they experience the highest traffic. Renovation of the bedrooms can take place later on.
Alternatively, decide which rooms to renovate first based on their renovation costs. Generally, there are 4 main types of renovation costs in the categories of hacking, masonry, carpentry as well as ceiling and partition. Each type of renovation has different costs, with the most expensive type being carpentry.
Here are some of the estimated renovation costs for the living room, kitchen, bedroom and bathroom. By choosing to renovate only one or two rooms instead of the entire house, you can get to save up to S$100,000 in renovation costs!
For a detailed breakdown of costs for each room, check out Qanvast’s renovation calculator.
Photos via SingSaver
3. Engage trustworthy and established contractors
Heard your friends recommending you deals from contractors that seem too good to be true? Think twice before hiring these contractors.
The lower renovation quotation may seem attractive, but beware of lower quality workmanship or the lack of warranty.
Often, hefty costs can be incurred for reparations that are not covered under warranty and insurance. Therefore, conscientious research on reliable renovation firms with years of good track record and providence of warranty is necessary for every homeowner. This could help you avoid unnecessary costs!
4. Put the purchase of new furniture as a lower priority
Eager to make your home your own with beautiful furniture that express your personality? You may be wondering how much to budget for your furniture. Check out this informative table of the average cost of home equipment to furnish your home.
Photo via ValueChampion
Alternatively, consider buying pre-loved furniture. If you are purchasing the unit from someone else, ask the previous owner if he would like to sell out his furniture at a lower cost to you. You’d be surprised, some homeowners may be happy to do so to reduce the transportation fee of sending their furniture to potential buyers, or even their new home.
You can focus on renovating your house first to build the physical aesthetics and then start replacing and buying new furnitures in the future months and years. Build your dream home at a low cost!
Save more with renovation deals on CardsPal
While you budget for your home renovation, consider saving more with renovation deals on our CardsPal app.
D’Brain Studio is a boutique interior design company that is known for offering professional and reputable renovation for its clients. As a CardsPal app exclusive, D’Brain Studio offers affordable renovation packages starting from S$3,988. Stand a chance to win gift vouchers worth up to S$2,000 as well. Find out more here.
Finally, check out Blackjack Royal Studio, a renovation firm that offers professional interior design for your home! With a dedicated team of experienced interior designers, Blackjack Royal Studio promises a seamless and efficient renovation experience. Moreover, enjoy an exclusive gift of a free laundry system worth $800 with our promo code in app! View code here.