{"id":17582,"date":"2022-09-02T18:21:01","date_gmt":"2022-09-02T10:21:01","guid":{"rendered":"https:\/\/www.hometrust.sg\/articles\/?p=17582"},"modified":"2023-09-14T09:11:53","modified_gmt":"2023-09-14T01:11:53","slug":"saving-on-renovation-how-to-create-and-stick-with-a-budget-when-renovating","status":"publish","type":"post","link":"https:\/\/www.hometrust.sg\/articles\/saving-on-renovation-how-to-create-and-stick-with-a-budget-when-renovating\/","title":{"rendered":"Saving On Renovation: How To Create (And Stick With) A Budget When Renovating"},"content":{"rendered":"[spb_text_block animation=”none” animation_delay=”0″ simplified_controls=”yes” custom_css_percentage=”no” padding_vertical=”0″ padding_horizontal=”0″ margin_vertical=”0″ custom_css=”margin-top: 0px;margin-bottom: 0px;” border_size=”0″ border_styling_global=”default” width=”1\/1″ el_position=”first last”]\n

Saving On Renovation: How To Create (And Stick With) A Budget When Renovating<\/h1>\n[\/spb_text_block] [spb_divider type=”thin” text=”Go to top” top_margin=”0px” bottom_margin=”30px” fullwidth=”no” width=”1\/1″ el_position=”first last”] [spb_row element_name=”Row” wrap_type=”standard-width” row_bg_type=”color” color_row_height=”content-height” bg_type=”cover” parallax_image_height=”content-height” parallax_image_movement=”fixed” parallax_image_speed=”standard” bg_video_loop=”yes” parallax_video_height=”window-height” row_top_style=”none” row_bottom_style=”none” parallax_video_overlay=”none” row_overlay_opacity=”0″ remove_element_spacing=”no” row_col_spacing=”0″ row_col_pos=”default” row_col_equal_heights=”no” row_expanding=”no” row_animation=”none” row_animation_delay=”0″ minimize_row=”no” simplified_controls=”yes” custom_css_percentage=”no” custom_css=”margin-top: 0px;margin-bottom: 0px;” border_styling_global=”default” width=”1\/1″ el_position=”first last”] [spb_text_block animation=”none” animation_delay=”0″ simplified_controls=”yes” custom_css_percentage=”no” padding_vertical=”0″ padding_horizontal=”0″ margin_vertical=”0″ custom_css=”margin-top: 0px;margin-bottom: 0px;” border_size=”0″ border_styling_global=”default” width=”1\/1″ el_position=”first last”]\n

When it comes to renovating, we\u2019d all like to create the Pinterest-worthy home of our dreams. But unless you\u2019re Elon Musk or you\u2019ve got a trust fund somewhere, chances are, you\u2019ll have to stick to a budget when renovating<\/a>.<\/p>\n

In this article, we discuss how much renovations typically cost, and walk you through what to keep in mind when creating a budget. Read on to find out more!<\/p>\n[\/spb_text_block] [spb_text_block animation=”none” animation_delay=”0″ simplified_controls=”yes” custom_css_percentage=”no” padding_vertical=”0″ padding_horizontal=”0″ margin_vertical=”0″ custom_css=”margin-top: 0px;margin-bottom: 0px;” border_size=”0″ border_styling_global=”default” width=”1\/1″ el_position=”first last”]\n

How Do You Create A Renovation Budget?<\/h2>\n[\/spb_text_block] [spb_text_block animation=”none” animation_delay=”0″ simplified_controls=”yes” custom_css_percentage=”no” padding_vertical=”0″ padding_horizontal=”0″ margin_vertical=”0″ custom_css=”margin-top: 0px;margin-bottom: 0px;” border_size=”0″ border_styling_global=”default” width=”1\/1″ el_position=”first last”]\n

First things first\u2026 how do you create a renovation budget?<\/p>\n[\/spb_text_block] [spb_image image=”17600″ image_size=”full” frame=”noframe” caption_pos=”below” remove_rounded=”yes” fullwidth=”no” overflow_mode=”none” link_target=”_self” lightbox=”no” intro_animation=”none” animation_delay=”200″ width=”1\/1″ el_position=”first last”]\n

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Before you get started, you\u2019ll have to have a clear idea of what exactly you want to do in your renovation, and the amount of involvement you need from your ID or contractor.<\/p>\n

Once you have a clear-ish picture of the above, you can list down renovation costs in a spreadsheet. The more detailed you can get, the better – if you can see the exact breakdown of what each item costs, it\u2019ll be easier for you to prioritise and figure out what\u2019s a must-have, and what\u2019s a good-to-have.<\/p>\n

Finally, for first-time homeowners, consider creating a budget for appliances\/furnishings on top of your renovation budget. If you\u2019re moving out for the first time and you\u2019ve been living with your parents, you\u2019ll probably need to get all the standard appliances like a stove, washing machine<\/a>, etc – these costs can add up quickly as well.<\/p>\n[\/spb_text_block] [spb_text_block animation=”none” animation_delay=”0″ simplified_controls=”yes” custom_css_percentage=”no” padding_vertical=”0″ padding_horizontal=”0″ margin_vertical=”0″ custom_css=”margin-top: 0px;margin-bottom: 0px;” border_size=”0″ border_styling_global=”default” width=”1\/1″ el_position=”first last”]\n

How Much Does Renovating Typically Cost?<\/h2>\n[\/spb_text_block] [spb_image image=”17601″ image_size=”full” frame=”noframe” caption_pos=”below” remove_rounded=”yes” fullwidth=”no” overflow_mode=”none” link_target=”_self” lightbox=”no” intro_animation=”none” animation_delay=”200″ width=”1\/1″ el_position=”first last”]\n
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Unfortunately, there\u2019s no one-size-fits-all answer to this question. That said, you can get a rough gauge of how much you\u2019ll expect to spend based on a few factors:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Factor<\/th>Impact on cost<\/th>\n<\/tr>\n<\/thead>\n
Are you renovating a HDB flat, condo, or landed property?<\/td>Landed properties cost (by far) the most to renovate - the square footage will definitely be larger, and these projects tend to be more complex.
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\nBetween HDB flats and condos, condo renovations are generally simpler in scope as compared to HDB flats. Firstly, condos tend to be smaller in size; many condos are also fitted out with high-end appliances and come with built-in items such as wardrobes. As such, people may do more and hence spend more on HDB renovations.<\/td>\n<\/tr>\n
Are you renovating a new unit or a resale one? <\/td>Renovating a new unit will always be easier and cheaper than tackling a resale unit, because you\u2019re starting from a blank slate.
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\nWith new BTOs, for example, you can opt for a simple renovation with no additional frills (false ceilings, recessed wall niches) in order to keep your costs low. With resale units, however, these are typically in less-than-perfect condition and have a certain degree of wear and tear. It\u2019s more likely that you\u2019ll need to hack, update the plumbing and electricity, and do additional things that will bump up renovation costs.<\/td>\n<\/tr>\n
Will you be doing a lot of hacking?<\/td>This is fairly straightforward: if you\u2019re planning on hacking and removing a lot of existing flooring, wall finishes, or walls, this will add to your cost. Keep in mind that in certain cases, it is possible to get a completely new look and feel without hacking - for flooring, for example, you can lay vinyl or laminate over your existing tiles. <\/td>\n<\/tr>\n
Will you be doing a lot of masonry?<\/td>Masonry includes any works that use cement. Tiling floors and walls, building cabinet bases, and building shower kerbs all fall into this category. <\/td>\n<\/tr>\n
Will you be doing a lot of carpentry?<\/td>Carpentry includes any works that use wood. All your built-ins fall into this category, including bookcases, TV consoles, wardrobes, and kitchen cabinets. Platform beds (which are pretty popular these days) also involve carpentry.<\/td>\n<\/tr>\n
What type of materials do you want to use?<\/td>There\u2019s a wide range of flooring, wall, and countertop options to choose from. If you go for expensive materials (such as parquet floors), this will obviously inflate your budget.<\/td>\n<\/tr>\n
Do you want to engage a contractor or an ID firm?<\/td>Contractors are generally more affordable than IDs - but they take on less as well. If you\u2019re using a contractor, you\u2019ll need to finalise your design and works by yourself, and also oversee the project yourself.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Here are some estimates for renovation costs, based on your type of property and the scope of your renovations:<\/p>\n

*Simple build refers to built-in kitchen cabinets<\/a>, wardrobe, and TV console<\/a>, but no hacking, while complex build refers to all the above built-ins, plus hacking or reconfiguring of spaces<\/i><\/p>\n