If you are buying a new flat, it is essential to set aside an additional S$50,000 to S$80,000 to renovate it according to your tastes. Those who have lived in the same house for a period of 10 years or more would need to spend a substantial sum to refurbish their homes.
But, wow will you pay for this expense? If you have recently bought a home, you would have probably taken on a large home loan, and it could be a meaningful burden to incur further debt for your renovation. Therefore, people who are remodelling an existing home should also try and avoid taking a loan for this purpose. Instead, they should plan ahead and set aside money on a regular basis. However, at times, the only way to arrange the required funds is through a renovation loan. Several banks offer this product specifically for people who need help funding their home renovations, and often even give you a discount if you already have a home loan from them.
Here are some other points to keep in mind so that you can be sure to get a great renovation without stretching your finances too much.
Decide on your budget
How much are you going to spend on your renovation project? You may have a figure, say S$60,000, in mind. But when you add up the expenditure on the various items, it is likely that your total will exceed this figure. In fact, if you have a budget of S$60,000, the total of the individual expenses should be in the range of S$45,000 to S$50,000.
Why should you keep such a large buffer? As the renovation progresses, you will probably think of additional improvements. Not only that, home renovations almost always encounter complications and delays that prolong the construction and increase the overall cost of the project. Unless you keep a cushion in your initial estimate, you can go hopelessly over-budget.
How will you find the right interior designer and contractor?
There are differing opinions on whether you should engage an interior designer at all. Most homeowners have a very clear idea about what they require, and there is a wealth of information available in magazines and on the internet on various designs and themes. You can clip out photographs of room layouts and designs that appeal to you and simply ask your contractor to replicate what is in the photograph or the image that you have downloaded.
But, there also are strong arguments in favour of hiring the services of an interior designer. When you are spending such a large amount on your renovation, it may be worth incurring an additional expense of S$3,000 to S$5,000 for professional advice so that you don’t end up with a home that isn’t all that great. In fact, an interior designer may be able to make suggestions and offer guidance that could save you thousands of dollars.
The best way to find an interior designer with good technical knowledge with materials. You should try and identify someone who has got renovation work done previously, and avoid referrals where the person giving the recommendation does not have any direct knowledge about the quality of the work of the contractor.
Come up with your own ideas
If you do decide to use the services of an interior designer, you should not delegate the entire responsibility for your home to this person. You are the one who is going to live there and are in the best position to decide what your house should look like.
Of course, this does not mean that you shut your mind to the ideas that the interior designer or even the contractor provide. These individuals are professionals who would have worked on dozens of similar projects in the past. Their expertise can be crucial to a successful home renovation project.
A good practice to adopt is to make a list of your ideas and queries and then discuss them in detail with your designer or contractor. Listen carefully to what they say and be prepared to change your views if their proposals seem superior to yours. After all, they are specialists in this field and you are paying for their know-how.