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How to create a renovation budget for first-time homeowners

So, you have just got your first house, and you are pulling your hair out trying to figure out how much budget you should set aside for your renovation. This is a phase almost every Singaporeans would go through, mainly because renovating your house is one of the few big-ticket items most of us will need to spend money on.

To help you along and keep your budget manageable, here are some tips to help you work out your renovation costs.

 

Decide on the scope of your renovation

The scope and size of your renovation has a huge impact on the cost. If you are renovating your home for the first time, it is important to start with a list of must-haves and nice-to-haves. Priortising your budget for the must-haves can help you manage the cost of your renovation.

 

Use a budget calculator

There are many helpful renovation and building calculators out there which will help give you a rough estimate of the costs and help you plan.

According to Qanvast, which is a platform that allows Singapore homeowners to compare design inspirations from a pool of interior designers, the average renovation amount spent on a typical HDB flat is about $56,000.

 

Get professionals to check your plans

If you haven’t already got plans for your renovation, it is important to get them done before you finalise your budget. They are crucial if you want to manage your renovation costs.

The costs will depend on factors like:

– The materials you want to use

– The professionals that you employ

– The quality of work, finishes and fittings

– The size of the job

– The location and size of your home

 

Add 10 to 20% to your final budget as a contingency

Overspends are common on renovation projects. Most of those who have had experience in renovation would recommend you to factor in an additional 10% of your renovation budget.

 

Go for quality

One of the best ways to manage your costs is to go for quality rather than trying to go for the cheapest. Compromising on the quality would most likely result in higher maintenance cost and a shorter product life span. In the long-term, these costs might run even higher than choosing for a higher quality product in the first place.

At The Finishing Line, we focus on producing only high-quality window dressings like our TimberCast blinds. Each product is handcrafted and goes through several rounds of quality control before they are installed. Come experience the luxurious quality of our window dressings yourself.

 

Book an appointment with us now using the form here!

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