The Cost of Your Singapore Property Renovation

You will have to complete a number of important processes before a residential property renovation project begins. The cost of such work in Singapore varies. You will need to find the right service provider and the materials that correspond to your budget.

If you are going through the process for the first time, you may find it difficult to calculate the cost of your Singapore property renovation. The following guide will shed some light on the most important considerations and the ways to reach a relatively accurate estimate.

Budgeting Tips for Beginners

There are various online calculators you can use for the purpose of getting at least a basic idea about the cost of your property renovation.

Working with an experienced interior design company is another great idea. Your interior designer will be responsible for pinpointing the specifics of the project, helping you find the right contractors and the best materials for the execution. Through this professional involvement, you’ll find it much easier to reach an accurate figure that takes your budget in consideration.

The cost of renovation work will vary. The size of the property and the condition that it is in will play the biggest role. If you live in an HDB apartment, you’ll also have to account for the Housing and Development Board limitations/conditions. These will impact the manner in which the work is done, hence the overall cost of project execution.

If you do some online research, you will come across property renovation packages that cost as little as 5,000 dollars. Going for the cheapest offer, however, isn’t always the best idea. There could be hidden fees and charges that you become aware of once the work commences. Alternatively, you could have come across a property renovation scam. Such schemes call for an advance payment. Once you make the payment, you’ll never hear from the service provider again.

The key here is to contact multiple contractors and to get several quotes. Singapore property renovation companies should provide a no-obligation detailed quote you can use to compare the cost to the price of working with someone else. This is the first thing to do, if you would like to carry out the property renovation in the most affordable manner.

Steps to Undertake to Calculate the Cost of Renovations

Apart from getting multiple offers from Singapore real estate renovation contractors, you should do a couple of additional things to reach an accurate number.

Start by determining the key metrics and statistics about the property. The size of the property in square metres, its type (HDB, condo, brand new, resale, etc.) will also play a role in estimating the price of renovation.

Here’s a simple example illustrating why these essentials are vital. The average cost of renovating a condo, for example, is 49,000 dollars. The average cost of renovating an HDB flat is 53,000 dollars. Thus, if you own an HDB apartment, you should be prepared to spend more on it.

Next, you should think about the extent and the scope of the renovation work.

Some modifications are a lot less costly to execute than others.  If you want to reduce the amount you will be spending on property improvements, you should focus on affordable modifications that produce the biggest transformation.

This is where the involvement of a Singapore interior design company is also going to be vital. Unless you are a trained professional, you may find it difficult to pinpoint the renovation projects and processes that make the most sense. A reputable and experienced interior designer will create a project for your property that gives you the desired improvement without going overboard in terms of expenditure.

Finally, you will need to think about the materials, supplies, furniture and accessories that you want to feature in your home.

Something as simple as bathroom tiles could come in a variety of price ranges. Do you want more expensive, high quality tiles or are you ok with a budget solution? A large percentage of the renovation price will be calculated on the basis of materials and supplies. You can easily make the project much more affordable by looking for inexpensive supplies, discounts and bulk order prices. Your interior design could assist you in this aspect, once again. Designers are quite knowledgeable and they can suggest an optimal price to quality ratio for supply purchases.

Finally, you should consider extra or hidden costs.

Even if you believe that you know exactly how the property renovation is going to take place, there’s some risk of things straying from the original plan. When work begins, contractors may find out that certain execution isn’t possible. They may have to work a longer period of time. The accessories you chose may be unavailable, forcing you to buy something more expensive.

You should always be prepared for a bit of additional expenditure. If you don’t have a contingency fund, you may end up with a half-finished property or a project that’s carried out in its entirety and that you’re incapable of paying for.

A contingency buffer should be in the range of 10 to 30 per cent of the cost of the residential renovation. Having this money set aside will give you peace of mind and enable the quick completion of the project.

Seek Professional Assistance!

Don’t hesitate to seek professional assistance when planning a Singapore property renovation project.

Interior design companies like Home Guide can give you the information and the industry experience to help you reach an accurate financial estimate.

We’ve been in business for many years, we’re an HDB-licensed company and we know what it takes to renovate an old condo or flat. We will work with you to understand the project outcome you’re hoping for and the amount you can invest in making the property transformation happen. Contact us today to get the process started.