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.