Plan for Your Renovation Budget

“How much did you spend on your renovation?” – a question that we have been asked a lot recently.

To be honest, numbers are just numbers and it still depends on the extensiveness of the renovation that every couple is willing to do. Renovation usually takes up a huge chunk of your savings and it is vital to plan for a budget to avoid bursting your expenditures. Nowadays, a simple renovation can cost at least $20K.

So how to get started?

Decide on a theme

We have decided on the theme Scandinavian as we love the simple and sleek Danish design. With the theme in mind, you can start looking for inspirations and inform your ID/contractor.

Search for inspirations

Start looking for inspirations! Read my blog post on Apps & Sites for Home Inspirations for more ideas.

Plan for your personal finances

Don’t spend what you can’t afford to. Make sure that the amount is comfortable for the both of you.

Budget for your renovation and furnishings

For renovation costs, make sure that you include all the items that you wish to renovate on into the quotation. One important thing to note would be a “variation order”. This will come nearing the end of the renovation with additional costs that have been included into the initial quotation, so do follow up closely to avoid bursting your budget. Bear in mind that carpentry is the most costly.

Furniture cost can go between $10K-$20K depending on the items that you purchase. But then again, I do feel that you can take your time to furnish your home along the way. Necessary items like fridge, washing machine, sinks, taps, oven, hood & hob, bed, etc. have to be purchased upfront. So do set a budget aside for these items. Things like sofa, tables or that painting you fancy can wait.

Document down

Keep a record of what you have planned. I wrote down all the items that we needed on Google Docs, free and simple to use. The good thing is you may also share with your spouse and update in real time. Do keep a record of – budget for renovation, budget for furnishings, items to purchase and contacts.

Search for an Interior Designer/Contractor

With the theme and budget in mind, you may start looking for IDs/contractors to get quotations and do an apple to apple comparison. Most importantly, meet up with them, talk to them, build the rapport to see if they deserve your business. Do a proper research online on their reputation and see if anyone else had reviewed their services. Do not engage companies that you are unsure of or not comfortable with.

Get a test loan

This is helpful only if you are getting a renovation loan. Before you commit to an ID/contractor, make sure you get the bank’s approval on your renovation amount. To do that, you will need to prepare – renovation loan application form, original quotation from the ID/contractor, payslip and HDB agreement to prove that you are the owner, and that’s it!

Hope the above helps with your home planning. Good luck! smile

Check out my other posts on Home related matters:
heart Apps and Sites for Home Inspirations
heart Selecting an Interior Designer/Main Contractor/Package Interior Designer
heart Inspirations for Feature Walls
heart Getting the Keys
heart Renovation, Start!
heart Plan for Your Renovation Budget
heart What are the Renovation Costs Involved
heart Kitchen Essentials for the Home
heart Hidden and Miscellaneous Costs in Renovation Quotation
heart Where to Shop for Furniture via Online & Offline
heart Horrendous Service from SleepSavvy