Planning a home renovation is an exciting yet daunting task, especially when it comes to managing costs. In Singapore, homeowners are often keen to enhance their living spaces, whether it’s updating the kitchen, adding a new bathroom, or giving the entire home a fresh look. With 2024 bringing new trends and inflationary pressures, it’s crucial to understand the home renovation costs in Singapore to avoid any budgetary surprises.
Renovating your home not only enhances its aesthetic appeal but also adds significant value. Whether you’re a first-time homeowner or looking to revamp your space, understanding the financial implications can help you plan better. From minor upgrades to extensive overhauls, the costs can vary greatly based on the scope of work, materials used, and the professionals hired. Let’s dive into what you can expect in 2024 when budgeting for a home renovation in Singapore.
Key factors influencing renovation costs
1. Scope of renovation
- Minor renovations: Simple updates like repainting walls, replacing fixtures, or upgrading appliances typically range between SGD 10,000 and SGD 20,000.
- Major renovations: Larger projects such as kitchen overhauls, bathroom remodels, or flooring replacements can cost anywhere from SGD 30,000 to SGD 50,000, or more.
2. Type of property
- HDB flats: Renovating a Housing and Development Board (HDB) flat can be more affordable compared to private properties due to size constraints and regulations.
- Private properties: These often require more extensive work and higher-end materials, leading to higher renovation costs.
3. Materials and finishes
The choice of materials significantly affects the overall cost. For instance, opting for marble flooring instead of ceramic tiles or choosing custom-built cabinetry over ready-made ones can drive up expenses.
4. Labour costs
Skilled labour is essential for quality work. In Singapore, labour costs can be substantial due to the high demand for experienced contractors and workers.
5. Design and consultation fees
Engaging an interior designer can add 8% to 15% to your total renovation cost, depending on the complexity of the project and the designer’s reputation.
Breakdown of typical renovation costs
Kitchen renovations are among the most common and can vary widely in cost. A basic kitchen renovation typically ranges from SGD 10,000 to SGD 20,000, while more extensive renovations can cost between SGD 20,000 and SGD 40,000. Bathroom renovations also follow a similar pattern, with basic updates costing between SGD 5,000 and SGD 10,000 and more extensive work ranging from SGD 10,000 to SGD 20,000.
For living rooms and bedrooms, a basic renovation might cost between SGD 5,000 and SGD 15,000 per room, while extensive renovations can range from SGD 15,000 to SGD 30,000 per room. Flooring costs can also vary, with basic options costing SGD 5 to SGD 15 per square foot and premium flooring ranging from SGD 20 to SGD 50 per square foot.
Hidden costs to consider
1. Permits and approvals: Certain renovations, especially in HDB flats, require permits. These can add to the overall cost and time required for the project.
2. Temporary accommodation: If the renovation is extensive, you might need to arrange for temporary accommodation, adding to your expenses.
3. Unexpected issues: Issues like electrical wiring problems, plumbing leaks, or structural damages discovered during the renovation can increase costs unexpectedly.
Financing your renovation
Given the high costs associated with home renovations, many homeowners in Singapore consider financing options to manage their budget effectively. Using personal savings is ideal as it avoids debt, but it requires substantial upfront funds. Alternatively, many banks and financial institutions offer home renovation loans, which typically come with lower interest rates compared to personal loans. Personal loans are another option, providing flexibility in terms of usage, though they often come with higher interest rates.
For quick and flexible financing, licensed money lenders like Orange Credit offer instant cash loans with fast approval. This can be particularly useful for managing cash flow during renovations, ensuring you have the funds needed to keep your project on track.
Conclusion
Renovating your home can be a rewarding experience, transforming your living space to better suit your lifestyle and needs. However, it’s essential to plan your budget carefully and consider all potential costs to avoid financial strain. With 2024 bringing new trends and economic factors into play, staying informed about renovation costs is more important than ever.
If you’re looking for flexible financing options, consider Orange Credit, a licensed money lender in Singapore offering instant cash loans with fast loan approval. Whether you need to cover unexpected expenses or manage your renovation budget effectively, Orange Credit can provide the financial support you need to bring your dream home to life.
