If you’re planning to renovate your resale condo in Singapore, it’s essential to plan and budget carefully to avoid overspending. Renovating a condo can be expensive, and it’s easy to go over budget if you don’t plan carefully. In this article, we’ll guide you through the process of planning and budgeting for your resale condo renovation.
Renovation Price List Based on the Size of Your Home
Renovation Cost in Singapore Based on the Scope of Work
As you can see, the cost of renovation can vary widely depending on various reasons.
#3: Renovation Cost in Singapore Based on the Scope of Work
The scope of work you need to get done will also impact the renovation cost of your resale condo in Singapore. A basic renovation typically includes painting, flooring, and basic carpentry work, while a major renovation may involve hacking walls, rewiring, and installing new plumbing fixtures.
Here is a table that gives you an idea of how much you can expect to pay for different types of renovation works:
Keep in mind that the actual cost will depend on the complexity of the work and the materials used.
Assessing Your Renovation Needs
Before you start renovating your condo, it’s essential to identify your goals for the renovation. What do you want to achieve? Do you want to update the look of your condo, increase its functionality, or both? Once you have a clear idea of your goals, you can start assessing the condition of your condo and what needs to be renovated. This will help you create a realistic budget and timeline for your renovation.
Determining Your Renovation Budget
Determining your renovation budget is one of the most crucial steps in the renovation process. The cost of renovation in Singapore can vary widely depending on several factors, including the type of property, the size of your home, and the scope of work. It’s important to create a realistic budget that takes into account all of these factors. To create a budget, you can start by researching the costs of renovation in Singapore. You can find renovation cost calculators online, which can give you an estimate of how much your renovation will cost. It’s also essential to take into account the different financing options available, such as renovation loans and personal loans.Understanding the Costs of Renovation
The cost of renovation in Singapore can vary depending on several factors. For instance, the type of property can affect the cost of renovation. HDB flats typically have lower renovation costs compared to private properties, such as condos and landed properties. Similarly, the size of your home and the scope of work can also affect the cost of renovation. To give you an idea of how much your renovation might cost, here’s a breakdown of renovation costs based on the type of property, the size of your home, and the scope of work: Renovation Cost Singapore Based on the Type of Property| Property Type | Renovation Cost |
| HDB Flat | $20,000 – $40,000 |
| Condo | $30,000 – $60,000 |
| Landed Property | $80,000 – $150,000 |
| Size of Home | Renovation Cost |
| 2-room HDB flat | $20,000 – $30,000 |
| 3-room HDB flat | $25,000 – $40,000 |
| 4-room HDB flat | $30,000 – $50,000 |
| 5-room HDB flat | $40,000 – $60,000 |
| Condo (1,000 sq. ft.) | $40,000 – $60,000 |
| Condo (1,500 sq. ft.) | $60,000 – $80,000 |
| Landed Property (2,000 sq. ft.) | $80,000 – $120,000 |
| Scope of Work | Renovation Cost |
| Basic Renovation | $20,000 – $30,000 |
| Mid-range Renovation | $30,000 – $50,000 |
| High-end Renovation | $50,000 – $100,000 |
| Renovation Type | Estimated Cost (SGD) |
| Painting | $1,000 – $3,000 |
| Flooring | $5 – $15 per square foot |
| Basic Carpentry | $150 – $300 per foot run |
| Hacking Walls | $100 – $150 per square foot |
| Rewiring | $3,000 – $5,000 |
| New Plumbing Fixtures | $2,000 – $5,000 |
The Furniture You Buy Affects Your Renovation Cost
When planning your renovation budget, don’t forget to consider the cost of furniture. The furniture you choose can greatly impact your renovation cost, as it will affect the design of your space and the amount of space you need to renovate. For example, if you choose to have built-in cabinets or shelves, you will need to factor in the cost of the materials and the labour required to install them. Similarly, if you plan to have custom-made furniture, this will also add to the overall cost of your renovation. On the other hand, if you choose to buy ready-made furniture, you may be able to save on the cost of labour and materials. However, keep in mind that ready-made furniture may not fit your space as perfectly as custom-made furniture would.Hiring an Interior Designer
Hiring an interior designer is a great way to ensure that your renovation project goes smoothly and that the end result meets your expectations. An interior designer can help you with space planning, colour selection, material selection, and much more. However, keep in mind that hiring an interior designer will add to the overall cost of your renovation. Most interior designers in Singapore charge a percentage of the total renovation cost, which can range from 5% to 20%. To make sure you get the most out of your budget, choose an interior designer who is experienced, knowledgeable, and has a good track record. You can also consider asking for recommendations from friends or family members who have undergone similar renovation projects.What Increases the Renovation Cost in Singapore?
Apart from the factors we’ve already discussed, there are other factors that can increase the renovation cost of your resale condo in Singapore. These include:- The age and condition of your property: Older properties may require more work and may have more hidden problems that need to be addressed, which can add to the renovation cost.
- The location of your property: Properties in more central locations or in areas with higher property values may cost more to renovate.
- The complexity of the design: If you have a complex design in mind, this may require more work and materials, which can increase the renovation cost.
- Additional requests: If you have additional requests or changes that you want to make during the renovation process, this can add to the cost.
How to Finance Your Home Renovation?
Once you have a clear idea of the renovation cost and scope of work, it’s time to think about financing your home renovation. There are several options available in Singapore, including:- Cash: If you have the cash on hand, this is the easiest and most straightforward way to finance your renovation. However, keep in mind that this may not be feasible for everyone.
- Personal loans: Personal loans are unsecured loans that can be used for a variety of purposes, including home renovations. The interest rates for personal loans are typically higher than for secured loans, such as home equity loans or renovation loans.
- Renovation loans: Renovation loans are specifically designed for home renovations and typically offer lower interest rates than personal loans. These loans are usually secured by your property and have longer repayment periods than personal loans.
- Home equity loans: Home equity loans allow you to borrow against the equity you have in your property. These loans usually have lower interest rates than personal loans or renovation loans, but require you to have sufficient equity in your property.
How is a Renovation Loan Different From a Personal Loan?
As we mentioned earlier, renovation loans are specifically designed for home renovations, while personal loans can be used for a variety of purposes including condo renovation package Singapore. Renovation loans also typically offer lower interest rates than personal loans, as they are secured by your property. Additionally, renovation loans often have longer repayment periods than personal loans, which can make them a more affordable option for financing your home renovation. Planning and budgeting for a resale condo renovation or 5-room resale flat renovation cost in Singapore can be a daunting task, but by taking the time to research and plan ahead, you can ensure that your renovation project is a success. Be sure to consider factors such as the type of property, size of your home, scope of work, furniture, and the cost of hiring an interior designer. Don’t forget to factor in the additional costs that can increase the renovation cost, and consider financing options such as personal loans, renovation loans, or home equity loans. With careful planning and a bit of creativity, you can transform your resale condo into your dream home.
