Imagine that you have saved enough money for the renovation that you have been planning for some time. Before you can make your Pinterest board of home renovation ideas come to life, you need to set a realistic budget. According to a recent survey by Qanvast, the average home renovation cost for an HDB flat in is between $30,000 and $50,000. The problem is that most homeowners go over their set budget when renovating their homes. With that in mind, how do you stick to your budget?
Create a Detailed Plan for your Renovation Project
Whether you are looking to renovate your entire home or one room, you need to have a detailed plan for all the unexpected or anticipated costs of your home renovation. Singapore has renowned interior designers available for consultation. When estimating the renovation cost, factor in huge expenses first, but don’t forget to consider the smaller ones as well. Basically, the more you plan, the more prepared you will be.
Go the DIY Route, but Only if You Can
While a DIY project can be more inexpensive, it is not always the case. Newbies should be careful. If you lack the expertise required for the project, you might end up paying up to 40% more than if you left the job to a professional. The reason for this is that although your labour is technically free if you DIY, your lack of expertise can cost you. You must also consider the scheduling and hiring of services. An experienced contractor has connections and knows whom to hire for the best work at the right price. They can plan a realistic schedule to avoid wasting your resources on disorganised use of time.
Know When to Splurge and When to Cut Corners
Before setting your budget, list down all the features that you want to have. When trying to budget for each need, determine which ones are a priority and which ones can take the backseat for now. For instance, if you are looking to make your closet bigger, do you genuinely need an upscale finish or custom job? If you are okay with ready-made cabinets, you can save a significant chunk of cash and stretch your money for other renovation work that you might need.
Put a Buffer on Your Renovation Budget
Some home renovation experts recommend that you put at least a 10 per cent buffer on your budget. However, some say that if you have enough money, consider increasing your budget up to 25 per cent, especially if you have an older home. Also, if you encounter an unexpected cost, do not rush into making a decision. Instead, you should wait at least a full day to decide on it.
In the end, you should create a detailed plan for every renovation work that you require. You can do a DIY project only if you are confident in your skills. Finally, you should think critically and pad your budget sufficiently. Hopefully, these tips will help you stick to your budget.
