Tips to Save for Your Home Renovation

With so many properties coming out recently for the past few years, many people have also jump onto the property buying bandwagon. There are also many condominiums for rent in the property market. There is also condominium rental guide available on the websites that you can check it out:

Whether it is for own stay or for investment purpose, you will still need to renovate your newly rented home. As the rental for condominium is not cheap, this article will guide you through some tips on renovating your home with an affordable budget that does not break your wallet.

1.      Set a budget

It is essential to have a budget for your home renovation to prevent yourself from overspending on unnecessary things. You can always choose to use a budget planner to help you keep track of your available budget for your home renovation. Look at your current finances and set a budget accordingly.

Do bear in mind that renovation can cost beyond S$30,000. You can consider getting a personal loan instead. However, personal loan comes with higher interest rate as compared to a renovation loan. A personal loan comes with a 12% to 15% interest rate as compared to renovation loan that comes with a 6% to 7% interest rate. However, it is not advised to spend too much on renovating a house that does not belong to you.

2.      Be realistic

Think about how much you can afford after paying for your home. Once you have decided and set on your budget, stick to it to prevent getting into a debt. Make a list of what you really need and what you want for your home. You will need to be clear that items you want might not be items that you need for your new home. Furthermore, they can add up to an amount that might affect your budget. You may visit some forums online and read the reviews of the items you want before you make a decision on whether to have it or not.

3.      Consider DIY

Although we are not expert when it comes to renovations, there are some things that can still be done easily on our own. For example, you can easily assemble furniture that you have bought from IKEA with the instruction attached. Moreover, you can also paint the walls on your own without hiring any workers to paint the wall for you.

4.      Compare quotations

With so many websites in the Internet such as Pinterest where you can look for ideas, it has definitely make life easier by helping you to narrow down on the theme that you would like for your house.

If you are engaging with an interior designer, make sure you shortlist the interior designer before you decide on which design firm to engage with. Make sure that you reach an agreeable price and design with your interior designer. Inform the designer on what you are looking for in your house and your expectations to prevent disappointment in the future.

5.      Buy your own materials and supplies

Go for materials or supplies shopping on your own. Materials such as lights, switch covers, paints and bathroom fixtures can be easily bought over the stores. Buying your own supplies will allow you to save on the cost of materials as you will be able to compare prices and buy only things you need for the home renovation.

6.      Refurbish and reuse

Instead of demolishing and throwing out old furniture that are still in good condition, why not refurbish them into something new looking and reuse them? This will then save you quite a bit of cost from buying new furniture. For example, instead of spending money on hacking your brick walls and rebuilding them, why not just give them a good cleaning and give them a new fresh look?

7.      Sell your old stuffs

You can always sell off your old stuff that you do not want anymore (furniture, old clothes, electrical goods and so on) in the flea market instead of just throwing away. Reselling your old stuff will get you back some cash that you can use to purchase new items that you need for your home renovation.

8.      Buy second hand items

One man’s trash is another man’s treasure. Not all second hand items are trash. You can definitely get some good deals from buying second hand items from thrift stores or garage sales.

9.      Work with friends and family

Although it might sound like free labour, but you can always ask for help from your friends and family during house renovation. For example, you can invite them over for a ‘painting session’ and ask them to help you to paint your house. By having your friends and family’s help, you can then save on labour cost.

 10.  Housewarming gift registry

Most people will not urn up a house warming party empty handed. Instead of having your guests go through hassles of getting something that you do not want or already have, you can set up a house warming gift registry to let your guests know what you want and what you do not have yet, such as oven, cutlery, Tupperware, juicer, rice cooker and so on.

Although it sounds a tiny bit condescending, most people actually appreciate this direction to save them on thinking what to get for your house warming party.

In conclusion, always plan your budget ahead and try sticking to your budget to prevent yourself from overspending on your renovation limit. Besides, there are also many articles on the Internet on how you can renovate your house without breaking your bank account.

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