1. Determine your budget
Consider your finances and be honest about what you can afford.
This doesn’t mean that you will have to limit your renovations based on your current account balance.
Home renovation loans allow you to borrow money specifically for financing your renovation project.
If you do decide to take a home renovation loan to finance the project, be cautious not to overstretch your finances.
2. Be realistic
It’s easy to do a simple google search and list down the various home renovation projects that catch your eye.
However, it’s important to get your head out of the clouds and stay grounded. You should remember to differentiate your needs from your wants.
Keep in mind that the renovation meets your basic needs.
These are those things that will make the home more functional for you and those living in it.
You can consider adding some extras if you can still afford to. These include those things that appeal to your vanity such as expensive tiles for your kitchen back splash.
3. Request and compare quotations
Requesting quotations is a great opportunity to compare different companies and determine which would be the best one to work with.
A reliable contractor will take the time to visit your property and discuss your needs.
They will then be better able to provide you with a quotation for their services.
Never go with a firm that offers to give you a quotation without visiting your home.
A simple online search will bring up various professional contractors.
Go through their websites or ratings and shortlist up to five of them.
Get in touch with the firms to find out what services they offer and how much they would charge for the renovation.
4. Consider doing some things yourself
There are some aspects of renovations that may not require technical skills.
Consider painting the walls yourself or installing IKEA shelves to customize your space.
Doing some tasks yourself can help to bring down the costs of the renovation.
You’ll also have a great sense of accomplishment from having contributed towards achieving your dream space.
5. Have a contingency fund
Often times, your renovation might likely run over budget.
This happens in a good number of projects. It often leaves homeowners frantically seeking extra funds in order to complete the project.
Don’t let this be your story. If you’ve received a quotation for S$30,000 on your renovation, you should budget to spend more than this.
This will ensure that you’ll have a buffer in case you end up spending more on the project.
