How to save on a resale flat renovation project
A resale flat can be perfect for many people. They don’t take as much time to move in, and they may be in a location you like. If you buy a resale flat, it can take wind out of your sail when you see the cost of renovating it to your specifications. Here are some money-saving tips to help you out.
Determine Your Renovation Budget
Establish a budget, and then stick with it. Write down what expenses you may have to pay and how much they could cost. Take a second look at the list to see what you can do without or if there are ways to save money, such as buying an item used. Decide if you need an Interior Design Firm, a contractor or simply carpentry services.
Not everyone knows exactly how much everything costs. It is okay if something costs more than you anticipated, it happens to the best of us. Are you looking for a gourmet kitchen that has everything to make cooking a dream? That will cost you a pretty penny. Sticker shock can often take over and cause a deal breaker. In order to avoid this, ask the contractor for a ballpark figure based on information provided. Some contractors prefer to do a walkthrough before providing a ballpark figure. However, some will be able to do this over the phone. Take some time to gather quotations from different vendors and find one that shares the same vision as you.
Think about Your Timeline
Are you going to stay in the flat for the next 20 years? If yes, then you can go ahead and take down that wall to open up the living area. If not, don’t buy tile to refinish the bathroom in the style you like. Stick with cheaper renovations to suit your style but that won’t cost you thousands of dollars that you can’t recoup when you sell again. Choose renovations in a minimalistic style that will appeal to a wide audience of potential buyers – Think Scandinavian.
Think about Materials Practically
Can you reupholster the couch? You may not need to buy a new one. Go for paint instead of wallpaper, which is more expensive and more difficult to maintain. Save yourself some money, and think carefully about the materials you use in your home. Compare the cost between Tiles, Laminate or Vinyl including installation cost to work out the best deal.
Take Advantage of Grants
CPF housing grants may be available to you. The Family Grant or Additional CPF Housing Grant might be an option for you if you are a first-time applicant. If you want to live near or with your parents, you can take a look at the Proximity Housing Grant, and there are others available for first-time applicants who are single Singapore citizens aged 35 or older. These grants can save you plenty of money on a resale flat.
Look at Loans Wisely
With an HDB housing loan, you’ll have a concessionary interest rate at 0.1 per cent over the prevailing CPF Ordinary Account interest rate, and that may change in January, April, July, and October. If you’re a bank loan applicant, your interest rates may be lower than HDB loan rates, depending on the current market conditions. If you want to get a renovation loan, research the various rates available before you apply.
* This article is written by KWYM Interior Designs and republished on Salary.sg