How to set Budget for your Home Renovation
When we buy our first home, we often ask ourselves, “How much money am I willing to spend on renovation?” And before we get to that, let us figure out what kind of Home Owner are you.
There are two kinds of Home Owners with regards to this aspect. We have those who will prefer spending the minimum amount of money when it comes to renovating their new homes and practicality serves a bigger purpose than “our dream home”. Hence, renovation is to its minimum and so are the costs involved.
Then, there are those who are set to build their dream homes. Like a painter with a blank canvas trying to create his/her masterpiece. These Home Owners prefer to have their home renovated to exactly how they have pictured in their dreams and have them turn into reality. Often times, depending on the extensiveness of the works, they are willing to pay more just to get what they want and if not, as close as possible.
And after one has figured out what kind of Home Owner they fall into, you may begin setting a budget for yourselves.
Here are some pointers to do so:
Consult friends or relatives who have recently renovated/remodeled their home. They will give you an idea of how much they have spent on renovation based on the amount of works done.
- For HDB build-to-orders (BTOs), if you are running on a low budget, you may want to opt for HDB flooring instead of opting out and having to lay new floors. Yes, if you opt for HDB floorings, the workmanship may not be as good as engaging your own Interior Designer but you will be surprised at the significant difference in price.
- Bear in mind that Wet Works/Masonry Works will be the most significant in costs. Wet Works/Masonry Works are mainly floor works, Kitchen renovations and Bathroom renovations.
- Please consult your selected Interior Designer on any queries that you have, don’t be shy because understanding more on your home renovation, the materials used and designs will definitely help you to manage your costs better. For example, when selecting floor/wall tiles, the range of tiles and place of manufacture will affect the cost of tiles per square feet. Tiles manufactured in China vs. tiles from Italy will have a significant cost difference even though they may look the same.
- When you have set a budget, do not over expect the outcome. Many owners tend to do so. So, what you can do is to sit down with your Interior Designer and let them know the maximum you are able to spend on your renovation beforehand. This will allow them to work within your means instead of over costing. Efficient Interior Designers will help to utilise your wants and needs to its full potential within your budget. However, you can also do your part by not over expecting.
- Quotations are just a guideline for your budget, there will be certain costs of which will not be reflected prior to the design process. Such costs are electrical works and procurement of floor/wall tiles etc. As the cost of tiles varies from place of manufacture and range of designs, after the selection of tiles, then will your Interior Designer be able to cost in the price for you. Same goes for electrical works, your Interior Designer will have to assess the site (your home) based on your requirements to determine whether there will be a need to modify or add new electrical works. Having said that, rest assure that these are not “hidden costs”, they are merely items which are not able to be priced at the beginning. However, your Interior Designer should reflect such items to you.
- When renovation works has begun, avoid impromptu addition of works. This will result in piling on more unnecessary costs. Reason being, there will be a need to purchase more materials, engage more manpower and time. Hence, the advice is to work out the design with your Interior Designer to your satisfaction before proceeding with the renovation works. During the Design process, you will be able to see renders of how your home will look like post-renovation. So, take your time to discuss, feed new ideas and alter your designs with your I.D. before confirmation. Upon confirmation, that is when the real works begin. So, trust your I.D. because their reputation is on the line as well.
At the end of the day, don’t be afraid to ask questions. The more the better! Understanding more on your renovation process will not only assist your Interior Designer to service you better, you will also be able to safeguard your pockets from any rip-offs.