Some consumers prefer handling their renovation projects on their own and only paying for the tools and raw materials. Alternatively, some owners in Singapore just outsource to a renovation contractor or interior designer who can handle the entire course of the project. A combination of both approaches is also adopted by some, in that they execute some basic construction works by themselves but hire renovation specialists in Singapore to do tasks that require expertise like electrical and plumbing works.
It is a good idea to weigh your level of experience and time available before delving into renovation. A lot of renovations have taken more time than necessary, with homeowners trying to complete the entire work on their own. To have a hitch free renovation, consider these factors closely.
Money is a major factor as well in determining the success of a renovation in Singapore. Many homeowners go for home equity loans to finance the process in their homes. It is almost always more efficient to use a renovation loan, instead of a personal loan. Personal loans will incur higher interest rate of 6%-7% as compared to renovation loans. This is because, the value of the home renovated is used as collateral. The banks see a renovation loan as being generally safer than a personal loan.
No matter how you choose to fund your project, it is imperative to first define your renovation budget. A lot of professionals recommend first defining the budget, then deducting 15% from this sum. This creates a 15% gap available in case the budget exceeds the 85% to be worked with. If this is your very first renovation, you have to be realistic and give room for error. A 15% buffer will give you more confidence that the project will be in your financial range and not place a strain on you and your family during the renovation.
Your renovation in Singapore may exceed the time limit set, because as is usual, you are not likely to accept the first interior designer’s proposal you get.
Take your time to do your research and meet different interior design companies and compare their proposals properly before conceding to any of them. After all, you will be spending a whole lot of money for a design that will probably last for the next 5 to 10 years.
The most time intensive part of your home renovation is usually the design proper, as this is where you really do your research work and consider the different designs based on your personality, budget, lifestyle and needs.
The time-consuming part of your home renovation is usually the design phase, because this is the part where you conduct in-depth research, and weigh the different designs based on your personality, budget, lifestyle, and the functionality you need the most.
Do not overly pressure yourself during this vital phase, because once the renovation work starts, it is going to be quite tasking and expensive to make any alterations, let alone the waste of time.
Don’t concede to every single recommendation of your interior designer just because of it’s appealing nature or the convincing nature of the interior designer.
You will not want to be left with a design that you will end up regretting in years to come, especially when a renovation loan is involved plus your mortgage loan! We will see more on what to avoid while planning and making decisions about your interior design.
If your desire a renovation design that incorporates your ideas while sticking to the budget and quality within the defined time frame, then it’s better to have proper deliberations on the minute details instead of just going with standard templates. This will avert surprises later in the design process or when the work is done.
How long will you be staying in your home? This is an important consideration while planning and deciding on your renovation budget. If you’d be staying for a long while in your home, then it’s definitely in order to spend more than just a little on realizing your dream home.
On the other hand, if you can’t live in a single location for a long time, or you are planning to put your home out for rent after a few years, then consider going for a lower, more neutral budget. This empowers you to market your home to a broader audience in Singapore when the time comes.