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Tips and Tricks to Budget on Your Renovation

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Buying a house is a big decision in life as it requires a financial planning. For example, you will need to use stamp duty calculator to calculate the estimated stamp duty to be paid. After collecting your keys, it is time to start planning for your renovation of your new home. Purchasing and putting together a home calls for wise decisions to be made, especially so you do not break the bank. Here are some tips and tricks to help you balance your budget easily.

1. Plan and Stick on Your Budget
Decide exactly what you need for your new home and prepare a list for the cost of each purchase. With this budget in mind, stick to it as closely as possible. However, there may be certain unforeseen situations that may cause you to exceed your pre-planned budget due to. With that in mind, be sure to give yourself an allowance of about 20% on top of that pre-planned budget so that you do not end up with an incomplete bathroom.

2. Research
Experience is the best teacher. You should read up on what people have done and learn from their experiences or mistakes. You can read reviews on interior designers and look at their portfolios. It is undeniable that some interior designers are more skilled in certain home types than others. Try to get at least 3 quotations for your ideal home and compare them before deciding on a designer.

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3. Plan Your Purchases
Home fairs attract a range of merchants selling products you might need in a cheaper price which can be a great place to check out. Warehouse sales is another place to get furniture at a bargain. Compare prices across different merchants before your final purchase. If the purchases are not really urgent, wait for discounts during occasions such as the Great Singapore Sale, National Day, Black Friday, Cyber Monday or Christmas. Keep on waiting for cyber sales throughout the year where retailers will have discounts that can save you some money over the same products. For example, Tampoi Lighting Centre is enormously popular among Singaporeans and JC Bespoke is great for good quality teak furniture.

4. Differentiate Your Needs and Wants
In the excitement of preparing for a new home, we tend to fail to consider what we really need. Reconsider if your purchase will make your home a more functional one. If not, you may want to wait till you have moved into your home to really know. In that way, it may be wiser to leave some of the nice-to-have purchases till after you have moved in.

5. Do it Yourself
Try fixing your own furniture instead of paying someone to do it for you. Of course, be discerning as to what you can do. As a general rule of thumb, it might be wise to leave the specialised tasks, such as installation of gas pipes, to trained professionals. Furniture stores like IKEA are good bets to get the furniture needed at fairly reasonable prices. You may check out Youtube's home renovation videos, Pinterest or for attractive DIY tips.

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6. Decide on a Cost-saving Theme for Your Home
The design of your home represents your renovation cost as well. A home with a minimalist theme is likely to be cheaper to renovate than an apartment that is intended to show a sense of luxury. Having said that, it does not mean you have to compromise on style, after all, simplicity is beauty.

7. Do Away with Unnecessary Frills
It is significant to focus on what is functional for your home. For example, it is not advisable to get carpets if you have young children or pets at home. Also, wallpaper may not be the best idea in Singapore's tropical climate as it causes the wallpaper to discolour and replacing wallpaper can be a little pricey as well.

8. Refurbish or Reuse

If you are buying a second-hand home, consider what can be kept, such as structural elements or pieces of furniture that are still functionable and refurbish. If you have current furniture, consider what can be reused and brought to your new home. For first-time homeowners, it is important to note that while you may want to have custom woodwork throughout the house, you would not be able to bring these pieces to your next house if you decide on moving again.

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