When it comes to renovating your new home, the first thing that comes to mind is the design and style you are looking for. After all, where you live is where you spend the most of your time besides your work place. The next thought that usually follows would be the cost of renovation in Singapore. Whether it is an HDB flat, condominium or landed property, the cost of a property in Singapore does not come cheap. It is probably the most expensive item on the list for a Singaporean. Therefore, it is necessary to consider the cost of renovation carefully.
Things to Consider for home renovation
- Type of property purchased
- Brand new flat
- Resale flat
If it is a resale HDB flat, you have to consider the age and condition of the property.
The cost would be lower for a brand-new property as there won’t be much hacking or masonry work to worry about.
Besides the age and condition of the property, you also need to consider the design and feel you are looking for, the types of materials you want to use for the flooring, doors and furniture, and the ID/contractor firm you feel comfortable with. All of these factors contribute to varying costs for the home renovation.
Renovation works that add to costs
Some renovation works come with a hefty cost. They include masonry, hacking and carpentry work. While most are familiar with plumbing, electrical and painting works, what may be missed out is the importance of hacking and masonry works especially when it comes to purchasing a resale property.
Masonry includes any type of work involving cement such as
- shower kerbs
- Cabinet bases.
Hacking work includes
- Removal of any old floor and or wall tiles
- Removal of existing built-in furniture
- Removal of other items fixed to the wall or the floor.
Carpentry can also add to the costs of renovation.
- Such as customising bookshelves, cabinets, wardrobes, kitchen cabinets and so on.
In short, the more changes you would like to make in your new home, particularly a resale property, the more carefully you have to consider what you want and if it fits into your renovation budget.
Estimated Renovation Cost for New HDB Homes
|3 – room||4- room||5 – room|
Estimated Renovation Cost for Resale HDB Homes
From the above statistics, you can expect to pay more for renovation when your property is larger. Especially for resale flats, more works needed to be done and therefore you can expect to spend more.
An Estimated Cost Break-down for a 4-room Resale HDB Renovation
Living/Dining Room Area
|Hacking||$100 – $400||$400 – $700||$700 – $3900|
|Hacking||$100 – $500||$500 – $900||$900 – $3200|
|Hacking||$100 – $500||$500 – $1000||$1000 – $6800|
|Hacking||$100 – $600||$600 – $1000||$1000 – $5200|
As we all know, renovation is a hefty sum. Many homeowners require taking up bank loan as cash or CPF have been used to pay the down payment for the house.
What can you use a renovation loan for?
- Wall painting, flooring and tiling
- Electrical and wiring works
- Carpentry works
- Bathroom fittings
- External compounds within a home
Which loan do we recommend?
Recently, OCBC has launched a renovation loan scheme that grants loan APPROVAL within 60 seconds! When you sign up for an OCBC renovation loan for a minimum loan of $15,000, you get to enjoy 12 months complimentary Renoprotect Insurance underwritten by Great Eastern!
*Valid from 1st July 2020 – 30th September 2020, for the first 300 customers. Other terms and conditions apply*
For more information: click here.