Moving into your own place is such a thrilling experience. Unpacking with your partner, choosing paint colors, and decorating your space will have its unique memories built in. But have you both considered renovations? Deciding on your style and how you want your home to feel can present a challenge when moving into a flat (theprevious owners had their own style, too).
Here are our top recommendations on how to renovate your space without breaking the bank.
-
Determine Costs
First things first: set up a budget and stick with it! Some couples opt to hire an interior designer to spruce up their flats, but this can add up quickly and isn’t the best option for everyone. Interior designers cost, on average, S$25,000 to S$45,000 for a 3-room BTO* which isn’t within most people’s budgets.
Instead, consider DIYing your area! Not only will you save a chunk of money, you’ll be able to customize your experience and garner inspiration from Pinterest and other home improvement sites. Make a list of what you want to spend a little extra money on anddecide together some contractors you would like to work with to create a space perfectly suited to your tastes.
Once you have your budget in place – stick with it. Determine the price of materials and contractor fees along with your reno timeframe to double check the numbers of what you can afford. According to OhMyHome, “To avoid overspending, stick to this universal rule: keep your renovation costs down to only 20%-30% of your unit’s market value so that there’s a higher chance for a return on investment in the future should you decide to sell.”
2. Less Built Ins = Saving Money
Maximizing storage space is usually a top priority for many young couples, but these custom-made items are going to set you back in terms of costs. According to Seedly, custom carpentry, on average, would cost at least S$10,000. If you’re wanting a cheaper option, loose furniture is the best and most affordable!
A bonus of less built-ins is you can bring your furniture when or if you move in the future. You don’t have to worry about buying brand new items to furnish your space. More
couples are moving away from compartmentalized furniture and more minimalistic.
3. Lighting, Fans, and Flooring
Quite a few homeowners who’ve done their own renovations got lights and fans from Malaysia as you can find popular brands at half the price of ones in Singapore!** Check your measurements including d
imensions and maximum height before ordering.
If you need some good options, both Starworld Lighting and Tampoi Lighting Centre have beautiful options!
With flooring, it may tempt you to rip out the old floors and lay something new down, but hold off on that for a second. Vinyl flooring has become a great option for those trying their best to save a little extra money.
These floors are consistently more affordable than tiles or hardwood floors and you can even lay vinyl over existing tiles in your flat.
Want to shop around? The Floor Gallery has beautiful options at affordable prices!
4. Earn Cashback
While cash can appear safer than credit cards, it also has some drawbacks. While you’re renovating your home and looking to save money where you can, you should also consider how you can build up points, mileage, and even cash back!
During the time of buying big-ticket items for your home (think couch, bedroom set, etc.), this is the best time to use a credit card and soak in all the extra things you can get! As you pick out furniture sets to furnish your home, you’ll see your cashback and flight miles accumulate. And honestly, who doesn’t love the thought of taking a trip after finishing up home renovations?
Summary
While owning your own home can be expensive (is the shower clogged again?) you can always
save a little extra from month to month.
If you’re curious about other ways to prepare financially for what life brings, follow our blog!
*Information taken from: https://www.homees.co/articles/interior-design-cost-guide
** Information taken from: https://blog.seedly.sg/save-money-home-renovation-costs/