Looking To Renovate? Here's How Much It Will Cost You In 2018

Looking To Renovate? Here's How Much It Will Cost You In 2018

Do you know how much you will need for renovations? Here's how much it will cost you... and here are some renovation loans in Singapore for you to consider.

When you first buy a home, the first thing you think about is location. The next thing on your mind is how much renovation needs to be done to the place. This could be because there are some features that weren’t in sync with the interior design. Or maybe it’s a BTO unit and you just want to style it to your fancy. But it also costs a lot, which is why you want to know how much renovation costs in Singapore (and maybe check out renovation loans in Singapore?).

Of course, when buying a property in Singapore, you would know that renovation costs for BTOs cost less than resale units by nearly half (S$42,000 vs S$73,000). If you’re even considering buying a condo in Singapore, then you know that renovation costs are going to be much higher than any HDB units.

renovations loans in Singapore

Source: Pexels

What budget should I prepare for renovation costs in Singapore?

Before you consider taking out renovation loans in Singapore, just remember that there is no hard and fast rule when preparing the budget. It all boils down to how much work you want to be done in the flat.

Not only does the amount of work count, but the materials involved can make the final invoice bloated or more manageable. To help break this down, we’ve taken some average figures from various interior designers and HDB contractors to give you a ballpark of the different factors that add up to the bill.

renovations loans in Singapore

Source: Burst

Hacking

Hacking a wall S$2,000 to S$5,000
Replacing demolished wall S$2,000 to S$4,000
False ceiling & partitions S$200 to S$8,200

These are the costs of hacking and replacing the structural features. Although it’s a given renovating will involve tearing things down, it’s included as a separate cost!

Masonry and Carpentry

Masonry (cement-related construction after hacking is done) S$700 (small area) to S$48,800 (entire unit)
Wall finishing S$15 to S$120 per square metre 
Floor finishing S$22 to S$113 per square metre 
Carpentry (built-in cabinets, shelves) S$900 – S$77,500 

Masonry (flooring and tiling) and carpentry are considered the most expensive features to budget for, as these have the widest range of materials. If you want extremely tidy and luxurious finishes, this is where you can rack up costs. Otherwise, consider cutting down for simpler materials to account for a smaller budget.

renovations loans in Singapore

Source: Pexels

Others

Plumbing S$200 (replacing small parts) to S$5,300 (redoing entire bathroom)
Bathroom fittings (basics only – sink, tap, toilet bowl, shower) S$4,000 to S$8,000
Windows & grills S$500 (one window) to S$10,800 (the whole shebang)
Electrical & lighting fixtures S$300 to S$6,500 (depending on no. of points and level of concealment needed)
Painting walls S$700 to S$2,800 (depending on no. of walls/size of house)
Hidden costs (e.g. cleaning, debris removal) S$500 to S$1,000

The final – and necessary – touches. If you’re just doing tiles and need to remove and replace a feature, plumbing won’t cost you an arm and leg. But if you’re installing a brand new feature, then expect the price to increase accordingly – as well as your search for renovation loans in Singapore!

The average cost of renovating HDB flats

renovations loans in Singapore

Source: Pikwizard

In order to help you have a better idea, we’ve prepared a table of a range of figures to expect for 2 to 5 room HDB flats. Furthermore, this accounts for a basic (half the total size – or basic renovation such as painting and electrical works only) and a full renovation (doing up bathrooms, kitchens, painting and electrical works) of the flat. We also included the higher range to give you an idea of what it will cost if you opt for the best quality finishing and design. However, bear in mind that these are averages! The prices can be a lot less if you decide you only want to refurbish one small section of the flat. Or you redo the whole place with a minimalist look.

  2-room(45 sq m) 3-room (65 sq m) 4-room (90 sq m) 5-room (110 sq m)
Basic Reno S$12,000 – S$52,000 S$13,310 – S$55,000 S$14,000 – S$57,000 S$14,200 – S$62,000
Full Reno S$17,900 – S$80,100 S$19,000 – S$85,440 S$20,500 – S$90,780 S$21,480 – S$96,120

Oh, and this doesn’t include buying electrical appliances, furniture, small fittings for the house and other miscellaneous items (like bedsheets, pillows, utensils, plates and bowls, etc.).

Seems pricey? Then you might want to consider renovation loans in Singapore.

Which renovation loans in Singapore are right for me?

renovations loans in Singapore

Source: Unsplash

There are many types of renovation loans in Singapore you can take to ease your financial burden. Maybe your instinct is to get a personal loan. We advise not to, for the reason that the interest rates will be a different and likely higher!

1. CIMB Renovation Loan Singapore

Loan amount: S$10,000 – S$30,000/6x monthly income (whichever is lower)

Interest rate: As low as 2.36% p.a.

Loan tenure: 1-5 years

Processing fee: 1% of loan

Late payment fee: S$80

 

2. OCBC Renovation Loan Singapore

Loan amount: S$5,000 – S$30,000/6x monthly income (whichever is lower)

Interest rate: 5.38% p.a.

Loan tenure: 1-5 years

Processing fee: S$200

Late payment fee: S$50

 

3. DBS Renovation Loan Singapore

Loan amount: S$5,000 – S$30,000/6x monthly income (whichever is lower)

Interest rate: 4.88% p.a.

Loan tenure: 1-5 years

Processing fee: 1% processing fee + 1% for insurance fee. Total 2% will be debited from the approved loan amount.

Late payment fee: S$35 + Extra Interest on number of days late

 

4. RHB Renovation Loan Singapore

Loan amount: S$10,000 – S$30,000/6x monthly income (whichever is lower)

Interest rate: 3.68% p.a.

Loan tenure: 1-5 years

Processing fee: 1%

Late payment fee: 5% above Prime Lending Rate (currently at 5.70%) on any overdue instalment

 

Has our guide helped you decide which deal to take on when it comes to renovation loans in Singapore? Leave a comment or share it with your friends!

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Written by

Vinnie Wong