(Above: House Tour: $50,000 Mid-Century Modern HDB loft at Sky Terrace @ Dawson)
 

The Scenario:

You are a first time homeowner who is excited for the biggest purchase of your life— a flat. However, you can’t help but feel the pinch, having spent quite a hefty sum on your wedding, honeymoon and engagement rings although your home is financed through CPF.

When your house key is ready for collection, how much should you be spending on renovation, especially if you’re on a budget? Here are some questions to help you get started.

Are you planning for a short or long term stay in the flat?

We recommend renovating a home that suits your needs for a period of five years. This is due to the fact that in five years, many changes could take place. In many instances, homeowners would either upgrade to a bigger place to accommodate their kids, or renovate their home to correct past renovation mistakes because they now know what they want.

How much should you spend on renovating?

  • BTO/EC: A general budget of $20,000 to 50,000 for a new place
  • Resale: Renovation will generally cost about $50,000 for a total re-haul

With those questions answered, can you really renovate a home on a tight budget? You sure can, and these gorgeous homes prove it.

(Disclaimer: Renovation budget figures are an estimate based on the data collected.)

 

1. Keep Carpentry Simple

Unless you’re willing to splurge on fanciful carpentry, going for simplicity will still give you something lovely and comfortable.

 


(Above: House Tour: Four-room apartment in Ang Mo Kio with $40,000 interiors)

2. Consider Overlaying Instead Of Hacking

Hacking comes at an additional cost, so if you really want to stretch that dollar, why not consider overlaying instead? Laminate and vinyl floorings look great too, and they are generally less costly than parquet or tiled floors.

 

3. Play With Interesting Furniture Pieces And Home Decor Accents

We know that feature walls are all the rage these days, but they can get pretty expensive. Save money on those by going for interesting furnishings such as recycled timber pieces. Online shopping is another great avenue for getting home decor accents, especially when websites offer free shipping or major discounts on big name furniture brands.

 


(Above: House Tour: $40,000 reno for this stylish small-space loft apartment)

4. Low Cost Bare Minimalism

If you can keep the furnishings to a minimum, it means that you get to spend less on them. The best part is cleaning the home will be a breeze as there is less furniture and clutter that get in the way.

 

5. Go For Themes That Can Be Easily Executed

When we say theme, we don’t mean that it has to be strictly industrial or Scandinavian. Try using colours in your home that bring out your personality. Or you could consider going for a monochromatic theme, geometric theme, or simply anything that you wish! Exercise that creativity of yours to make a home that you love.

*Note that furnishing and appliances cost are generally not included in the renovation costings.

 

This article was first published on SingSaver.com.sg, a financial comparison site that provides tips and advice on saving money in Singapore.