Home renovation typically entails significant financial commitments. For the typical homebuyer, whether a BTO or resale property, however, a long process awaits before the home is ready for moving-in day.
Recent global issues have led to increased prices, including in the renovation sector. Shipping, supply chain and labour issues are among the factors that have led to delays and price increases, adding to the stress of home renovation.
“The costs are rising. As for delays, that is typically due to the materials coming in from different countries,” says Kef Tan, creative director of d’Phenomenal, who added that working with a local team or
factory eases delays.
Many homeowners have an idea of their dream home. However, in such a climate, being clear on what they want can help with managing their budget.
Raymond Seow, founder of Free Space Intent, advises, “It is best to talk to a few interior designers to understand what they can give you. The good thing now is that you can research online to find the right interior designer that suits your needs. Interior designers with economical packages offer more straightforward services, which would be great for those looking for standard designs, so it really depends on the needs of the homeowners. Bespoke services that cost more will be more suitable for homeowners who want more advice.”
The prices of services by interior design companies widely range as they work with an average margin of 15 to 30 per cent, with premium interior design companies going with a margin of as much as 50 per cent.
While renovation prices are estimated to have increased between 10 to 30 per cent, some interior design professionals expect the prices to rise while others expect them to stabilise.
Homeowners have a few ways to work within their budget. These include directly engaging providers for services such as window grilles, doors and even carpentry to complete works such as feature walls, consoles and kitchen cabinets if they have a clear idea of what they want. These, however, require the homeowners to manage the project independently, which can be time-consuming.
Interior design companies are a resource for busy homeowners and those who want to achieve a design goal. While interior design and renovation works typically cover the project from start to finish, budget-conscious homeowners can choose to complete key renovation works first and postpone less time-sensitive decisions.
Mandy Low, interior designer at Insight.Out Studio, says, “Keep a few priorities while being flexible with the rest. Refrain from things like a piece of expensive furniture or decor, and come back to it when the budget permits.”