How Plan The Budget Of Your HDB Resale Renovation?

Resale flat renovation Singapore comes with a couple of pros: you do not get to await years on end to gather your keys, and you've got the liberty to settle on your home's location. Due to this, the resale flat remains a well-liked housing choice for several.


However, it doesn't end the reality that such dwelling places cost significantly higher to renovate compared to a BTO renovation Singapore because of the restoration and demolishing needs.


Must Read: Top 4 Ways To Enhance The Aesthetic Of The House


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Set a budget and stick with it



First, determine your budget and list down all the potential expenses you'll incur, plus their estimated cost. Undergo it again and see if there are any items you'll do without or buy a second user.


Making an inventory helps you to "visualize" what your biggest expenses are/will be, and rationalize your needs. From there, you'll then determine if you'll afford a serious renovation or make a couple of slight changes to the prevailing flat.


As a rule of thumb, a resale flat will nearly always be pricier to renovate, costing anywhere between SGD50, 000 and SGD90, 000 – and that’s excluding appliances and furnishings. Certain factors that contribute to the hefty tag include extensive fixation or restoration and dismantling or completely demolishing works.


Plan for the future


If you're not staying in your resale flat for the next 10-15 years, hold off on making significant transformations to the planning scheme, like investing in costly tiles, decking it out with carpentry, or hacking the entire wall.


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Be practical and pick your materials carefully


When you move to a replacement place, you’ll likely ditch the old for the new. However, it's worth some time to look for cost-effective alternatives. For example, wallpaper can provides a hotel-luxe factor but paint may be a cheaper and easier to take care of option. If a number of your existing items like sofas, armchairs, and tables are still in fitness, try reupholstering or varnishing them rather than buying a replacement one.


All these offer you the more financial freedom to specialize in other areas that you simply actually need to renovate, like bedrooms or kitchen. There may additionally be essential items in dire need of fixing like wiring or aircon pipes.


Tap on existing housing grants


The good news is that there are various CPF housing grants available that you simply can tap on if you're eligible.


If you're buying a resale flat to measure near or alongside your parents, you'll check out the Proximity Housing Grant (various conditions apply). There also are other grants in situ for first-timer single Singapore Citizens who are 35 years old or above. These will assist you to save tens of thousands of dollars.


Choose your loans wisely


When you apply for a housing loan from HDB Singapore, you'll get a concession on the interest that's pegged at 0.10% above the normal CPF Ordinary Account or OA rate of interest and must be adjusted in January, April, July, and October, along with CPF rate of interest revisions.

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