Financial Tips For Home Renovation That You Must Definitely Know

Let’s admit it, most of us are looking for financial tips when we are renovating. We hope to build our dream home within budget. Believe it or not, home renovation generally exceeds the original estimated budget as there are always unexpected costs. Hence, you are really lucky to be here, as we are going to show you several tips to control your renovation budget!

Not to mention, we will also share deals which you can get from the market, for some specific works and fixtures! Let’s have a look!

 

1. Customised electrical works

Interior DesignHome Renovation Image Source: Inspire ID

First and foremost, electrical works include the installation of lighting, electrical sockets, fan points, telephones, TV cables, etc. – and they can cost you a couple thousand dollars if you do not pay attention to the small details.

For instance, it is quite frustrating that your laptop/phone is running out of battery while you are working or chatting with family, and there are no electrical sockets which you can plug it in immediately. This is why you must think carefully and pay attention to the number of electrical sockets and even the lighting that you want.

The location of these electrical points is usually related to the layout of your renovation. You may want to get your Interior Designer’s recommendation while installing sockets and lights. However, you need to carefully consider the placement of these points because you don’t want to incur extra charges by either over-estimating or underestimating your needs of sockets and lights.

The golden question to ask is – Do I need it?

 

2. Tiles upgrade – from plain to pretty

Interior DesignHome Renovation Image Source: Free Space Intent

Tiles play an important role in a home. They can turn a plain and practical area of your home into a beautiful design statement. Of course, everyone has their own estimated budget for upgrading tiles, and this amount might vary after consulting with the contractors or interior designers. It could be that the market price is different than the original budget which you have in mind, or that you are looking for something new, unique and creative yet big-budget.

Hence, it is time for you to visit several showrooms in order to get a clearer picture of what you really want for your home. Besides that, you should also go and discuss with your family or your partner to narrow down your selection and product range. Of course, you can definitely express your ideas to your designer and ask for some reliable and affordable replicas.

 

3. Glass accessories are the new black

Interior DesignHome Renovation Image Source: Fineline Design

Incorporating glass accessories into an interior design scheme is back in a big way! Investing in glass accessories such as windows, doors, backsplash, and half-walls – tend to make any home look highly sleek and modern. However, it’s important to take note that these accessories cost you at least $200 more than any regular old wooden ones. For example, a tempered glass door costs around $600 compared to the $400 for a wooden one. Therefore, always make sure you have the budget for these accessories before splurging.

 

 4. Don’t underestimate the window treatments

Interior DesignHome Renovation Image Source: Matrix Interior

We bet you didn’t particularly pay attention to your window coverings during most of the renovation process, right? But when the time comes, this small aspect can end up costing you a lot. Therefore, it’s important to consider what kind of window treatment you want to use during renovation – curtains, blinds, motorized blinds, pelmets, etc. – and please, always get a supplier that fits your aesthetics and budget well.

 

 5. Post-renovation cleaning

Interior DesignHome Renovation Image Source: 3D Innovations

Renovation is a process which involves a lot of dismantling, construction, and woodwork, etc. Thus, the cleaning process can’t be avoided regardless of minor or major renovation. Always bear in mind that a post-renovation cleaning is a real thing and it may end up costing you somewhere around $400-$800 depending on the size of your home. To some extent, you should include this possible cost in your budget; therefore, you can prepare for it – knowing what can be done.

 

Credit Card and Loan Deals

We know that some people do not fully rely on an interior designer as they prefer to shop for their favorite items and purchase them on the spot. So, here is the great news! If you shop for your own home appliances and accessories, you are actually able to earn some miles and rebates by using your credit cards! For instance, you can use the OCBC Titanium Rewards Card to earn 10X rewards for electronics from stores like Courts and Harvey Norman.

Interior DesignHome Renovation Image Source: NextDoor ID

 

If tiling, electrical and wiring works are taking a toll on your pocket, you can also consider taking a renovation loan. These loans are designed specifically for home improvement and renovation and have lower interest rates than personal loans. In fact, you may be able to get additional benefits if you are an existing home loan customer with the same bank.

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