Budget Easily for Your HDB Resale Flat Renovation

Get your dream home on a budget! Purchasing a pre-owned apartment has its perks, like getting your keys promptly. However, if the apartment is in poor condition or the interior doesn't match your preferences, the expenses for renovations can accumulate rapidly!

Interior Firm: i Chapter

Don't worry - here are some tips to help you reduce your renovation expenses.

1. Plan Your Budget

... and stick to it! Decide on a budget and consider all the possible costs you might have, including furniture and fittings. (Make sure to include some extra money as a contingency!) Make a list of the items and evaluate if they are essential or if there are cheaper alternatives.

Creating a list will give you a clear idea of your major expenses and allow you to prioritize your needs. Based on that, you can determine if you can afford a complete renovation or if making minor changes to your current space would be sufficient.

Keep in mind that renovating a previously owned flat usually costs more due to necessary repairs, restoration, and potential demolition work.

Interior Firm: Juz Interior

2. Plan Ahead

If there's a chance you'll relocate in a few years, it's wise to delay making major and costly alterations to the design, like tearing down walls or splurging on expensive tiles and carpentry.

Interior Firm: The Local INN.terior 新家室

Design trends change rapidly, so it's crucial to choose enduring styles that have a wide appeal, especially if you intend to reside in your apartment for an extended period.

3. Budget Wisely

Although wallpaper can enhance the luxurious appearance of your home, paint is usually a more budget-friendly option that demands less upkeep. To cut down on expenses, you can refurbish or apply a fresh coat of varnish to well-maintained furniture like armchairs and tables instead of buying new ones.

Interior Firm: Versaform

These alternatives can help you save money on your renovation budget, allowing you to allocate those funds to more important upgrades like the bathrooms or kitchen. In certain situations, it may also be necessary to invest in important repairs for the air conditioning pipes or electrical wiring.

4. Factor in Loans

Although it may not be a direct way to save money, a renovation loan can assist you in paying for specific renovation-related expenses. By doing so, you can allocate your savings towards purchasing items such as furniture. Prior to applying for a loan, it's important to thoroughly explore and compare the most competitive interest rates available in the market.

Interior Firm: Briey Interior

Bonus Tips for Resale Flat Buyers

When purchasing a second-hand apartment, you have the opportunity to utilize various CPF housing grants. If you are a first-time buyer, you can apply for the Family Grant and Enhanced CPF Housing Grant (EHG) if you meet the requirements. Additionally, if you are purchasing a resale flat to live near or with your parents, you can also make use of the Proximity Housing Grant. Similarly, there are additional grants accessible for first-time single Singapore Citizens who are 35 years old or older.

Interior Firm: erstudio

Housing loans offered by HDB are tied to the prevailing CPF Ordinary Account (OA) interest rate, with a slight increase of 0.10%. These rates may be adjusted in January, April, July, and October, following revisions to the CPF interest rate. If you're interested in HDB's Resale Financial Plan services, you can find them here.

On the other hand, current bank loan interest rates are lower compared to HDB Loan rates. However, these rates can vary depending on market conditions.

Source: mynicehome.gov.sg