3 hidden renovation costs you have to factor in to your budget

Home renovations has always been an essential aspect of maintaining a home. It can also be used to upgrade the aesthetics and functionality of your living space, making it more welcoming and liveable for you. However, when renovating your home, there are always hidden or obscured renovation costs which may cause you to overshoot your budget.

In this article, we will be sharing with you some of the hidden renovation costs that you may not notice when conducting renovation works.

Flooring and wall materials

Just like many other aspects of home renovation, the materials for your floors and walls are often overlooked. This is because you may not factor in the prices of the more expensive materials when you start to select them. Materials that are of a higher price have better quality and aesthetic, which will be in more expensive as compared to the cheaper choices available.

Fees related to last minute changes

This type of cost is self – explanatory, as it is expected that contractors and interior designers will charge extra if you make any last-minute changes to the renovation plans. However, you will still need to look out for this cost, as its amount is dependent on the scale of the changes you intend to make.

One good way to get a rough estimate of this cost is to look at the scale and type of changes you intend to make. You can also speak to your interior designer or contractors so that you can get a rough estimate or quote of the amount that you will need to pay for the changes.

However, this type of cost may still over exceed your estimations, as it is up to the interior designers or contractors to come up with a sum. This may result in you overspending and overshooting your budget, which will cause you to worry about your finances due to the increased costs.

Even though the cost of renovating your home may be higher than what you expected, you should not worry so much about it because thankfully, there are many credit lines and loans that you can get from banks and licensed money lenders, which can help you alleviate the financial strain and provide you with the funds that you need.

One such licensed money lender is Soon Seng, which offers home renovation loans to individuals who need funds due to renovation works. The renovation loans offered are some of the best in Singapore, as the interest rates are between 2.27% and 4%. Soon Seng is also a licensed money lender that is genuinely interested in solving the financial problems of its clients, as they strive to build a relationship of trust and confidence with them.

Post – renovation clean up

Naturally, renovations will cause a mess in your home after it is completed by the interior designers and contractors. There is a chance that you will need to factor in the cost of a general chemical cleaning and clearing of debris.

You could do both of them by yourself, but it will be labour intensive and you may not be able to clean your home properly. This is because certain stains caused by the renovations will need to be cleaned using specialised equipment.

The entire sum may also increase if you are doing major renovation works, as you may need to rent a construction waste bin, which may be emptied several times over the course of the entire renovation process, which will increase the total amount payable in the final bill.

Do not worry so much about the costs of renovation

Even though your finances may be an issue due to the high costs of renovation, you should still try to stay positive. This is because you are upgrading your living space to make it more welcoming and liveable for yourself, which will improve your quality of life as a whole.

When it comes to dealing with the high costs related to home renovation, there are many credit lines and loans from banks and licensed money lenders that could help you deal with those expenses.

One such licensed money lender is Soon Seng, which offers a wide variety of loans that you can use. It offers home renovation loans to those who are in need of funds due to renovation works. Soon Seng also offers some of the lowest interest rate personal loans available in Singapore.

Contact us via email at soonsengmlsg@gmail.com or via phone at 6292 5693 to discuss how we can help your finances!

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