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3 Hidden Renovation Costs You Have To Factor Into Your Budget

Houses’ floorplans with markers, calculator and post-its indicating potential hidden renovation costs

Are you moving into a new home? Or planning to give your current home a new lease of life by upgrading the aesthetics and functionality of your living space, making it more welcoming and liveable altogether?

While you get inspired and excited by the latest trending interior designs of the year, you also need to plan your budget before going for a design that is suitable for you.

As you calculate your renovation costs, there are often some hidden costs that people often overlook, which might cause you to exceed your budget. Here, we will share with you some of these hidden costs that are often missed.

1. 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 might not have factored 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, so if you opt for those, you have to be prepared to fork out higher prices than what might have been previously quoted for lower quality materials.

2. Fees related to last-minute changes

Often, when doing home renovations, there might be last-minute changes to your plans.

It is also expected that contractors and interior designers will charge extra if you do make changes at the eleventh hour.

The additional cost will depend on the scale of the changes you intend to make. You can speak to your interior designer or contractors so that you can get a rough estimate.

Do note that it could possibly cause your renovation cost to balloon and potentially exceed your budget. So as much as possible, avoid last-minute changes to your renovation plans, unless they really can’t be avoided!

3. Post-renovation clean-up

Naturally, renovations will result in a mess at home after it is completed by the interior designers and contractors.

If you are not planning to clean it up yourself (which can be very labour intensive due to the amount of dust and dirt involved), you might need to hire a part-time or ad-hoc cleaner to help you with it.

If you require chemical cleaning, you might only be able to get rid of certain stains using specialised equipment.

In some cases, you might even need to rent a construction waste bin, which may be emptied several times throughout the entire renovation process.

Hence, your total cost might be high if you are doing major renovation work.

Struggling with renovation costs? Get help to ease your renovation cash flow

Renovations can be expensive, and we understand that some of you might be struggling to fork out a lump sum to renovate your home.

Taking a renovation loan from a legalised money lender in Singapore might help with getting the necessary funds.

You can see it as an investment in yourself – because, in the long run, you are upgrading your living space to make it more welcoming and liveable, which will improve your quality of life as a whole.

At Soon Seng Credit, we understand how licensed money lenders’ interest rates play a big part in your decision to take up a loan. This is why we offer competitive low-interest rate loans with repayment plans tailored according to your needs and budget.

If you are finding it a challenge to manage your finances, our loan officers will be more than happy to share with you some tips on how you can manage your budget and set financial goals for yourself so that you can repay your debt with ease.

Contact us to learn all about renovation loans today!

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