Money-Saving Strategies for Your Home Renovation

Home renovation in Singapore is no small feat. It can be a daunting process both financially and emotionally, especially with rising costs and the ever-present risk of renovation scams. But with the right strategies in place, you can transform your space without breaking the bank. Here are some tried-and-tested tips to save money while ensuring your renovation journey is safe and successful.

1. Set a Realistic Budget and Stick to It

Before diving into your renovation, take the time to create a comprehensive budget. Factor in everything from design costs and materials to labour and potential unforeseen expenses. Tools like the HomePay app can help you monitor your renovation budget, ensuring funds are allocated appropriately and milestones are met.

To keep your budget realistic:

• Prioritise essentials over luxury. Think about what truly adds value to your home.
• Get quotations from at least three interior design (ID) firms to compare costs.
• Be wary of deals that seem too good to be true — they often are.

2. Adopt a Minimalist Approach

Less is often more when it comes to renovation. A minimalist design not only creates a clean and timeless look but also cuts down on excessive spending. Focus on multifunctional furniture, neutral colour schemes, and decluttered spaces. This approach reduces the need for expensive décor and elaborate features.For instance:

• Opt for open shelving instead of built-in cabinets.
• Use quality paint for a fresh look instead of investing in expensive wallpapers.
• Avoid unnecessary partitions and complex carpentry work.

3. Reuse and Upcycle Where Possible

If you’re renovating an existing home, assess what can be reused or upcycled. This could include furniture, light fixtures, or even tiles. Giving old items a new lease of life not only reduces waste but also trims your renovation bill.

• Repaint or reupholster old furniture instead of buying new pieces.
• Polish existing flooring instead of replacing it entirely.
• Refurbish kitchen cabinets with new handles and a fresh coat of paint.

4. Shop Smart for Materials

When it comes to sourcing materials, don’t rush. Take the time to hunt for deals and consider alternatives to expensive materials.

• Visit warehouse sales and factory outlets for discounted tiles, lighting, and fixtures.
• Choose laminate or vinyl flooring over solid wood; it’s more affordable and easier to maintain.
• Explore local or regional brands that offer quality at a fraction of the cost of premium imports.

5. Plan for Renovation Milestones

‍A well-structured renovation plan can save you both time and money. By breaking down the process into milestones, you’re better equipped to track progress and manage payments efficiently. This is where HomePay’s escrow service becomes invaluable. Funds are held securely and released only upon the completion of agreed milestones, giving you peace of mind.

‍6. DIY Where Possible

‍For homeowners who are hands-on, taking on small projects yourself can significantly reduce labour costs. While it’s important to leave complex tasks to professionals, simple projects like painting walls, installing shelves, or assembling furniture can be done on your own.DIY tips:

• Watch online tutorials for guidance.
• Invest in basic tools that will serve you in the long run.
• Start small and progress as you gain confidence.

7. Avoid Peak Renovation Periods

Renovation costs often surge during peak periods, such as before Chinese New Year or other festive seasons. Plan your renovation during off-peak times to take advantage of discounts and faster timelines. Contractors are often more willing to negotiate prices during these periods.

‍8. Be Mindful of Hidden Costs and Take Precautions

‍Unforeseen expenses can derail even the most carefully planned budgets. To avoid surprises:

• Read your contract carefully and clarify any vague terms.
• Ask your ID firm about additional costs like debris removal, project management fees, or warranty charges.
• Allocate 10-15% of your budget as a contingency fund.

9. Avoid Renovation Scams

‍One of the biggest financial risks in renovation is falling victim to scams. Unscrupulous contractors or IDs can leave you with shoddy work or an uncompleted home. To protect yourself:

• Research and engage accredited IDs. Platforms like Qanvast or the CaseTrust accreditation scheme can help.
• Avoid paying large sums upfront. Instead, opt for milestone-based payments through a secure platform like HomePay.
• Check reviews and visit completed projects to assess quality.

10. Leverage Technology to Stay Informed

Apps and online platforms can be a game-changer in your renovation journey. Use tools to:

• Track your budget and expenses.
• Communicate seamlessly with your ID.
• Monitor the progress of your renovation.

With HomePay, homeowners can track payment milestones and ensure their funds are secure. Plus, with HomeProtect, there’s an added layer of assurance that your project will be completed even if your ID goes out of business.

‍11. Use Your Built-to-Order (BTO) Fixtures

If you’re renovating a BTO flat, take advantage of the basic fittings provided by HDB. These include flooring, bathroom fixtures, and doors. While they may not be the most aesthetic, working around them instead of tearing them down and starting from scratch can help you save loads.Some ways you can do this include:

• Overlay tiles instead of hacking existing ones.
• Retain HDB-provided doors and repaint them if needed.
• Use modular furniture that fits into your space without customisation.

12. Consider Long-Term Savings When Renovating

‍Saving money doesn’t always mean cutting corners. Invest in energy-efficient appliances, LED lighting, and durable materials that reduce maintenance costs in the long run. While these may cost more upfront, they pay off in terms of savings over time.For instance:

• Install smart home systems to monitor and reduce electricity consumption.
• Opt for weather-resistant materials to minimise wear and tear.
• Use quality paint that lasts longer, reducing the need for frequent repainting.

Secure Your Investment with HomePay

Renovation is a significant investment, and it’s easy to feel overwhelmed by the costs and risks involved. However, with careful planning, smart decisions, and the right tools, you can achieve your dream home without overspending.HomePay offers secure payment solutions and protects homeowners from potential scams. By adopting these money-saving strategies and leveraging the reliable functions in the app, you’re not only safeguarding your finances but also ensuring a smoother, stress-free renovation journey.Remember, a well-renovated home is one that brings you joy, comfort, and peace of mind — and that doesn’t have to come at the expense of your financial health.