Simone Reed 
A house typically benefits from renovation every 15-20 years. For smaller updates or minor repairs, every 5-10 years. Have you dreamt up the perfect revamp for your home yet? It could be anything from a sleek new kitchen to a sparkling bathroom oasis. Hey, you can even build a balcony garden.
After doing research, getting quotes, and securing home renovation loans from a legalised money lender in Singapore, do you proceed with your home renovation plans? No, not just yet! There are some hidden costs that can trip even the most prepared homeowner, which you should know about before going into demolition mode. Here’s what Singaporean homeowners often overlook when budgeting for their home reno loan:
Do You Have Permits And Approvals?
Many renovations require permits from the authorities, so you cannot just hack down walls for your dream balcony garden! These permits are often not for free, so it would be smart to factor in these estimated costs so you won’t get caught scrambling at the last minute.
How Do You Plan To Dispose Of Your Demolition Dump?
Out with the old, in with the new! But wait, what about the old? For demolition debris, you may need the help of contractors and hire skip bins. Again, they come with a price. So, get quotes for their services and make sure that you include these estimates in your budget unless you plan to haul those large boulders yourself.
What About Unexpected Discoveries?
Sometimes, hidden problems love to play peek-a-boo during renovations. For instance, leaky pipes behind the wall or an electrical wiring that screams for upgrade.
If you are not hands-on with your home, there is a good chance that you might miss these surprises that are still important to address. Have a buffer in your loan amount for these.
Where Will You Live Temporarily?
This is a question for those whose entire house is going under the hammer. You might need to find temporary accommodation while the dust settles and the paint dries. When you calculate your overall renovation expenses, make sure that you include renting costs.
What About Hidden Costs In Materials
Material costs can fluctuate. It is not uncommon if those tiles look a little different in person, or if those countertops are slightly more expensive than quoted. It won’t hurt to have a buffer for these minor surprises. Talking to your contractor can help you figure out how much wiggle room you need to make in your budget.
What About Living Expenses During The Renovation?
It goes without saying that renovations can disrupt your daily routine. If you’re doing a kitchen makeover, you might need to eat out or order food more often.
If your bathroom is out of commission, that could mean more trips to laundry shops. Consider these day-to-day expenses and how they might change, and add an extra budget to cover these temporary adjustments.
Have You Considered Post-Renovation Touches?
Hurray, the renovation is complete! But wait, the furniture doesn’t quite fit the new layout, or maybe the lighting needs an upgrade. Budget a small contingency for these minor details because they can add up if you don’t. You’ll appreciate these finishing touches more when you don’t have to scramble for extra money to get them.
Conclusion
A successful renovation is about more than just the big-ticket items. Be mindful of these often-overlooked costs to ensure a smooth and financially sound journey to your dream home. Factor in these hidden gems and check out lenders like Comparesing first before finalizing your loan plans. Your future self (and your bank account) will thank you for it!
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Steven Schuster 
Robert Mueller 
