Home renovations have become increasingly more expensive due to the rising cost of material and labor. The price could go up to 10-15% for each room type, according to a professional interior designer.
Unfortunately, you may need to stretch your budgets even further as the projected core inflation rate is expected between 3.5% to 4.5% this year, with headline inflation coming in at between 5.5% and 6.5%.
To plan and adjust your budget accordingly, here’s a breakdown of how much you need to prepare for your dream renovation project for this year.
At a Glance: Renovation Cost in Singapore for 2023
One of the biggest factors impacting the renovation cost is the size of your home. To give you a fair idea, we put together a table showing the estimated cost of the renovation based on the size of the property.
|Average Renovation Cost for BTO
|Average Renovation Cost for Resale
|$45,800 to $55,700
|$62,700 to $71,800
|$49,500 to $62,800
|$60,720 to $72,500
|$55,000 to $69,000
|$77,600 to $97,800
Data from Qanvast
|Average Renovation Cost for New
|Average Renovation Cost for Resale
Data from Qanvast
HDB BTO Renovation Cost Singapore
HDB BTO stands for Housing Development Board Built To Order. As the name suggests, it is a government-subsidized housing program. They come with basic amenities and, therefore, require less extensive renovation work.
This year is set to bring a significant rise in the cost of renovating an HDB flat, with all room types expecting to increase costs by 10-15%. With that said, the average HDB BTO renovation cost in Singapore is between $45,800 to $55,700 for a 3-room HDB flat.
Note: homeowners of a new HDB BTO must adhere to certain rules and regulations related to home renovations. For example, the kitchen and bathroom flooring can’t be hacked if the HDB BTO is less than 5 years old.
HDB Resale Renovation Cost Singapore
The average HDB resale renovation cost in Singapore ranges between $62,700 to $71,800.
Resale flats are more expensive to renovate than new HDB flats. You can expect to spend up to 40% more. That’s because older properties typically require an overhaul of their interiors. Since the homes are older, they may not match modern needs, requiring extra work like hacking, plumbing, electrical, painting, masonry, and more.
New Condo Renovation Cost Singapore
Condo renovation costs tend to be higher than HDBs, as typically, newly launched condo units are quite modern and come with all essential fittings and high-quality flooring. Compared to previous years, refurbishing a condo can also be more expensive this year, ranging from $43,000-$55,000.
Resale Condo Renovation Cost Singapore
The scope of renovation and its cost depend on the age of the condo and how many times the ownership of the unit has changed. The average renovation cost of a Singapore resale condo ranges between $61,800-86,400.
Factors Affecting the Renovation Cost in Singapore
The bulk of renovation costs come from major works like carpentry, hacking, and masonry. Here are some factors that affect the cost of renovating:
- Hacking – Includes labor to hack or re-build, touch-up, and plaster walls.
- Masonry – Covers flooring, tiling, and wet works. Cost is determined by area size and labor costs.
- Carpentry – Consists of wardrobes, cabinets, storage features, and other customized solutions such as settees.
- Ceiling & Partition
- Plumbing Works
- Electrical Works
- Cleaning & Polishing
Other Things to Consider When Creating a Budget:
1. Custom-Made Furniture
Depending on the type of furniture you choose and the intricacy of the pieces, you can easily spend a lot of money. Quality furniture usually tends to be more expensive as they are typically made to last a long time. It’s best to discuss with your interior designer and come up with a sensible budget.
2. Installation and Delivery Fees
This varies depending on the item being shipped, its size, and the distance it needs to travel. While it could feel like an insignificant cost, these fees can quickly add up and blow away your renovation budget.
3. Electrical Appliances
Such as fans, lighting fixtures, air conditioners, and kitchen appliances can easily add to your renovation budget. Make sure to allocate enough funds for these items, as they are essential for the functioning of your home.
Tip: Lazada, Qoo10, and Shopee are great for finding deals on furniture, building materials, and electrical appliances. They offer competitive prices and fast delivery times, which can help to reduce your overall renovation cost.
You should also factor in the amount of time you need to spend on the renovation project. Renovation projects take longer than expected, so it’s best to give yourself a buffer in case inevitable delays occur.
The duration of HDB renovation remains the same from 10 to 12 weeks, similar to the 2022 waiting time. Meanwhile, the condo renovations took eight weeks to complete. While the resale condo makeover took 10-12 weeks.
5. Contingency Fund for Unexpected Costs
Most people often overlook hidden costs when calculating the renovation cost Singapore. These unexpected costs include moving furniture from one location to another and buying sudden materials.
6. Good Renovation Contractor
Finally, don’t forget to factor the negotiation cost into your renovation budget. A good negotiator can save you time and money, so it’s always a good idea to engage the services of a professional if you don’t think you can do it yourself.
Among the most popular and best renovation contractors in Singapore are:
The cost of renovating a home in Singapore depends on various factors, such as the type and condition of the property, age, and size, among other important considerations mentioned above.
- Home renovations have become more expensive (up by 10-15% in 2023) due to the rising cost of materials and labor.
- The average cost for HDB BTO renovation in Singapore is between $45,800 to $55,700, while the HDB resale renovation ranges between $62,700 to $71,800.
- For condo renovation, the average cost ranges between $43,000-$55,000 for new condos and $61,800-86,400 for resale condos.
- Hire a reliable contractor to realize your dream renovation project efficiently.
- Have a contingency fund in place when calculating the total cost of renovation.
If you’re looking to finance your home renovation, look no further! 365 Credit offers flexible and affordable renovation loans to help you achieve your dream home. Apply now and turn your renovation plans into a reality!