Singaporeans, it seems, are constantly renovating and understandably so, since the idea of living in a bigger and better place appeals to most of us – especially for younger couples who sought after a nice and comfortable home.
But deciding whether or not you should renovate depends on various factors: the type of changes you desire as well as the home renovation cost and renovation packages which you can afford.
Without a doubt, it is a big ticket item and comes with many hard-to-make choices, it is no wonder that many Singapore homeowners feel confused when it comes to deciding whether or not to renovate.
Here are several questions that you could ask yourself, in order to better help you decide if a home renovation is the right way to go:
1. How happy are you in your current home? Does it make commercial sense for you to renovate now?
2. How much money can you afford to spend on renovation? If you need to take a renovation loan, what will your liabilities be?
3. Will the renovation be future proof? Will it serve your future needs? If I you are planning on selling your property in the near future, and will a renovation allow you to ask for a higher selling price.
Should you buy another property instead of renovating your current one?
In situations where you have plans to buy another property in the near future (say in the next 6 months to a year) because you are upgrading, or you have new additions to the family such as having a newborn, or even having elderly parents move in as an extended family household.
In most cases, it is sensible to invest money into a new home when your current one is no longer worth putting the money into.
Thirdly, no amount of bathroom or kitchen renovations can change noisy neighbours, undesirable environments etc. In such a case, it is best to move to another community instead of renovating.
Finally, there are homeowners who just cannot withstand a renovation. Those who have a new baby in the house or even people having several other pressing commitments, simply cannot afford a renovation and we are not talking about monetary matters only.
When does it make sense to renovate?
Today, most renovation contractors in Singapore recommend not to renovate if you are only doing so with the purpose of reselling.
Renovate only if you plan on staying in the house for at least 5 years or more. If you are selling, go in only for minor aesthetic changes to keep costs down.
It does make sense to invest in a renovation if you are going to staying put for a long time in your current area and community, or your kids have friends here and you are located closer to school and work.
A renovation must be always done with the greater picture in mind; ensuring that you future proof the house taking into account the needs for the next 5-10 years.
A kitchen renovation is a must if you perform regular cooking, and your current kitchen layout hinders this.
Likewise, an extra bedroom is necessary if you your kids are growing up and they need their privacy.
The plumbings and flooring in your current bathrooms are in bad shape.
So you have decided to renovate: now what?
Start your renovation project by talking to people you know: your friends, colleagues etc. and see if you could get any good referrals from them.
Browse through the Internet for ideas and inspiration.
Think about the changes you want in the space and then estimate a budget accordingly so that you do not get too carried away.
It is also a good idea to account for contingencies and be aware that renovations could be costlier and longer than expected.
The bottom line is to find trusted and reliable home renovation contractors in Singapore who can help you get organized and ensure successful completion of the project.
Be prepared for dust and displacement when there is a major renovation, especially when it involves hacking of walls or flooring. You might want to consider moving elsewhere while the renovation is in progress.
What’s worth renovating?
To avoid putting time and money to the wrong kind of renovations, it is important to consider the returns on investment of every renovation project before embarking on it. Typically, a decently renovated property gives good returns if you plan on selling it in the near future.
However, you will need to hire reliable kitchen and toilet renovation contractors in Singapore so you can have a peace of mind.