How to Calculate a Home Renovation Budget

Calculate a Home Renovation Budget

Home renovation is a lengthy as well as an expensive task. Sometimes the people get 1 or 2 rooms renovated whose cost differs from the one who gets the whole house transformed. Undoubtedly, home renovation in Singapore shakes the budget of many families if not planned wisely. Therefore, one should think and then get the renovation to the house or any corner that actually needs it. For instance, the cost includes the following factors;

  • The size of the house
  • Renovation required for a full house or any particular section
  • How much time will be utilized
  • The number of manpower and work needed, etc.

To estimate the expense of home renovation, there are many more factors to take into account. Go through all the listed factors in this article and calculate the amount that you may have to spend. Check them out!

Types of home renovation

Renovation is of three types that greatly impact the cost. Every house has a requirement according to which the work is done. So, let’s check the type of renovation that you will observe majorly.

Standard

In this category, the renovation does not make changes in the structure of the house. It will include basic tasks such as painting the walls, fitting, new flooring or adding furniture. It consumes less time and is cost-effective.

Moderate

Moving further, the moderate renovation includes making changes in the house and affecting the structure of the house.  The contractor will perform tasks like the addition or removing of walls, expanding the house area, etc. This definitely demands a good amount of investment and time to complete.

Extreme

By the given term, it is clear that this type of renovation will bring a major difference. Indeed, it will change the complete layout of the house. In this category, the house will experience a total transformation like adding or removing the levels or changing the interior.

During this amount of work, it is advisable to consult a reputed home renovation professional as it will be very expensive.

Calculate the Home Renovation Expense Based on the Following Factors

House type

The first and most important thing to consider is the type of house you own. Moving further, there are many categories under which your house will fall. For example:

  • Small House
  • Medium House
  • A big bungalow
  • A flat
  • A condo

However, the house can be of any size or shape. So, it is obvious that the cost will differ depending on the area of the house. The big house or a villa will demand extra labor as well as days to complete the renovation. Whereas, a small house or a flat may take fewer days comparatively. So do not estimate the cost by comparing your house to your friend or someone who just had the renovation. The expenses will be different as per your house type.

Part of the house

Significantly, not everyone spends on the renovation of the complete house. Many people have a requirement of getting only the particular area of the house such as kitchen, bedroom, living room, etc.

Positively, you will witness a major cost difference in room renovation. For instance, in the kitchen, there is a lot of work to do as compared to a bedroom. The kitchen has many pipelines, electrical sockets, plumbing, sink, and wiring that will also be affected in the renovation. Whereas in the bedroom, there is no critical process, only the furniture or the interior is replaced.

Required  work

Moving further, it is clear that the cost depends on the amount of renovation one will ask for. If the renovation is required extensively, it will cost more than the light work.

For example; When you are getting the kitchen renovated, if the condition is normal and only requires a few changes the expenses will be less. However, if the place is totally in need of full transformation like loose wiring, electrical issues, plumber requirements, etc, it will take a lot of time.

The selection of material

Indeed, your selection of materials will make the renovation expense costly or cost-effective.  Every supplier offers the material at a different price. Though the lower prices do not mean that the item is of poor quality.

Another factor that affects the cost is the type of material you choose. For example, if you are opting for an expensive marble instead of a laminate for the kitchen countertop, will bring a difference in the cost. The choice of the material determines the total amount that one will have to pay for the renovation.

Time utilized in the renovation

Well, calculate the money for the renovation based on the days that labor will take to complete the work. Undoubtedly, if the work is being pursued for many days, you can not pay them less or according to the earlier said time period. Renovation is a lengthy process. However, when the work starts, there is sometimes an unexpected task that appears all of the sudden. It can be due to the wirings, pipeline repair, etc.

In short, if the renovation is being done on an extensive level, it will cost you greatly. Whereas if the work is completed in a short period the expense may be low.

The contractor you opt for

Significantly, the contractor bids for a different quotation based on their knowledge, experience, and expertise. However, it is not mandatory that the one who offered the cheaper cost will not provide quality services.

In particular, you can discuss all the renovation plans and enquire about what you will receive in the package. Choose the renovation contractor who will fulfill your requirements as well as keep the cost in your budget. Do not restrict to one professional referred by your friend or family. Instead, search and meet many to pick the best of all.

Overall Takeaway

To sum up, there is always a cost for every work. The expenditure is influenced when the labor, and time increase. Though, when one hires a contractor the cost is also discussed. But when the work is initiated there can be many surprise expenses depending on the work requirement. Therefore, do not estimate the cost based on the renovation project of your friends. But consider the mentioned factors to calculate the cost of your house.

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