A How-To Guide for Homeowners Renovating on a Tight Budget

Make every dollar count.

Along with property, cars and weddings, home renovations are one of the biggest expenses in life. And for 99% of us, that requires working within a limited budget — which means that every decision comes with a tradeoff.

The key though, is knowing what matters most, what can wait, and where your money will have the biggest impact.

In this guide, we’ll walk you through how to plan a renovation within your means, without compromising on a home you’ll enjoy living in.

Setting a realistic renovation budget

First thing’s first: you’ll need to know how much you can afford and are willing to spend.

While there are a few common ways to arrive at a rough renovation budget, most homeowners actually use a combination of them. These include assessing your financial situation, research regarding average renovation costs, based on the features you want, as well as the type of loans/financing options available to you.

Average renovation costs in Singapore

For starters, check out the following data-backed guides to identify the average price range of renovations, based on property type:

• Expected HDB (BTO and resale) flat renovation costs in 2026
• New and resale condo renovation costs in 2026

Getting a rough estimate based on your requirements

Of course, how much you actually spend can be far less (or greater) than average, depending on your unique requirements. For instance, are you looking at introducing any layout changes? How much carpentry would you need? Are there any special features you wish to include?

With Qanvast, there are two easy ways to get a more precise estimate. The first is to browse renovation projects that look close to what you’re after. For an indicative ballpark, we recommend filtering projects by property type and recency. Alternatively, take a look at our regularly updated inspiration articles that cover a wide range of budgets, based on property type:

• 2-room BTO renovations
• 3-room BTO renovations
• 4-room BTO renovations
• 5-room BTO renovations
• 3-room resale HDB renovations
• 4-room resale HDB renovations
• 5-room resale HDB renovations
• New condo renovations

If you’re unable to find something similar to what you’re looking for, the second method is to input your property details and renovation requirements on our renovation calculator.

Identify must-haves VS good-to-haves

Done getting a ballpark of how much your envisioned renovation will cost, and/or compared quotes from at least 3 interior design firms? The next thing to do is to separate renovation works into must-haves and good-to-haves.

This step is especially important if the projected renovation cost is already close to (or exceeds) your intended budget. After all, what is non-negotiable for you may not be so for others. Being clear about your priorities from the outset will help your ID allocate your budget more effectively.

Further, keep in mind that many expensive renovation costs aren’t the most noticeable. Foundational works like flooring and electrical wiring — particularly in older resale flats — can quickly eat into your budget before any aesthetic upgrades even come into the picture.

That is why having a list of must-haves and good-to-haves is helpful. Should an unexpected cost crop up, or if you decide to upgrade one aspect of your renovation, you’ll know which items can be scaled back, postponed, or removed altogether.

One homeowner we spoke to shared how he did so practically:

Consider budget hacks/swaps

Speaking of scaling back, there are a couple of ways you can cut down on renovation costs.

HDB’s Optional Component Scheme

Most BTO buyers will be asked if they wish to opt into HDB’s Optional Component Scheme (OCS). Under this scheme, certain finishes and fittings are completed before key collection, allowing homeowners to move in quicker.

As at time of writing, these components include:

• Porcelain tiles for the living and dining areas, and vinyl floor strips for bedrooms
• Internal doors and sanitary fittings

Thanks to economies of scale, you’ll be able to get the above for less than what an ID would charge. Plus, payment can be made with CPF, freeing up cash on hand for other renovation works that require your own contractor/ID.

However, it is important to note that OCS prioritises affordability and practicality over aesthetics, which means that there are no/limited choices (depending on the BTO development) for how they’ll look. Additionally, the low costs means that you can’t expect the same quality as premium alternatives an ID might have to offer.

Read this article on 3 different homeowners’ experiences to help you better decide if you should opt in.

Budget-friendly materials

If it’s just a look you’re after, then this is a big one. More often than not, a carefully selected material alternative can achieve 80-90% of the visual effect you’re going for, at a fraction of the cost. Examples of such lookalike materials include homogenous tiles in place of natural stone, or reeded acrylic instead of fluted glass.

That said, every material has different properties, so you’ll need to consider whether the substitute chosen is suitable for your lifestyle needs/habits.

Finishes with lower installation/labour costs

Looks and material cost aside, it’s also worth factoring in installation/labour costs. For instance, limewash paint in itself isn’t too expensive. But because it requires much more time (and therefore labour cost) to apply, ‘dupes’ like limewash-look laminates may be more cost effective.

Similarly, some homeowners choose vinyl flooring over tiles not because the material itself is significantly cheaper, but because vinyl can be installed directly over existing flooring. In turn, this can save thousands on hacking and re-levelling works typically required in resale homes, or if you’re upgrading your existing property.

Split your renovation into two phases

If you’ve tried all of the above and your revised quotes still exceed your budget, another strategy to adopt is to split your renovation into two phases.

The idea is to prioritise works that would be disruptive or costly to revisit later — especially anything hidden behind walls, floors and carpentry — and postpone the ones that can be done with minimal inconvenience.

Phase 1

In the first phase, focus on ‘infrastructure’ like masonry, wetworks, plumbing, flooring, and core carpentry in high use areas like the kitchen. Hans from erstudio adds that in the meantime, you can “make do with furniture or loose items from IKEA or Taobao”.

Phase 2

Then, when you’ve had more time to save up, you can proceed with the second phase comprising more extensive carpentry (like in the living area and bedrooms), decorative lighting, as well as other aesthetic upgrades.

Because these features typically don’t involve hacking or overhauls, you’ll be able to avoid major inconveniences (like living in a very dusty space) when the second phase is taking place. In other words, you get to upgrade your home gradually without having to endure another full-scale renovation.

Still need more help?

We hope this guide has been useful in helping you keep within your renovation budget. However, as every renovation has its own unique circumstances, it’s best to consult an expert to figure out the best way forward for you.

If you don’t already have an interior designer locked in, click on the button below to let us know your budget and other requirements, and we’ll link you up with interior designers who can meet them!