Here’s how much time and money you’ll need to get your dream home in 2020.
Whether you’re renovating an HDB flat for the first time or the second (or third, or fourth…), knowing what you’ll need to dedicate in terms of time and money is in of itself an investment into your future.
And just like in 2019, we’ve done the homework for you by crunching the numbers from this year’s featured home projects. So, keep scrolling to find out how much and how long it’ll take to renovate a new/resale 3-, 4-, and 5-room HDB flat in 2020!
1. The expected renovation cost for new HDB/BTO flats
In the case of 3-room BTO flats, the price tag for a renovation starts at $38,850 compared to an average price of $32,000 last year. Similarly, in the case of new 4-room flats, renovation costs now range from $43,000 - $45,000 as compared to an average price of $42,600 in 2019. Meanwhile, the cost of renovating a new 5-room flat now starts from $45,000.
As such, most owners of new HDB flats can expect their renovations to be a tad pricier in 2020 compared to last year. A possible reason for this increase is COVID-19 as well as the ensuing manpower crunch in Singapore’s construction industry which has been cited by interior designers to have raised renovation costs by approximately 10 - 20%.
2. The expected renovation period for new HDB/BTO flats
At first glance, the renovation periods for new HDB flats of all sizes don’t appear to have changed much compared to last year, but the fact is that your home makeover could take longer in 2020.
While it’ll indeed take about 6 - 9 weeks (depending on flat size) for you to get the keys to your newly renovated abode, this estimate does not account for delays that can be attributed to the COVID-19 situation.
Homeowners and designers have cited the Circuit Breaker which took place earlier in the year as well as tight precautionary measures that followed right after to be the main reasons for delays of 1 - 2 weeks or more.
3. The expected renovation cost for resale HDB flats
In comparison to new BTO flats, the cost of renovating a resale unit has remained mostly the same in 2020.
Making over a 3-room resale HDB flat will still cost you upwards of $40,000 - $55,000, whereas in the case of a 4-room resale unit, the final bill could end up being anywhere between $45,000 - $52,000.
However, 5-room resale HDB flats have a renovation cost in the ballpark range of $59,000 - $79,000, thus indicating a median price of $69,000 – which is higher than last year’s average of $65,200. This can be chalked up to a larger renovation scope for 5-room flats as well as other factors, such as property age and the quality of parts/materials used.
4. The expected renovation period for resale HDB flats
Similar to BTO homeowners, those who reside in resale units will most likely have to wait a little longer before they’ll be able to call their renovated flats home sweet home.
Based on our figures, renovating a resale HDB flat will take about 1 week longer compared to 2019: A 3-room HDB resale flat will require a wait of 6 - 8 weeks; a 4-room unit about 8 – 10 weeks; and finally, a 5-room home will take about 9 weeks or more to complete.
However, once again, these ranges don’t include any potential delays stemming from the COVID-19 situation, so be sure to include some buffer time in your plans!
How to get your renovation done on time and at the right price!
Aside from giving you the lowdown on Singapore’s renovation scene, one of the things that we also do at Qanvast is help homeowners find the right interior designers based on key factors: your practical requirements, style preferences, and of course, budget.
So if you’re looking for help to ensure your renovation gets done right, why not let us know? We’ll introduce 5 Singapore designers based on your specific needs. Plus, if you engage a recommended designer, you’ll also be eligible for the Qanvast Guarantee, which safeguards up to $50,000 of your renovation deposits!
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