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Wednesday 5 October 2016

Determine Your Budget for Home Renovation

Determine Your Budget for Home Renovation

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To determine how much you want to spend on home renovation, simply follow these four steps; Gauge the Cost, Set Your Budget, Request Quotes from Contractor and finally Set Your Priorities.

In home renovation, dreaming of what you desire is the fairy tale but execution is the hard part and sometimes the results or after effect could backfire with poor planning. Get started ahead by following these four steps:

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1.  Gauge the Costs

Based on your home renovation dream, gauge how much will it cost. Minor renovation of a 1000 sqft home such as plaster ceiling, cabinets, grills installation, painting and appliances installation run between RM 20,000 to RM 50,000. Cost will differ from materials type chosen to engaging an interior designer.

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2.  Set Your Budget

Once you have determined your home renovation project, the next question you should have the answer to is how are you going to pay for it. If you have the cash, that's easy to answer. But if you are financing it, you need to asses how much a bank will loan you and what will be the monthly loan repayment. There are few basic types of loan options available from the bank:

  • Cash out refinance

  • Credit card personal loan

  • Home renovation home loan

For vast majority of homeowners, the best way to finance your project is by home renovation home loan. Most banks offer this option when you are applying for your home loan purchase. If your home loan already at place, fret not as you could apply to refinance your home loan by topping up the loan with accordance to your current home market value. The least favour option is personal loan by credit card as the interest most of the time is higher than home loan. Whichever your choice is, just be careful not to be drown by the monthly repayment.

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3.  Request Quotes from Contractors.

Before requesting for quotes, determine your final requirement and what you want, right down to the final details. by specifying these requirements up front, the contractors will be able to quote properly.

Get quotes from at least 3 contractors and to find the right contractor:

  • View their recent and reference work

  • Search online for feedback of the mentioned contractor

  • Check references

Once you have selected the right contractor, set aside of 10% to 15% for contingency for unforeseen circumstances and changes you might have along the project.

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4.  Set Your Priorities.

If your dream house and your budget is not in sync perhaps it is good idea to carefully review your project and scale down your dream. Discuss with your contractor on ways of cutting down costs. Possibilities of cutting cost include:

  • Buy it yourself.

You will save up a big chunk of your cost if you buy materials yourself. Be sure to coordinate with your contractor on the items delivery schedule.

  • Keep existing items which are still in good condition.

You may upgrade your appliances or other items later stage.

  • Trim down the project.

  • Other alternatives.

For example, use of laminate countertop instead of granite table top for cost reduction.

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