Why Resale Properties Are the New Hot Spot in the Covid‑Age
With lockdowns winding down, buyers are kicking the construction waitlist out of the way and snapping up resale units instead. The idea? Get into a house in fast‑forward without watching a builder’s timetable flicker on the screen.
Sure, swapping to a ready‑made home cuts out the dreaded “final touches” drama, but it doesn’t mean the renovations are a walk in the park. The same labour crunches and supply hiccups that hit new‑build projects bleed into the refurbishment arena, pushing costs up faster than you can say “renovation budget.”
Quick Tips to Keep Your Renovation Wallet Happy
- Prioritise the Essentials. Make a runway of must‑have features—like a functional kitchen and a comfy bathroom—then tier other updates on a “nice‑to‑have” list.
- Shop Smart. Compare contractors, ask for detailed quotes, and don’t be shy to negotiate the price. Even a small discount on bulk materials can save a bundle.
- Scope Out DIY Opportunities. Simple tasks (painting, installing new fixtures) can be tackled by homeowners, slashing labour costs.
- Stay Flexible. Adjust your timeline; if a material is delayed, consider a different option or a temporary workaround until the supply line clears.
- Keep a Buffer. Set aside 10–15 % of the budget for unforeseen surprises—it’s better to be over‑prepared than hang upside down.
In short, buying resale gives you a head start, but smart planning keeps the renovation saga from turning into a budget nightmare.
What’s happening with renovation costs during Covid-19?
Reraising the Roof: Why Renovation Costs are Trumping Your Wallet
When you’re planning a makeover, you might think the pandemic’s a one‑off, but the truth is it’s pushing renovation prices up by about 10‑20% on average. Here’s a quick rundown of what’s driving the surge and the smart ways you can still keep your budget from blowing out.
What’s Really Fueling the Cost Spike?
- Labor Crunch – Most work in Singapore is still done by local subcontractors: carpenters, electricians, the whole crew. With lockdowns and travel restrictions, many of those experts are either on short notice or have to fly in from nearby countries, dragging up the bill.
- Material Shortage – From countertops to tiles, factories have been shutting down or running at half capacity. Contractors end up hunting for new suppliers, and the new prices simply bleed through to you.
- Price Persistence – Once the market sets a new “benchmark” price for a trade or a material, that high is hard to break. Even after the virus subsides, demand will still be piling up, keeping rates high.
Quick Fixes to Steer Your Finances Back on Track
- Swap Materials – Pick alternatives that are less popular but still look great. Think hardwood instead of laminated boards, or bamboo tiles over classic porcelain.
- DIY with a Twist – Pull a fresh coat of paint, install a backsplash yourself, or reconfigure furniture layouts. Bonus: you’ll feel a sense of pride and save a few bucks.
- Trim the Built‑In Baggage – Unless you’re a TV‑watching tornado, minimizing built‑in cabinets or custom cupboards can slash both cost and installation time.
- Check for In‑House Prodigies – Some contractors bring their own team of might‑be‑miracle engineers. That can shave off hiring fees.
- Interior Designers vs. Contractors – It’s not always the designer’s dream; sometimes a seasoned contractor gives you the same swagger for a lower price.
- Greener Mortgage Options – Explore green loans—those come with perks like lower interest and, let’s face it, a little environmental bragging rights.
- Leverage the Right Loan – A renovation loan often has better rates than a general-purpose loan. Compare their terms before you sign.
- Keep it Debt‑Free, If Possible – When you have the cash, it’s smoother and that extra “no‑interest” cushion could be a blessing.
Keep these tricks in your renovation playbook, and you’ll weather the price storm with flair and fewer tears. Happy refurbishing!
1. Change materials
Hey, DIYers! How to Keep Your Renovation Budget in Check
We all know that material costs are the big bad wolf for any home makeover. Lumber, steel, copper, you name it—those prices have surged thanks to labor shortages, shipping delays, and the ever‑present tornado of supply‑chain hiccups. If your wallet feels a bit tight, it’s a good idea to consider cheaper alternatives that still deliver great results.
Budget‑Friendly Material Options
- Reclaimed Wood: Give old timber a new life! It’s surprisingly affordable, eco‑friendly, and often comes with a vintage twist.
- Composite Panels: These mimic wood or metal but cost a fraction of the raw material. They’re durable, low‑maintenance, and great for interior walls.
- Sheet Metal (Galvanized): Secure, rust‑resistant, and cheaper than copper—ideal for roofing or protective panels.
- Fiberglass: Lightweight, versatile, and cheaper than steel for many structural needs.
- Engineered Wood (Plywood, OSB): Strong enough for most projects, it’s often significantly cheaper than solid hardwood.
Remember, the trick isn’t just “cheaper” but “smartly cheaper.” By swapping in one of these alternatives, you’ll keep those savings floating up the budget and get to the fun part of your renovation—designing the space you love.
Budget‑Friendly Kitchen Upgrades
Make a Splash Without Emptying Your Wallet
When it comes to revamping your kitchen, the goal is simple: big visual impact with a modest budget. The trick? Swap out the pricey stuff for great alternatives.
Choosing the Right Materials
- Engineered stone countertops – lighter on the pocket, yet still sturdy.
- Laminate floorboards instead of hardwood – the perfect compromise between style and savings.
- Keep granite for the counter if you cook a lot. It’s tough, heat-resistant, and adds that high‑end feel.
Where to Spend, Where to Save
Think of your renovation as a game of chess: one well‑placed move can create a major visual impact.
- Feature wall in the living room: splurge here for instant wow.
- Leave the bathroom design largely untouched to preserve that familiar vibe.
- Opt for budget flooring in the bedroom to cut costs without sacrificing comfort.
Investing for the Long Run
Saving money now is great, but choosing long‑lasting materials will keep maintenance headaches at bay. That way, you’ll spend less time fixing something and more time enjoying the upgrade.
2. Refurbish or DIY
Love Your Landlord’s Leftovers: A DIY Guide to Reviving Furniture
Buying a resale home in Singapore often comes with a surprise gift from the previous owner (or tenant): furniture you didn’t ask for but might still get a second chance at. Instead of throwing those bulky pieces out—turns out that can rack up a hefty bill—why not give them a facelift? A little sanding, a fresh coat, maybe a splash of colour and you’ve got a fresh, personal vibe right in your new crib.
Why Refurbish? Because It’s Easy, Cheap, and 100% You‑Made
In Singapore you can hop over to a furniture refurbishing service—think sanding, polishing, and a professional paint job. Or, if you’re one of those “I can do anything” kinds, why not try your hand? A weekend of low‑ and high‑grit sandpaper or a new paint layer can turn that drab piece into something that feels like you.
Quick Two‑Step Fixes Anyone Can Attempt
- Sanding – Grab a couple tongs of both low and high grit sandpaper; rip up the rough bits and get that surface smooth.
- Paint – Once you’ve smoothed it out, unleash a fresh spray or brush coat. Pick a colour that speaks to your mood and voila, instant chic.
More Whimsy for Your Home
Here are some nifty tricks that add flair without the hefty price tag of a full remodel:
- Sticker Wrap Your Cabinets – From kitchen to bedroom, a stylish graphics wrap can convince you (and your neighbours) that you’ve got the latest design chops.
- Tile Overlay in the Bathroom – If your tiles are tired, simply slide an overlay onto them. Save on substrate and keep the waterproofing where it is.
- Pea & Flake Wash Spray – A quick spray in your bath can give that ‘new‑look’ feeling, without having to dig in for new waterproofing.
Build Your Own Furniture: The Ikea Edition
Ever thought of transforming an Ikea set? The aftermarket world for Ikea is super vibrant, offering swappable pegs, panels, knobs, and handles. Take a solo project, swap out those bland bumpers, and watch a plain kit turn into a statement piece.
DIY Inspiration From Home‑Grown Creatives
Inspiration is everywhere—just look at what Nadirah and Izwan whipped up in their own smart space. Their creativity hints that anyone can make a splash, even with limited tools.
3. Reduce built-in furniture
Turn Your Renovation Into a Cabinet Party
Let’s be real: if you’re refurbishing, the built‑in cabinet cost is no joke. But hey, who doesn’t love a custom‑fit piece that screams “me” and fits your oddly shaped rooms like a glove?
Why You Should Go All In
- Customize to a T: From a quirky sofa‑cushion storage to a quirky attic compost bin, you get the freedom to design exactly what you need.
- Sneaky Storage: Need more space? Built‑ins hide extra pockets where you can stash that extra blanket or that stash‑of‑staples.
- High‑Impact Ideas: Think of a bench seat that doubles as a pantry, a loft bed platform for creative storage, or a stash under the stairs that’s as functional as it is cool.
Top Built‑In Ideas That Will Make You Smile
- Bench Seat with Hidden Compartment: A stylish spot to kick your boots off while keeping your shoes in check.
- Living‑Room/Bedroom Platform: A floating, multi‑purpose space that saves floor area and adds a touch of elegance.
- Under‑Stair Cabinet: The ninja of storage–invisible, yet instant access to gold‑mine supplies.
So, next time you’re budgeting for the next remodel, remember: the built‑in cabinet isn’t just a cost—it’s an opportunity to turn those awkward corners and haphazard spaces into VICTORY PLOTS.
Built‑In vs. Loose Furniture: Which Path Fits Your Wallet and Your Future?
Think of your furniture choices like buying a suit—shop‑ready or tailor‑made. The big difference? Price and flexibility.
Bespoke and the Price Tag
- Custom fit – Built‑in pieces are like a bespoke suit. They’re designed to fit your space perfectly, but that specialized craftsmanship comes with a price tag higher than a ready‑to‑wear jacket.
- Budget choices – If you’re watching your dollars, sketch out the essentials (like a smart sofa or a bookshelf) and let the rest be “loose “ pieces that can be swapped later.
Loose Furniture: The “If‑You‑Want” Freedom
No such thing as a permanent lock‑in. Want a new vibe after a couple of years? Just shuffle the blocks around or swap out that coffee table for a newer one.
- Revamping made simple – Rotate the chairs, change the rug, or switch the lamp. It’s almost like having a fresh coat of paint without the hassle.
- Your storage upgrades – Need more space? Add a larger chest or a new set of shelves without tearing down walls.
Built‑In: The Long‑Term Kleenex?
These pieces look top‑notch now, but they can look a bit… what’s the word… old‑fashioned in a few years. When you’re ready to sell, that style could actually work against you.
Loose furniture, on the other hand, is the secret sauce. Want to give your house a quick facelift? Swap out the décor and keep the space seller‑ready.
The Bottom Line (aka Your Future Self Will Thank You)
- Built‑in = Perfection now, potential loss later.
- Loose = Adaptability today, easy change tomorrow.
So, question the fancy built‑in with your budget, then go for a mix that keeps the house living and evolving—just like that off‑the‑rack suit that can still be upgraded with a few patches later.
4. Check if the contractor has in-house experts
What the Deal Is With In‑House Folks
Think of a contractor as a self‑contained workshop. Some firms bring the crew in-house – carpenters, electricians, plumbing pros all on their payroll. That means they’re less likely to drown in the current labour‑shortage pool.
Why the In‑House Advantage Matters
- Less Supply‑Chain Ruckus: Firms with Singapore workshops pedal out anything from custom-made furniture to floorboards. No need to hunt for overseas imports.
- Price Tight‑Fit: They can lock in costs better – or at least keep a straight‑up timeline for you.
- Move‑In Early Wins: Even if construction costs are sky‑high, getting in sooner can save cash, especially if you’re renting a stop‑gap shelter.
But Let’s Not Get Too Hype‑Up!
It’s still a gamble. These firms might raise prices just to keep their wallets fat – business as usual. Plus, the big, established players that own staff and workshops tend to charge more anyway. They might not hike rates but their baseline prices can sit above the national average.
Bottom Line
Curiosity pays off, even if the outcome isn’t a fortune‑saving win.
5. Contractors are sometimes cheaper than Interior Designers
When to Hire an Interior Designer vs. a Contractor
Picture this: you’re staring at a blank wall, a stack of mood boards, and your dream of a swooping staircase that looks like it crawled straight out of a movie set. Who do you call first? A friendly contractor with a hammer, or a chic interior designer who can turn those raw ideas into a gallery‑ready space?
Why Designers Usually Charge a Bit More
- Creative Brainstorming – Designers spend hours doodling, making 3‑D renderings, and picking the perfect sofa that whispers “comfort” while still being Instagram‑worthy.
- Execution Guidance – Thoughts on lighting, paint, and floor‑plan layout are all added onto the base cost. The contractor just passes along the blueprints.
- Cost Impact – Because those extra mock‑ups and visions add real value to the final price tag.
Could a Contractor Cut Your Costs?
If you’ve already got the skeleton of your design sketched out, you can skip the design phase and go straight to the contractor. This saves the designer’s creative fee, but you must be crystal clear on what you want. The contractor isn’t hired to dream up the blueprint for you – that’s their martini‑time job.
Reality Check: The Numbers
- Typical Spread – Even the most seasoned design firms tend to be 18‑25 % pricier than a raw contractor price.
- No Guaranteed “Cheaper” Choice – Some designers pull a trick: they come up with a strategy that actually saves money—think space‑saving shelving or a lighting plan that cuts on utility bills.
- Blend of Roles – Many contractors now hire in‑house designers, blurring the lines between the two. Hire one servant and you get a bit of both worlds.
Bottom Line
While contractors often lean toward the cheaper side, don’t toss design firms out of the window entirely. A savvy designer can pull a clever baroque tower vertical that saves cost elsewhere. Fuse the best of both worlds, and you might just end up with a stunning cabin that doesn’t break the bank.
6. Try for green loans
Sky‑High Green Loans? Let’s See What’s Really On Your Wallet
Ever wondered if your mortgage can get a facelift? Well, banks are back‑flipping the loan game by slashing interest for those who keep their homes eco‑friendly.
What’s the Deal?
- Standard renovation loan (2021): 4.18 % per year
- Green‑friendly version: down to 2.68 %—about 1.5 % lower in the long run.
That’s a tidy chunk of cash you could save on your mortgage, but it’s not a free‑bie. Banks want proof that your home will stay green.
Getting The Green Discount: What You Need to Pack
- Energy‑efficient appliances ‑ look for a five‑star Energy Label.
- LED or other gas‑saving lights.
- Low VOC, or “non‑toxic,” paint for the walls.
- Other “green” additions that keep the house talking to the planet in a friendly tone.
Most savvy homeowners already check these boxes, so the green loan usually comes without extra hoops—just slide those “yes” answers through the questionnaire.
Who’s Screwing Around?
Some banks treat the green indicator as a quick “tick‑box” game. Just check all the green boxes, no hard‑copy proof, and voilà—rate drop.
So, while it feels like a modern diary reward, the reality is more like a cheeky gift—there are no hefty restrictions, and the loan is essentially a promotional perk.
New Launch Homes? Are They Already Green?
- Like a recipe pre‑mixed, new builds often come with energy‑efficient appliances (sometimes already five‑star).
- Developers love the sustainability brag‑right, so they pad these units up to the green level.
Bottom line: If you’re eyeing a fresh launch, chances are the home’s already set to win the green card. That could mean your mortgage starts at a sweet lower % from the get‑go.
Quick Takeaway
Paying less on your loan for a greener home? It’s doable, but just remember the “green status” isn’t nothing; it’s a token of commitment (or just a quick checkbox). Either way, you’re looking at a tidy savings for a house that’s better for the planet.
7. Use the renovation loan before other loan types
Make Your Renovation Money Work For You
When you’re talking about breathing new life into a house, remember this golden rule: Never start with a personal loan.
First grab a renovation loan—that’s the sweet spot for the money you actually need. If you still have a gap, only then browse other options.
Why a Renovation Loan Wins the Hand‑shake
- Cap of $30,000 or 6 months of your income (whichever’s smaller) – that’s the max you can snag.
- If your makeover bill tops $50,000, aim to clear the first $30,000 with the renovation loan.
- Anything beyond that, pick the cheapest side‑kick (personal loans or lines of credit).
Think of it this way: renovation loans hover around a modest 4.18%, while personal loans tend to charge between 6% to 9% annually. That’s like buying a budget car vs. buying a luxury one on the same trip.
When You Should Consider Skipping the Loan Altogether
Every now and then you might be able to go no‑loan—and that’s the ideal scenario (see tip #9 in our guide). If you’ve got savings or can budget over time, it feels a lot less like borrowing and more like investing.
8. Compare renovation loans to get cheaper rates
Finding the Sweet Spot for Your Renovation Loan
When you’re on the hunt for the best renovation financing, the big truth is this: you’ll only see one or two banks throwing out the lowest rates in any given month. That’s because each lender pulls from a different set of lenders and products. The trick? Scout around more than one comparison site.
Why More Than One Site Matters
- Coverage differences: Some sites partner with a wide array of banks, others only a handful.
- Hidden gems: A deal that slips through one portal might pop up brightly on another.
- Timing: Deals shift fast—so the more eyes you have, the better your chances of catching a low‑rate swoop.
Ask Your Current Mortgage Provider
You’ve probably already built a rapport with the bank that loots your mortgage. Good news: they might be willing to sweeten your renovation loan too. It doesn’t hurt to bring it up at your next meeting—prove it’s a win‑win: you stay loyal, and your bank gets the business.
Potential Bonuses: Interest‑Free Offers
Every once in a while, banks swing the doors open with interest‑free renovation loans. It’s like a first‑slice discount you don’t want to miss—unless you’re ready to pay back within the period, usually around six months. If you’re a quick loader, you can slice roughly sixty percent off what you’d otherwise pay.
Watch Out for the Switch‑Back Rule
Got a rough patch to pay off the loan before the period ends? Don’t worry— the loan will simply revert to its listed market rate. That rate can still be higher than the best offers out there, so it’s a good idea to lock in a repayment schedule that keeps you under that promotional deadline.
Bottom line: keep your eyes peeled, chat multiple sites, and don’t shy away from asking your current lender for a cheaper rate. With a little strategy and timing, you’ll snag a renovation loan that’s both affordable and painless.
9. Try not to use loans at all
Renovating on a Budget? Let’s Keep It Real
We know renovating feels like climbing a financial cliff, but it’s super worth doing the saving game. Even if you don’t have the full pile of cash, aiming for about half the cost is a solid strategy.
Loans: The Sneaky Cost
- Interest eats up profits – Every dollar you borrow for a renovation comes with a fee that dents your returns.
- It’s funny how buyers boom about dropping just 0.3 % from their home‑loan rate, yet scramble to shell out over 4 % on a renovation loan. Irony much?
Take It Piece‑by‑Piece
- Miss the full overhaul? No sweat. Start with the bathrooms and bedrooms. Leave the living room until you’ve built a little cushion.
- Cutting back on credit blanks the wallet and usually pays off the extra cost. It’s the kind of win‑win that feels like a sitcom twist.
We’re not pushing a “wait for post‑COVID price drop” approach—because if the market dips again, we’re guessing, not guaranteed. The takeaway? Keep the money flowing, avoid over‑crediting, and renovate smarter, not harder.
Finally, do remember you can ask for basic maintenance works as a condition of purchase
Swap the Sass with Smart Savings
Picture this: You’re eyeing a lovely home, but the doors are all wind‑blown and saggy—real treat for a bored bulldog in the front yard. What can you do? Make it a negotiation point. Demand that the seller gear up the doors before you hand over the keys.
Why the Door Deal Works Wonders
- Put the cost in the price. By tying the replacement to the purchase price, you’re packing future renovation expenses into the deal from the get‑go.
- Save money in the long haul. It’s mathematical—no extra outlays later for the same fix.
- Immediate upgrade. Stepping into your new home, the doors look spanking new instead of a “whoops, I borrowed an antique” vibe.
The Realtor’s Secret Weapon
Bringing home buyers and sellers to the table is your realtor’s bread and butter. Choose a pro who’s up for the challenge—someone who can slide this nifty wrinkle into the contract without a hitch.
Pro Tips from the Renovation Home Playbook
- Be clear and firm. Specify the condition outright: “I’ll refer to the purchase if these doors are replaced.” No vagueness, no missteps.
- Document everything. Written agreements keep the brownie points that you might otherwise be forgetting.
- Keep the mood light. A friendly yet focused tone can turn a tedious negotiation into an opportunity for teamwork.
Ready to Dive Into Deals?
Remember: a little negotiation can add a lot of value. Slip in some tongue‑in‑cheek charm, keep the tone friendly and real, and let your realtor be the mastermind of the swap. Chew on these tactics and you’ll be stepping into a beautifully upgraded home—without the heavy price tag.
This rewrite traces its roots back to a Stackedhomes article, reimagined for today’s homeowners with a dash of humor and a pinch of pragmatism.
