Yes or No to Renovation loan in Singapore
Buying a house in Singapore is expensive however it is still possible for families to own one. Additionally with mandatory CPF savings, the upfront payment for a house can be paid off easily.
Apart from getting the house, what other other cost that you need to consider?
Renovation cost at least $15,000 to $30,000.
Furniture ranging from $10,000 to $15,000.
Other miscellaneous cost such as curtains, kitchen and storage racks about $1,000 to $3,000.
Electrical, lighting and painting cost $2,000 to $4,000.
Toiletry and kitchen items $500 to $1,000.
Are you getting a new house or moving to a new property?
For new homes, renovation is essential as the house will be in bare bone condition. Thus, it is recommended for home owners to start saving money 1 or 2 years ahead before purchasing their houses. Apart from renovation, there will be additional electronics and furniture cost.
Here is a list of items that you should consider before rushing to complete your house.
If there are more than 3 nos to the answers above, you should reconsider your property purchase.
What are the other cost to consider after house purchase?
Ultimately, it is entirely up to personal choice when it comes to renovation loans. A good recommendation would be to carefully weight your current finance situation. Hence, it is best that you consult mortgage loan specialist you proceed with a renovation loan application.