RCMA

62 Advisory ONG HAN BOON 4 Essential Issues to Take Note on RenovationWorks Renovation Budget 1. This is mainly determined by factors such as the size of the unit, the number of furnishings required and the quality of the materials selected. Taking HDB flat units as an example, the renovation cost for a three-room to five-room flat will range around $30,000 to $50,000. If you are looking into more luxurious European styles, the cost can go up to $70,000 to $80,000 or even $100,000. Before renovation, you should first identify your home or commercial space needs and then set your expenditure based on these requirements. Having determined your budget, do discuss it with a reputable interior designer or contractor about your renovation plans. You should also factor in unforeseen costs which might drive your renovation budget up. Do prepare for a 10 percent increase in your budget for peace of mind. Generally speaking, homeowners have many issues to consider during their renovation. Be it an overhaul renovation of an old house or a resale HDB flat, renovating a brand new BTO flat from scratch, or renovating a commercial space, everyone aspires for the renovation to be a success. Get a good headstart on your renovation journey by taking the following items into consideration. By Ong Han Boon Property Valuer Advisor, RCMA