Tuesday, November 6, 2018

HDB Chronicles - Short Sharing Session - Financing and Expenditure for the Renovation, Furniture and Furnishings

This article is part of a series that shares my journey to becoming a homeowner for the first time and will be among the final posting of the series.

If you regularly follow up on HDB renovation articles on Facebook and other websites, you wmay come across the costing as well. It is known that the overall cost of just renovations and furnishings less furniture and appliances could easily hit SGD 50,000 or more (even more if you are going to hack walls and do more exotic work!).

Readers of my blog may know through my posts that I bought and live in a resale flat. We were very fortunate to come across a unit that is kept in good condition. This saved us a lot on cost as it meant no hacking work and no spending on tiles. Additionally, my wife and I opted to keep the home simple and cosy. While ultimately your home is yours to do what you wish to, I advocate minimising spending in favour of investing. Haha.

Altogether I think I spent about SGD 30,000 - 33,000. Where possible, my purchases were funded using credit cards (OCBC Cashflo where installment is otherwise not possible or not worthwhile as retaining balance in the bank is crucial). Otherwise, it came from cash from my wife's savings, my savings as well as liquidated positions in my holdings previously.

Tips on Saving Cost
  • Some of my LED lights and long fluorescent lights are sourced from shops in industrial areas. This can save you up to 50% compared to other brick-and-mortar lighting shops.
  • It is possible to negotiate prices in certain cases to try and get a better bargain.
  • Audio-house has fantastic pricing (including if you paid for electrical appliances although the selection is a tad limited. 
  • Racks.sg also sells storeroom racks at good price.
  • Restroom / Water-works related - Shophouse at Blk 574 Ang Mo Kio Avenue 10 (Cash Only)
  • Racks.sg
  • Electrical Appliances - Audio-house (There's a store at Bendemeer area)

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