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Why is Everyone’s Renovation Budget, $30K?

In the beginning…


If you’ve just gotten the keys to your new home in Singapore, chances are you're grappling with the possibility of renovating on the notorious $30,000 budget. It’s no myth; the $30k figure has significantly impacted the local renovation scene. Let’s break down why this budget remains a staple and how you can make the most of it.


Renovation on a budget: Understanding the $30K standard.

Ever wondered why $30,000 is the magic number? Here's the lowdown:


    Loan Caps

Most banks in Singapore cap renovation loans at $30,000 or six times your monthly income, whichever is lower. This cap has become a de facto standard for both financial institutions and borrowers.


    Risk and Protection

The cap helps manage financial risk for both parties—the bank doesn't over-lend, and borrowers don't over-borrow.


    Market Influence

The budget cap has set the stage for renovation packages that cater specifically to this price bracket, making it a common starting point for quotes.


    Small Spaces, Smaller Budgets

Average Singaporean homes don't boast expansive square footage, which means less ground to cover, and subsequently, lower costs.


    Steady as She Goes

Singapore's controlled economy and inflation rates help maintain the feasibility of a $30k renovation.


    Going Taobao

What with the convenience and trust in online marketplaces. Singaporeans do not have to completely get their furniture and finishes from the renovation. In fact, more and more homeowners are opting to save costs and get their materials, building supplies from online entities like Taobao or Lazada.


A Practical $30K Renovation Breakdown


So, you have $30k and a dream. Here’s a way to slice that budget pie in today’s context to ensure you don’t crumble under financial pressure:

    Fundamentals (20%)

Channel funds into the crucial aspects of your renovation that form the backbone of your home’s design. This usually includes hacking works, walls, tiling, waterproofing, doors, and windows.


    Mechanical Marvels (20%)

Electrical work and plumbing are essential; skimping here can lead to costly problems down the line.


    Carpentry and Fixtures (25%)

A significant portion will go into built-ins and cabinets, which are key to a functional space.


    The Finishing Touch (10%)

Paint, wallpaper, and minor aesthetics that make your space feel like home should take up a tenth of your budget.


    Furniture and Decor (10%)

Allocate some funds for furnishings that will bring personality to your newly minted abode.


    Professional Know-How (10%)

Good advice isn’t free. Investing in professional fees for designers or contractors can pay off in a smooth renovation experience.


    The 'Just in Case' Fund (5%)

Always have that buffer for unexpected costs or last-minute tweaks.


$30K + Savvy Planning

Remember, these are just guidelines. Every renovation journey is unique, and yours might require you to adjust the numbers slightly. Do get multiple quotes, and don't be shy to negotiate with contractors. If you need help in getting estimates to kickstart your journey, don’t forget to use our eQuote, our renovation calculator. With savvy planning and a clear vision, your $30k can go a remarkably long way—even in today's market. Happy renovating!



Posted on 19th January 2024


Written by Astley Ng – The Designerd

SIXIDES Editorial Team


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