A Guide to 5-room BTO Renovation Costs in Singapore

Would you like to find out how much it will cost to renovate and redecorate a 5-room BTO? And if you think you have a good idea, what do you need to check?

When it comes to renovations in Singapore, there are many things to consider, including the cost of the land, the cost of the materials and the contractors involved. You need to understand these aspects of the process in order to make an informed decision. A 5-room BTO is pretty huge. If you are looking to renovate your 5-room BTO unit, you will be glad to know that there are several ways to save money on the renovation costs. We have put together a comprehensive guide to BTO renovation costs in Singapore, like how to save on renovation costs in Singapore.

Here, you will find information about average costs for common renovations as well as tips for saving money, so keep reading!

Applying for a Pre-Renovation Loan

The pre-renovation loan is an MHDB initiative to help HDB home owners fund renovations before they commence work. The loan is offered at an annual interest rate of 2.5% and has a tenure of 3 years. It is designed to help you pay for renovation costs that exceed your CPF savings and available cash. You can apply for the loan through the MHDB website or at any HDB branch.

As an added incentive, home owners who are granted pre-renovation loans will be eligible for an additional interest subsidy of 1% on their first loan, 2% on their second loan and 3% on their third loan. The interest subsidy is capped at $25,000.

“We hope that the interest subsidy will be attractive to those who want to renovate their homes but have been discouraged by high interest rates,” said Wong, adding that borrowers can apply for both loans at the same time.

For those who own or are buying a home worth $1 million or less, the maximum loan amount is $100,000 and they will not be required to pay any stamp duty on their first purchase of a home. But, as the loan is granted in installments, borrowers will be required to pay a monthly installment of $50 to the HDB.

The pre-renovation loan will be paid off when the house is sold or when the house is vacated. You can also choose to pay the loan off in installments, but you will need to pay a $50 monthly installment.

What Can You Spend on a 5-room BTO Renovation?

There are a few things you can spend on your BTO renovation. These include:

Building, moving and installation costs (BMI)

Building, moving and installation costs (BMI) refers to the cost of materials and labour required to build a house, including demolition and construction. This is the most expensive component of a BTO renovation and is typically calculated as a percentage of the total renovation cost. 

You will need to factor in the cost of construction materials such as tiles, cement, brick, roofing, flooring, windows, doors, paint, plumbing, electrical and carpentry.

To calculate the BMI, you will need to divide the total renovation cost by the total BMI.

The other related costs (ROC) is a set of costs that are associated with your home. These include electricity, water, internet, telephone, courier and delivery costs, furniture, and insurance.

You will need to factor in the cost of these services as well as the cost of your furniture and home furnishings.

Materials (MRC)

The materials (MRC) is the cost of the items you need to renovate your house. You will need to factor in the cost of paint, flooring, tiles, and other materials. Materials are the other major cost component of a BTO renovation. They include fixtures, fittings and appliances, and can account for as much as 70% of the total renovation cost.

Furniture (FRC)

The furniture (FRC) is the cost of the items you will need to furnish your house. Furniture is the next most expensive component of a BTO renovation. Furniture is typically calculated as a percentage of the total renovation cost.

Home furnishings (HRC)

Home furnishings include home appliances, appliances and fittings, such as washing machines, refrigerators, etc.

Other (OC)

Other costs are expenses such as site development, property fees, professional fees and other costs.

Tips for Saving Money on 5-room BTO Renovation Costs

There are several ways to save money on BTO renovation costs. Here are some of the tips:

Shop Around for Renovation Materials

When it comes to buying materials for a BTO renovation, you should always shop around. You can save money by comparing the prices of the materials in different stores. Conversely, if you shop around and buy materials from a single store, you will pay more than if you had shopped around.

You can save money by buying in bulk. For example, you can buy tiles in a large quantity and save on delivery and installation costs. You can also buy tiles in the same size as your current tiles. For tiles, you can save on the delivery and installation costs by ordering the tiles directly from the factory.

Buy Materials and Furnishings from the Same Supplier

You can save money by buying your materials and furnishings from the same supplier. This is because you can negotiate a lower price if you buy in bulk. When buying materials and furnishings from the same supplier, it is important to shop around. If you buy materials from the same supplier, you will get a better price.

Borrow from Family and Friends

You can save money by borrowing from family and friends. If you have family and friends who have been renovating their homes, you can borrow materials and furniture from them that they don’t need at the moment.

Shop Around for Renovation Services

When it comes to hiring a renovation contractor, you should always shop around. You can save money by comparing the prices of the services in different companies. For example, if you want to have a renovation contractor do your house painting, you can shop around to find the best deal.

You can also ask your friends and family for recommendations. They can be a good source of information about companies in your area.

Take Advantage of Group Buying Programs

Group buying programs are a great way to save money on renovation costs. For example, a group buying program for building materials can allow you to buy materials at a discount. You can also buy the materials for your renovation in bulk and split the cost with other members of the group.

Another great way to save money on renovation costs is to hire a home renovator who can do the work for you.

Use Exqsite to help you renovate

Is the design of the BTO unit not well thought out? Is it hard to calculate the right cost for your renovation? You can try to have Exqsite to create a modern, minimalist and functional design with the homeowner in mind. We believe that good design makes your living space more enjoyable!

We use 3D software to help us visualise each project so we can achieve the best results possible. This means you get a home that works with your lifestyle and needs now and into the future!

A Guide to 5-room BTO Renovation Costs in Singapore
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