Condo Renovation Costs In Singapore: How Much Cash Do You Need?

Collecting the keys to your condo is a big moment. Then the renovation quotation comes in, and the total is higher than the renovation loan you were counting on.

A renovation loan has a cap, and it usually pays only for the works. The management deposit, your new sofa and the mortgage instalments that start before you move in still need cash. So how much should you set aside on top of the loan?

This guide follows the order you’d plan in. Projected costs for new and resale condos come first, because they give you a starting figure. Next comes how much a renovation loan can cover, then the costs a contractor’s quotation leaves out. After that, we put everything into one worked example and show you how to test a loan offer against your monthly budget.

New And Resale Condo Costs At A Glance

Qanvast’s 2026 condo renovation projections put new condos at S$44,290–S$62,160 and resale condos at S$78,280–S$105,000. They apply a projected 3%–5% increase to 2025 medians from 254 new and resale condo projects on its platform. These are planning estimates, not quotations or minimum spending requirements.

To see the effect of borrowing, the comparison below assumes an approved S$30,000 loan fully funds eligible works. These numbers are only an example.

The final column excludes borrowing costs and other move-in expenses. If your approved loan is smaller, the amount you must fund increases dollar for dollar.

New Vs Resale: Compare The Work Each Unit Needs

Choosing between two units? Look at the work each one needs before you compare prices, since a cheaper unit can still come with a bigger renovation bill.

A new condo comes with finishes and fittings from the developer. Check what’s there, then ask for separate prices for essential additions and cosmetic changes. Include the cost of ripping out anything you could have kept.

Resale units need a closer look. Arrange checks on the plumbing, electrical installations and bathrooms, and look for signs of water seepage. Ask the contractor to list repairs apart from design changes, and get a specialist assessment where needed before you treat a provisional estimate as your final budget.

Ask each firm to price the same scope, materials and quantities, so you’re comparing what you’d get, not two headline totals. Note any exclusions. Provisional allowances need a note too, because the final charge for those items hasn’t been fixed yet.

How Much Can A Renovation Loan Cover?

The advertised maximum isn’t the number to budget with. Before you commit to a contractor, swap it for the amount the bank has approved for you.

As of November 2026, DBS’s renovation loan guidance says an individual may borrow up to six times monthly income or S$30,000, whichever is lower, subject to credit approval. We use the DBS product limit here as an example. Other lenders set their own limits.

DBS’s stated ceiling = the lower of six times monthly income and S$30,000.

Say you earn S$4,000 a month. Six times your income is S$24,000, so a S$60,000 quotation would leave you S$36,000 to fund before any other costs, even with the full S$24,000 approved. At S$5,000 a month, the stated ceiling rises to S$30,000, though the bank may still approve less.

Ask the bank which quotation items it will finance and how it’ll pay the contractor. Furniture, appliances and management deposits may not be covered. The same goes for extra items you order once work has started.

Also Read: Home Renovation Loans In Singapore: Costs, Limits And Uses

Can You Use CPF To Close The Gap?

No. CPF Board’s guidance on renovation and repairs confirms that CPF savings can’t pay for renovation, improvement or repair work on your property.

Leave your CPF balance out when you add up the money available for the works. If the cash you can spare falls short, cut the scope or change the timing before you sign a contract.

Costs Your Renovation Quote Won’t Show

Go through the quotation with your move-in shopping list and the estate’s renovation rules beside it. Anything the contractor hasn’t included goes on its own budget line. Items already in the quote stay off the list, so you don’t count them twice.

Does Your Estate Need A Renovation Deposit?

Many estates have their own renovation rules, so call the managing agent early. Ask for the current application requirements and permitted working hours, plus the deposit amount and its refund conditions.

BCA’s guide to carrying out works in strata units explains that a management corporation can make by-laws requiring its approval before you start works. Works that touch common property need the management corporation’s approval as well. Depending on the scope, you may also need professional advice or approval from the authorities.

Confirm all of this before you agree to a start date. A refundable deposit still counts as cash you need upfront. Record its expected return separately, and don’t count on getting it back in time to pay the contractor.

Furniture, Appliances And Other Exclusions

Price everything you need to live in the home, from beds and curtains to lights and the fridge. Check each quotation for delivery and installation. Disposal of old items and GST may also be extra.

Some purchases can wait a few months. Split the list into must-haves for move-in day and things you can buy later, so you can lower the cash needed upfront without cutting essential repairs.

Mortgage Payments Start Before You Move In

Your mortgage doesn’t pause while the contractor works. Use your lender’s repayment schedule to work out how much cash goes to the mortgage during the renovation. Still renting? Add the rent for every month the two overlap.

Ask the contractor for a programme showing approval, works and handover dates. Then add one more month of housing costs to your plan in case move-in is delayed. Treat that extra month as a stress test, not a forecast of how long the works will take.

Set Aside A Reserve For Surprises

Hacking out old tiles can expose problems nobody saw at the viewing. Keep a separate reserve for work like this, and for any changes you approve along the way. Agree on the amount after you’ve discussed the unit’s condition and the scope with the contractor.

A percentage is a handy way to set the reserve, though it may not cover everything. Ask for a written price before you agree to any change.

How Much Cash Do You Need In Total?

Once you have an itemised quotation, bring the works, move-in purchases and temporary cash commitments into one sum.

Cash required = renovation works + other move-in costs + contingency + temporary deposits + housing cash payments during renovation − confirmed loan funding.

Now put it all together. Say your quotation is S$65,000 and the bank approves the full S$30,000 loan. The gap looks like S$35,000, but the other costs push it higher. We made these numbers up to show the sum.

The deposit, furniture budget, mortgage payments and contingency are assumptions, not market prices or spending targets. Loan charges, rent and ordinary household bills aren’t in the table either, so add any that apply to you.

In this example, you need S$61,500 in cash alongside the loan but have only S$50,000. Before you look at borrowing the other S$11,500, check which purchases or design changes can wait.

Money already set aside for the home purchase doesn’t count as renovation savings. That includes the deposit, stamp duty and legal fees. Your emergency fund for household surprises should also stay apart from the renovation contingency.

Read More: When To Use Emergency Savings Before Borrowing

Will Your Cash Last Until Each Payment Date?

A budget can balance on paper and still run short in the first few weeks. That happens when early payments fall due before the loan money or your savings are ready.

List each contractor milestone with the payment due and the bank funding expected to reach the contractor by that date. Put deposits and purchases on the same calendar. Count only money you can get to on time, and don’t assume a loan disbursement or deposit refund will come early.

Get the bank and the contractor to confirm the arrangements in writing. If the dates don’t line up, agree on a schedule that works before you pay a commitment deposit.

Compare Loan Offers And Test Your Monthly Budget

Planning to borrow to close the gap? Get written offers for the amount and loan tenure you need, then compare them using the effective interest rate (EIR). The EIR takes fees and the way you repay into account, so it gives a truer picture than the advertised rate.

For each offer, write down:

• The approved amount, plus any charges taken off it upfront.
• The EIR and the repayment period, with the monthly instalment.
• The total of all scheduled repayments and any fees charged separately.
• Charges or conditions for paying early, cancelling or paying late.

Check whether a quoted total already includes fees, so you don’t add them twice. A smaller instalment spread over more months can cost more overall.

Next, put the instalment into your household budget alongside the mortgage, existing repayments and essential spending. Run the numbers again for a month when your income is lower, or for an extra month of overlapping housing costs. If your usual monthly budget is already short, a new loan adds one more repayment you’ll still have to find money for.

Our guide to using a personal loan calculator shows how to test repayment estimates. Check the result against the lender’s actual repayment schedule.

Set Your Budget Before Committing

Put your itemised quotation, the bank’s approval and your payment calendar side by side before you sign. A shortfall means it’s time to ask for a revised quotation that separates essential work from extras you can add later.

Settle on a scope you can pay for on each due date and repay within your normal monthly budget. That way, finishing the renovation won’t depend on a loan that hasn’t been approved or a refund that arrives early.

Still short for furniture or other move-in costs after your renovation loan? Apply for a personal loan with Crawfort and see your results directly on the Crawfort App.

Important note: This article is for general information only and does not consider your personal financial situation. Before taking a loan, review the loan contract carefully and make sure repayments are manageable.

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