14 September 2023

Just collected the keys to your new house? Buying a house is most likely the largest purchase in your life. After getting the keys, you’ll want to renovate it to turn it into your dream home. In this article, we look at renovation costs, what affects it, as well as financing options like a renovation loan and personal loan in Singapore. 

How Much Does Home Renovation In Singapore Cost? 

To make their homes look as good as possible, couples in Singapore spend an average of S$50,000 to S$60,000 on home renovations. This is also the average price of renovating a 4-room HDB flat. 

Renovation costs are usually lower for executive condominiums (ECs) at S$20,000 to S$30,000 as they already come with a built-in kitchen, wardrobe, and toilet. 

If you’ve purchased a resale flat, you’ll need to increase your budget for your home renovation. Although resale flats are usually well-equipped, they often require greater makeovers than BTO flats as they might need more repairing and dismantling. 

Furthermore, you’ll need to include at least another S$20,000 to S$30,000 in your home renovation budget to buy furniture and electronics. The amount generally depends on your furniture preferences. 

If you want to cut down on the costs, consider purchasing furniture from IKEA and going hands-on. Along the way, you can make use of the furniture building activity to bond with your other half or family members. 

What Affects Home Renovation Costs? 

How much should you and your partner prepare for your home renovation? It truly depends on the type of design you want, the condition of the flat, and more. 

1. Type Of Home

Is your home a BTO flat, EC, condo, resale, or a landed property? 

Renovation costs in general are usually the lowest for ECs as they come with a built-in kitchen, toilets, and wardrobes. 

On the other end of the spectrum, resale flats and landed properties require a higher renovation budget as more hacking and dismantling might be needed. 

Renovating A BTO Flat Vs. Resale Flat

Renovating a resale flat can cost 20 – 40% more than a BTO flat. Aside from the extra hacking and dismantling, resale flats may need significant piping reworking and planning works.

Additionally, those moving into a resale flat may need to buy and install their own bathroom fittings, which adds to the renovation cost. On the other hand, BTO flats already come fitted with toilet bowls and sinks.

Furthermore, resale flats are generally larger than BTO flats — a 4-room resale flat can be up to 20sqm larger than a BTO flat. A bigger space naturally requires more construction materials and renovation work, resulting in added renovation cost.

2. The Type Of Renovation Work

How much hacking, painting, building of partitions does your house need? 

For instance, if you enjoy organising large home gatherings, you might choose to hack down the walls for one of the rooms to create a larger living room. 

Or you might convert one of your rooms into a work area if you’re a workaholic. 

Here’s a breakdown of the components for a home renovation and their respective costs.

Components What does it involve? Estimated costs
Painting Generally, a 2-3 coating paint job with primer and sealer will be required for walls and ceilings.  S$2,000
Ceiling, building partitions  This is for building false ceilings, curtain pelmets, and false walls and box-ups to divide the space.  S$5,000
Hacking, demolition Hacking and rebuilding, including touching up and strengthening of walls.  S$6,000
Masonry This includes flooring, tiling, and waterproofing for sturdy and long-lasting floors.  S$10,000
Carpentry This includes all the features that you want to build in your home, such as kitchen island, feature walls, wardrobes, tables, bed frames, storage, and TV consoles.  S$24,000
Plumbing  Water works such as taps, shower system, toilet bowls, water filters, sinks, basins, piping, and water heaters. This includes extension and concealing work for pipes as well.  S$1,000
Electrical works Electrical outlets for lighting, heater, power points, and wire extensions.  S$4,000
Cleaning, touching up Debris disposal, layering, and floor protection. You may choose an acid/chemical wash for a thorough cleaning. S$500
Furniture  Sofa, chairs, lamps, dining tables, study tables, bookshelves, beds, curtains, and more.  S$10,000
Appliances Fridge, TV, air-conditioners, washing machine, and more. S$15,000

Source: The Wedding Vow

The renovation cost for your home could also be estimated based on the theme you are going for. The more expensive design themes include Contemporary and Scandinavian, while Industrial and Traditional fall at the lower end of the price spectrum.

Here’s the average price ranges you can expect for the different themes based on rates charged by various contractors in Singapore:

  • Traditional: S$40,000 – S$75,000
  • Industrial: S$50,000 – S$80,000
  • Transitional: S$55,000 – S$85,000
  • Modern: S$60,000 – S$75,000
  • Minimalist: S$60,000 – S$75,000
  • Vintage: S$60,000 – S$75,000
  • Eclectic: S$65,000 – S$80,000
  • Scandinavian: S$65,000 – S$90,000
  • Contemporary: S$70,000 – S$90,000

3. Age And Condition Of The House 

As mentioned earlier, renovation costs are higher for resale flats because more hacking and demolition will be needed. Older homes generally require more work. 

Most new homeowners may also have safety concerns regarding an old flat’s wiring. As such, they may opt to rewire the flat’s electrical works. This can cost an additional S$4,000 to S$6,000 depending on the extent of rewiring.

A woman and a man painting to renovate a house, which is funded by a personal loan in Singapore

Painting is one of the renovation works that can be covered by a renovation loan.

4. Materials Used In The Home Renovation 

The type of material used plays a key role in the appearance of your home. 

For example, marble flooring might portray a classy home. On the other hand, wooden flooring gives a homely and minimalistic vibe. 

Note there can be substantial cost differences depending on the material choice. For example, the cost of ceramic flooring can range between S$3.50 and S$9.50 per square foot. In contrast, marble flooring can cost at least four times more, ranging from S$15 to S$47.50 per square foot. 

In general, vinyl and laminate flooring are the cheapest options, while marble and hardwood are the most expensive. 

The same principle applies for your walls. Painting a living room can cost you only S$100. If you want to use wallpaper instead, be prepared to fork out between S$1,500 and S$2,400. 

Intending to have a feature wall in your home? Craftstone can set you back between S$14.75 and S$75 per square foot. If you’re looking at wood, tiles, or slate, expect to pay S$50 – S$100 per square foot. 

5. Whether You Hire An Interior Designer Or Contractor 

Hiring an interior designer will usually be more expensive than hiring a contractor for your home renovation.

This is because an interior designer will be working with you from conceptualising and sourcing, all the way to the building and furnishing of your home. In short, he/she will manage your home renovation from start to finish. An interior designer also functions like a middleman between you and contractors and suppliers. 

On the other hand, contractors merely help you execute renovation based on designs you’ve provided. Working directly with a contractor will be cheaper as you’ll be paying suppliers directly. You also won’t have to pay for an interior designer’s time and expertise. 

If you already know how you want your home to look and are confident that a contractor can fulfil your requirements, getting a contractor for your home renovation should suffice. 

Learn more on how you can reduce your renovation costs here. 

Financing Options For Home Renovation in Singapore: Personal Loan And More 

 Infographic on financing options for your home renovation, including a personal loan in Singapore

Be sure to consider various financing options such as renovation loan in Singapore and personal loan before starting your home renovation.

It’s great news if you have enough savings to fund your home renovation.

But don’t worry if you don’t have enough cash for it. Many couples in Singapore generally don’t have much money left after purchasing a home, so they’ll choose to take out a renovation loan or a personal loan for their home renovation. 

In general, there are 4 financing options for a home renovation in Singapore, namely renovation loans, credit cards, store loans, and personal loans. 

Let’s evaluate each of them to find out which is the most suitable option for you. 

1. Renovation Loan

The loan amount for a renovation loan is capped at S$30,000 or 6 times of your monthly income, whichever is the lower. 

Plus, you’ll need to meet the minimum annual income requirement of S$24,000 a year to apply for it. As it’s an unsecured loan, you won’t need to provide collateral for it. 

Although it’s unlikely that a S$30,000 loan can cover all of your renovation needs, this is still the preferred choice of many homeowners. This is because of the lower interest rates of around 5.3% to 6.2% per annum. 

Most major banks in Singapore offer home renovation loans. 

Do take note, however, that you can’t use the money from a renovation loan to buy furniture and electrical appliances. In fact, renovation loans can only cover the costs of the following: 

  • Built-in cabinets
  • Electrical wiring 
  • Structural alterations 
  • External works within the compound of the house
  • Flooring and tiling
  • Bathroom works 
  • Painting and redecorating works 

You might be wondering, how will the bank know where I’ll spend my loan money on? 

Well, you’ll need to submit a renovation contract when applying for a renovation loan. The contract will state the money required for each area of the renovation as well as your home ownership. The bank will then pay the contractor directly for the renovation. 

2. Personal loan

Getting a personal loan in Singapore for your home renovation is another option. Similar to a renovation loan, it’s an unsecured loan, so no collateral is needed. 

While the interest rate for personal loans in Singapore is higher than that of renovation loans, personal loans are not limited to renovation works. You have the freedom to spend the money on anything you want, including furniture and electronics. 

Plus, you can get a larger loan amount with a personal loan in Singapore. The approved loan amount generally depends on your income. For instance, if you have an annual income of at least S$120,000, banks in Singapore can give you a loan of up to 10 times your monthly salary. 

If you’re planning to borrow from licensed moneylenders such as Crawfort, you can get up to 6 times your monthly salary if your annual income is at least S$20,000. 

Have an annual income of less than S$20,000? You can still take out a personal loan of up to S$3,000 from Crawfort. 

Wondering if you should take a renovation loan or a personal loan in Singapore? Learn more about their differences here.

3. Credit Cards

Credit cards can help you pay for your renovation, but this method is not recommended. 

While you can use them to pay for things like furniture, household products, and electrical appliances, be sure to consider their pros and cons. 

Even though you can enjoy benefits like cashbacks and air miles with credit cards, they are known to charge extremely high interest rates at an average of 25% per annum. 

As such, it’s recommended that you use a credit card merely as a mode of payment rather than as a credit facility. This means that after making all payments via the credit card, you should foot the full amount before the next billing cycle. 

Remember not to leave any unpaid debt on your card. Given the sky high interest rates of credit cards, any unpaid amounts can easily snowball into a significant amount. 

Struggling to pay off your credit card debt? Find out how you can clear it. 

4. Store Loans (Also Known As Hire Purchase) 

Retail stores offer loans as a financing option for customers as well. 

The good thing about them is that they might not require proof of income and will be approved quickly. Hire purchases such as these will allow you to pay back the loan amount through instalments. 

While it sounds like a decent deal, it can be a nightmare.  

It’s a type of unsecured loan, meaning that you don’t need to provide any collateral. In return, they come with extremely high-interest rates. 

A couple of years ago, someone found her store loan grow into a whopping S$30,000. Back in 2010, she took out a S$3,000 store loan to finance a laptop, a washing machine, a sofa, and a bed. While the store approved of her loan quickly, the interest rate was too high, and she found herself taking years to repay her debt. 

Thinking of borrowing from a licensed money lender? Here are 4 things to consider when borrowing from one. 

Managing Your Home Renovation Cost 

While renovating your new home can be costly, there are ways to reduce your overall expenses.

Forego Luxuries First

For example, you can forego luxuries such as platform beds, bathtubs, custom furniture, or walk-in wardrobes for the time being if they result in you exceeding your budget. You can always get them at a later stage once you’ve saved up more money. 

Get Preloved Furniture

Also consider whether you really need everything to be brand new. If you have family members or friends giving away furniture that’s in good condition and looks good to you, why not take them up on their offer? You could end up saving hundreds or even thousands of dollars. 

Alternatively, you can shop for pre-loved furniture and other home items at thrift stores, flea markets, and online platforms like Carousell. In fact, you could end up with very attractive furniture bargains on these platforms. Since unwanted furniture takes up precious space in one’s home, sellers may offer very low prices to get rid of them more quickly. 

Get Your Family And Friends To Help

Need to move your existing furniture over to your new home? Instead of paying for moving services, you could enlist the help of family and friends to help with the moving instead of paying a mover. 

Pick An Off-Peak Period For Renovation

Here’s another tip. You could potentially save on renovation costs by choosing the right time to get your renovation done. You can avoid paying a premium simply by picking an off-peak period. If you’re looking at renovating your home around the end of the year, be prepared to fork out more money since this is typically the peak period for home renovations. 

Should You Take A Renovation Loan Or Personal Loan In Singapore? 

Banks have a minimum loan amount of S$5,000 for renovation loans. If you’re only planning to do minor renovations and don’t require such a large sum, you can consider taking out a personal loan in Singapore instead. You can get a personal loan approved for as low as S$500. 

It’s also not recommended to take out a larger loan simply to enjoy lower interest rates. You should try to borrow the lowest amount possible. 

Another tip is that you can use a renovation loan together with a personal loan in Singapore. This is especially helpful when the renovation loan amount runs out. 

Looking for a flexible personal loan in Singapore for your home renovation? Consider applying with Crawfort today. 

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Commonly known as “ah longs” in Singapore or unlicensed moneylenders, a loan shark is a person or entity that lends fast and easy money at sky-high interest rates. These interest rates are typically far above any established legal rates.  They are infamous for their harassment tactics and threats of violence as a means of forcing […]

Personal Loan
Loan Scams – Do Not Be A Victim

Loan scams are on the rise now. Please stay vigilant and beware of scammers who may approach you with attractive loan offers through calls, SMSes or any other media forms. Don’t be impulsive and fall into their traps. Learn to differentiate between a licensed and unlicensed money lender in Singapore. Crawfort Finance will only advertise […]

Blogs and Opinions
What Happens When You File For Bankruptcy In Singapore?

From January 2020 to May 2020, there have been 1,481 applications for bankruptcy in Singapore and 404 orders made — a significant number considering the short 5 months span.  Bankruptcy, in short, is when you owe more than you can afford to pay. There are also a number of technicalities involved. Filing for bankruptcy in […]

Blogs and Opinions
3 Alternatives To Filing For Bankruptcy In Singapore

Filing for bankruptcy in Singapore can stir up feelings of stress, anxiety, depression, and failure. Let’s face it, the process of filing for bankruptcy is also a tedious affair combined with the social stigma that comes with it. So before you decide to file for bankruptcy, why not consider other alternatives that are more desirable […]

Personal Loan
How To Clear Credit Card Debt With A Personal Loan In Singapore

Credit cards have a lot of benefits. Not only do they boost your spending power, but they’re also very convenient since you don’t need to keep drawing and carrying cash. However, for the convenience they offer, you run the risk of incurring high interest and accumulating debt quickly. What should you do when you find […]

Personal Loan
The 2 Types Of Personal Loans In Singapore To Consolidate Your Debt 

Besides being symbolic of financial independence and adulting, owning a credit card is a great way to earn rewards and cashback on your spending as long as you pay your bills dutifully every month. But what if you’re unable to pay your bills on time? With sky-high interest rates and a few late payment fees, […]

Blogs and Opinions
10 Travelling Tips For Your Next Trip And How A Personal Loan In Singapore Can Help

In a world where everything has its price, your dream of travelling the world can seem far and out of reach. Especially when you have daily expenses to account for and pressing bills to pay. Travelling can be expensive. However, the experiences you gain and memories forged from travelling is oftentimes invaluable. Though travelling can […]

Blogs and Opinions
Should You Take A Personal Loan In Singapore For Your Wedding?

Most of us dream of having the perfect wedding with our significant other. We want to make the day perfect to celebrate our love for our partner with our family and friends. However, planning a wedding can be stressful. Not only do you have to decide on the location, settle the most minute details, and […]

Blogs and Opinions
When Should You Consider Taking A Personal Loan Over A Renovation Loan In Singapore?

Now that you’ve collected the keys to your new home and browsed countless web pages for decor inspiration, it’s time for the next step. Imagine, after a long day at work, going back to a home that’s furnished and personalised just the way you like it. Isn’t that exciting? That is until you realise the […]

Personal Loan
Should You Take A Personal Loan In Singapore For Your Vacation?

Have you been toying with the idea of taking a good break for a while? And when we mean a break, we mean a good, quality break that’s going to give you a good reset. Maybe it’s been something on your mind for a while now but you haven’t gotten around to it because it’s […]

Personal Loan
Why You Should Upgrade Your Skills And How A Personal Loan In Singapore Can Help

According to Robert Kiyosaki, a successful businessman and author of Rich Dad Poor Dad, continuous learning is the key to getting rich. If you want to be successful in life, you need to have the right attitude, the right mentality, and seek continuous learning. Even after graduating, you should continue to upgrade your skills, which […]

Personal Loan
3 Ways To Reduce Your Wedding Costs And How Getting A Personal Loan In Singapore Can Help

Your wedding day is undoubtedly one of the most important days of your life. If you’ve been saving diligently after meeting “the one”, kudos for planning in advance! However, it may be the case that your savings still aren’t enough to cover the costs of your dream wedding.  To help you along on your journey, […]

Personal Loan
Renovation Loan Vs Personal Loan In Singapore For Home Renovation: What’s The Difference?

The priciest thing you can buy in Singapore is probably your home. Even if you don’t mind a rugged aesthetic, minimalistic, or industrial look, basic renovation is still necessary for installation of electrical endpoints, tilework, paintwork, and so on.  If you’ve done the maths, you’ll realise that renovations can cost an arm and leg. However, […]

Personal Loan
Personal Loan In Singapore: How Can It Help With Wedding Expenses?

Your wedding day is probably the most significant milestone as a couple. It’s a momentous and joyous occasion, where family and friends come together to celebrate the love and union between the two of you. How would taking out a personal loan in Singapore come into the picture? Well, every couple dreams of having that […]

Personal Loan
2 Types Of Personal Loans In Singapore To Consider In Times of Emergency

It’s always good when we receive a heads up before something happens, so that we can prepare for it.  But that doesn’t happen all the time. You can never predict when something unexpected crops up, and when you need extra cash urgently. In such times, a personal loan can be a viable option.  Types Of […]

Personal Loan
How Personal Loans In Singapore Can Be Useful For Grab And Taxi Drivers

The past few months have been difficult for many people in various industries. Most businesses, especially in the service industry, have been badly affected by the COVID-19 social distancing measures. Taking a personal loan in Singapore is one option to get through this tough time.  Ever since the outbreak began, less people have been going […]

Personal Loan
When Should You Take Out A Personal Loan In Singapore To Upgrade Your Skills?

We’re often told to continuously upgrade our skills because we need to stay relevant in times of changing needs. And one way to do that is through taking up courses. Plus, doing so can be helpful when we choose to switch careers. But taking up courses in Singapore can be quite expensive. For instance, a […]

Blogs and Opinions
8 Reasons Why You Have Low Credit Score In Singapore

Looking to purchase a home, car, or paying for that dream wedding? High costs of living in Singapore can make that hard to achieve. In fact, taking on personal loans to make those dreams a reality is not uncommon. Before applying for a loan, you should look at a few key considerations banks and financial […]

Blogs and Opinions
7 Things You Didn’t Know About Licensed Money Lenders In Singapore

Getting married, buying a home, or furthering your studies are major milestones in life. And these milestones usually come at a hefty price. Remaining debt-free becomes increasingly difficult as you move up the different stages of life; the last thing you want is to be trapped in a financial emergency. Turning to loved ones or […]

Personal Loan
Secured Vs Unsecured Personal Loan In Singapore: Which One To Take?

If you’re facing some kind of financial difficulty, getting a personal loan in Singapore could help improve your situation. Whether you choose to borrow from a bank or a licensed money lender in Singapore, you have a decision to make: you’ll need to decide whether to take out a secured loan or an unsecured loan. […]

Blogs and Opinions
Licensed Money Lenders In Singapore: What Are Your Options If You Can’t Repay Your Loan?

Some of us encounter financial difficulties at different junctures in life. In such situations, borrowing from lenders like banks or licensed money lenders in Singapore would be among the available options to help get you back on your feet. Whether you borrow from a bank or licensed money lender, you’re of course obligated to make […]

Blogs and Opinions
4 Things To Consider When Borrowing From A Licensed Money Lender In Singapore

Whether it’s taking out a loan to renovate your brand new home or financing an unexpected medical emergency, there may come a time when you need some financial assistance. Taking out a personal loan to fund such expenses is a common option.  As a borrower, you’re usually faced with 2 main options: a bank or […]

Company News
Leveraging On Digitalisation To Simplify Loan Application

Singapore — (19 May 2020) — Staying ahead of the digital economy, we at Crawfort, the consumer loan subsidiary of Capital C Corporation, have incorporated digitalisation strategy to introduce a new loan platform with an improved user interface and experience on our website, alongside a new brand name and logo. In line with our goal […]

Personal Loan
5 Reasons Why Your Personal Loan Application In Singapore Was Rejected

Perhaps it’s a time right now when you require extra financial support for your needs—for an emergency, for a dream vacation for you and your partner, or even for a plan to move forward and venture out of your comfort zone. However good your reasons may be, you may have faced problems having your personal […]

Personal Loan
Are You Eligible For A Personal Loan In Singapore?

When we’re short on cash, most of us will consider borrowing from friends and family members. However, if you don’t want to trouble them, how about taking a personal loan instead? A personal loan is a lump sum of money borrowed from a bank or licensed money lender. You’ll need to pay it back over […]

Blogs and Opinions
6 Things A Licensed Money Lender In Singapore Can’t Do When Collecting Debts

Getting a loan from a money lender in Singapore might be nerve wracking for some. When most think of money lending, they think of a pig’s head hanging by their door or that ‘O$P$’ red paint on the corridor.  However, loan sharks and licensed money lenders in Singapore operate very differently.  Let us look at […]

Personal Loan
6 Reasons Why You May Need A Personal Loan In Singapore

Have you ever found yourself stuck against a wall financially? When you have so many bills to pay, then suddenly, you or someone you know gets into an accident or gets sick. You are then overwhelmed with bills and the debt you need to pay, and the money you’ve saved or earned just isn’t enough […]

Personal Loan
4 Types Of Personal Loan In Singapore You Should Know

It is tough sometimes when we land ourselves in unexpected situations that require immediate financial assistance, such as medical emergencies or investment opportunities. At times like this, taking out a personal loan in Singapore could be a viable option to ease your financial burden.  A personal loan is a type of unsecured loan that does […]

Personal Loan
Personal Loans In Singapore: What To Consider When Applying

Personal loans can seem like a mystery. What are they? When should you take them? How do you go about applying for personal loans in Singapore? A personal loan is a lump sum of money borrowed from a bank or licensed money lender, which you have to pay back in instalments (fixed payments) over a […]

Blogs and Opinions
Licensed Money Lender in Singapore Vs Bank: Key Differences

Getting married and buying a home are some of the most significant milestones and expenses you’ll incur when adulting. The last thing you want is to be strapped for cash. When that happens, most people think of borrowing money to tide them through the rough patch. You’re usually faced with two choices – should I […]

Personal Loan
Top 5 Personal Loan in Singapore Myths Busted

It’s pretty common to take up a car loan and/or a housing loan, especially since it’s costly to own a car and a home in Singapore. But when it comes to taking a personal loan in Singapore, it’s usually perceived as the result of poor financial management.  Depending on the circumstances, taking a personal loan […]

Company News
Advisory on COVID-2019

In light of the COVID-19 situation, Crawfort Singapore has stepped up and implemented additional precautionary measures at our outlet.



Company News
Crawfort Is Awarded
ISO 9001 : 2015

Crawfort is proud to be awarded the TUV ISO 9001 mark of quality, and will continue to provide excellent quality of services.

Company News
Crawfort Is Honoured To Be Awarded The Singapore Prestige Brand Award (SPBA) 2019

We are pleased to announce that Crawfort has been awarded The Singapore Prestige Brand Award (SPBA) 2019 – Promising Brands. Into its 18th year, SPBA seeks to recognise and honour distinguished brands for their outstanding achievements in branding. Our team went through rigorous rounds of judging by stellar industry professionals who evaluated us based on […]

10 Business Leaders Recognised As Entrepreneur Of The Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

The Breakfast Huddle

Find out how we can help F&B SMEs scale their businesses.

CEO Conversation: Transforming Into A Digital Financial Services Provider

Find out how our Group is leveraging technology to serve underbanked customers in the region.

The Case For Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

How Fintech Is Driving Innovative Lending?

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth. And if these firms can’t get funding, their failure to thrive has a dampening effect on the larger economy.

Company News
Crawfort Joins Singapore’s Fastest Growing Businesses

Crawfort rewrites the rules when it comes to moneylending solutions.

Crawfort: Breaking Stereotypes Through Innovation

Innovative business Crawfort is rewriting the rules when it comes to moneylending solutions

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