Coming home to a well furnished and nicely decorated home is always comforting.
Buying a home is a huge milestone for just about everyone. Oftentimes, you’ll probably need to make some changes to the home purchased in order to make it a comfortable abode. Some of the changes may be necessary, especially if you purchase a depressed home, or the changes may be to add value and quality to the home.
That said, home renovations in Singapore do not come cheap. For the average homeowner, the idea of a home renovation project is not only a daunting task but also requires a large sum of money. To put things into perspective, most renovations for a 4-room HDB flat cost upwards of S$55,000.
Most of us probably wouldn’t have such a significant sum of money lying around.
That said, there are viable alternatives to fund your home renovation project: A home renovation loan.
Applying For A Home Renovation Loan With SE Investment
A home renovation loan also enable you to get the money you need to make the necessary changes. Instead of using up your personal savings to fund your home renovation project, you might wish to consider looking into a home renovation loan.
This way, it will also ensure that you will have enough personal savings for unforeseen emergencies.
Compared to personal loans or a home equity loan, a home renovation loan is less costly since its specifically tailored to suit your home renovation needs. If you require a longer time to repay your loan, we are also glad to work out a flexible loan repayment schedule to better suit your financial situation.
Another benefit of applying for a home renovation loan with us is that the entire loan application process is much faster compared to banks and other financial institutions. We have an online loan application form that you can fill in, to expedite the loan process.
What A Home Renovation Loan Can Help With
It is important to note that you cannot use their renovation loan to buy home furnishings. This means that electrical appliances, curtains, and furniture cannot be purchased with this money. Here is what the funds can be used for:
- All tiling work
- Carpentry work including cabinets, closets and the likes
- Roofing and the like
Advantages Of A Home Renovation Loans
1. Low Interest Rates: With these types of loans, one can expect to enjoy lower interest rates.
2. Add Space and Value: One of the good things with taking out a loan to renovate the home is that one is able to make conversions and extensions that allow for the creation of more space at home.
3. Value Addition: A renovation loan with low rates allows one to add value to the home by making simple yet necessary changes. Should one decide to sell, they can most likely recover the money spent on the house.
4. Great Options: Due to the fact that there are many lenders offering these loans, one is able to choose the very best deal for him or her.
5. Bad Credit: If one has bad credit, they still may be able to get a loan for home renovations because the loan is secured by the home.
A Contractor vs An Interior Designer
One of the main things that you should consider before embarking on your home renovation project is whether you should opt for an interior designer or a contractor to do the work.
Interior designers generally tend to also double up as project managers. They conceptualise the project, create sketches in 3D, find the right dimensions for every feature, put together the best color combinations based one one’s color scheme and do so much more. They work with the homeowner consulting on the various materials to be used, aesthetics and more.
A contractor mostly just executes a plan. Basically, he takes a plan that has already been put together by a designer and then usually he gets subcontractors who are experts in one area of another, and puts it all together. Subcontractors include carpenters, painters, plumbers, electricians, roofers and the like. In Singapore, it is possible to get contractors who can also help conceptualize projects, and there are even contractors who have interior designers as their subcontractors.
Here are some of differences that one should be aware of when choosing between a contractor and an interior designer:
1. Pricing: In Singapore, contractors often charge less than designers. Most times, the designer will charge for the design while most contractors don’t. It is important to make sure that there is a budget in place first, and then find an interior designer or contractor who will do the job within the budget. Depending on the budget, one may be able to get both working on the project.
2. Level Of Involvement: If the owner of the home is a hands-on person who wants to basically supervise the work being done, then the best choice is a contractor. If the person is hands off and simply wants to see a finished product, then it would be better to go with an interior designer. They will check on the progress being made and ensure that the finished work is up to the owners standards.
3. The Work At Hand: When what is needed is simply renovation work, such as changing floors, painting work, converting a room to a nursery and the like, then an interior designer is not necessary. With clear instructions, one can get a contractor to do a great job.
4. Space Planning: If you need someone with knowledge in space planning, then an interior designer will work best. This is especially important if one is working with a small space but needs to make the most out of it. A contractor will simply follow the plans that are given to him, but an interior designer will work that space to ensure it meets the client’s expectations.
How soon they can get done? The job should always have a deadline based on the needs of the homeowner. Designers, because they must first start with the design process, tend to take longer than contractors to get the job done. Additionally, if there is need for custom products or materials to be used in the renovation, it could take more time than anticipated. Taking note of whatever time constraints there may be is important so that the work can be planned accordingly. If there is only a month before the homeowner moves in, then there may not be any time for custom products.
It is important to remember that home renovation loans are a lot cheaper than personal loans, so where possible, go for those first. The vital thing is to ensure that you have a good understanding of what it will cost to renovate the home, and then select a good contractor or interior designer to do the job. Based on the quotation given, you can then take out the loan.
With our low interest rates and flexible repayment tenure, applying for a home renovation loan with SE Investment can be a huge source of financial relief. Apply for a loan with us today! Alternatively, you can also speak to us to find out more about our home renovation loan.