Renovation is a costly project which will put you off to many months of saving. If you are not careful with your budgeting and planning, you could be spending more than you should and could get you into some financial trouble. Hence, if you are planning to renovate your home or any space, you must first ensure that you have enough funds and some extras to go about.
Renovation costs based on specialization
Once you have segregated the rooms and segments of the property, you need to group your costs based on the specialization that includes the following:
Electrical wiring – Find the best for your property
This is one part of the renovation that can be neglected. When it comes to wiring, you can never be too careless. It would be advisable to look for the best manufacturers which are of international standard so that you can be assured of safety.
- Cables – Your contractor or electrician will be able to advise you on the best cables to use. Check and see you have bought the correct type and that they are certified. Depending on the cables you use, installation should be about RM3,000 to RM5,000 as they are embedded into walls (in most cases)
- Plugs and sockets – There are no two ways about this. Go for the renowned and reputable brands. Clipsal wall switches (usually about RM15.00 each) are among the known brands. Schneider and Phillips have their own too. Try not to install generic ones which might not be safe
Piping and Water – Find only the most capable contractors
Like electrical wiring, your property’s water piping system must be efficient with no problems. The moment something gets stuck, it will be very depressing which means you might have to break some parts of the wall. Hence, renovating this system requires a lot of foresight because once they are installed (within the walls and ceilings), you will not be coming across them for a long time.
- Installation – Your contractor must advise you on the best piping material to use. This includes water system flowing in and out of your home. Minus the material, it should cost you not more than RM8,000 for the installation (not inclusive of the sewerage system)
- Equipment – You must ensure that you are using the best material like ceramic for toilets and stainless steel for pipes. These are equipment that ensures your food is clean when installed in the kitchen. After all, you do not want pipes that damage too easily or get broken by house pests in the short term.
Extending your home – Necessity or Indulgence?
The cost of extending your property can be quite high. This is because you need to consider the material involved while getting the approval from the local council. Although you own the property, you cannot simply extend the property as it might breach safety regulations. This is where you need to consider:
- Material – From concrete to steel brackets, painting and tiling, you might need to put aside about RM45,000 for an extension of about 5 square meter
- Approvals – to get the local council’s approval, there are some processing fees involved. You need to engage an architect’s recommendation and technical drawings. This will cost you from RM8,000
Paintings and Tiling – Choose the perfect ambience
You need to carefully consider what makes up your home when it comes to ambiance. Colors are important but you will need to look at the tiling in certain parts. The usual market rate in Malaysia:
- Tiling – From RM5 per square meter
- Painting – RM300 for a single room, RM500 for master bedrooms, RM800 for living rooms and from RM2,500 for a double-storey house
- Patchworks – charged on case-by-case basis. In most cases, this is for repair work around the house. Contractors usually charge an all-in-one fee to repair where necessary. So be prepared to pay about RM3,000 for this service (inclusive of material – minor ones)
Great ideas for your porch and external areas
The porch area is very important because you will park your vehicle there. Most homes will use ceramic tiles as they dry faster and easier. You might want to install a cabinet here to store your items such as water hose, car shampoo, sponges, tools, etc.
Budgeting for your renovation project
Budgeting for renovation is determined by the scale of the project. You have to be sure of your own affordability which will then determine what you could and could not do. If you are planning to renovate the entire house without building any extensions or tearing down any, then you should be allocating around RM100,000 or more because it usually requires repairs and such.
If you are moving into an entire new house where there is only minor renovation like tiling and paint-jobs, then RM100,000 would be a feasible amount. Take note that it will be most appropriate to always have a buffer of 25% more of the budget to play with.
Survey for Material costs
In most cases, material costs do not change very much. In fact, pricing for tiles and paint usually is quite standard where they vary in terms of brand and quality. The best practice to keep the material cost as low as possible is to shop around yourself and make price comparisons. It is not advised to let the contractor purchase all the material as some might earn additional mark-ups.
Remember that the common practice in the market is that you buy the material and the contractor will install them. If you allow them to buy the material, ensure that you actually purchase them together.
Watch out for Hidden costs
In some situations, there are hidden costs that you might not be aware of. This includes expenditure for food for the workers as well as travelling further to buy material. Price of certain material might fluctuate and increase like cement or sand although this can be quite rare. Meanwhile, there are situations where you might have to move out of your home with your family during renovation which you might not have expected in the first place.
Looking for a place to stay and the duration of the stay will incur additional expenditure which is where the 25% expenditure will come in handy. The most ideal situation is to have the cash ready but if the situation requires, you might be able to obtain a renovation loan from certain banks that provide such facilities.
Putting it all together – What is most vital for you?
At the end of the day, renovation can be a joy if you start on the right note or a pain if you don’t. It is simple as that. Before you start, plan how you want to do this. If you are going to move out of the home and let renovation happen, then you can let the contractor quote you on the entire property. But if you can stay in while certain parts are renovated, then going on in phases would make perfect money sense. Ultimately, you want a comfortable place and that is what you deserve!