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So…You’ve decided to apply for the latest 4 room hdb resale flat Launch and now have to decide what HDB flat type to choose. Should you just buy the largest flat that you can afford?

What if you only wish to live in the flat until you meet the Minimum Occupation Period (MOP) and want to sell it?

Are there any considerations that you should think about when deciding a 4 room hdb resale flat. Before we get ahead of ourselves, let’s do a little math to find out: what type of HDB flat can you REALLY afford?

Only Buy a House That You Can Comfortably Afford

For this exercise, determined what is the minimum average monthly household income needed when considering what type of HDB flat to get.

• used the Tampines August 2021 4 room resale flat Singapore Launch prices as a reference (since it’s one of the most recent launches which has almost all of the existing 4 room hdb resale flat types)
• assumed that you would be taking an HDB housing loan and would put down a 10% downpayment
• calculated how much Enhanced CPF Housing Grant I would get with respect to my household’s monthly income bracket
• applied the Mortgage Servicing Ratio of 30%

HDB BTO Flat TypeAverage Price

(Excluding Grants)Minimum Monthly Household Income Needed2-Room Flexi$169,000$1,0933-Room$267,500$2,6604-Room$398,500$4,7435-Room$541,000$6,987

Note: this price and income range is ONLY a guide, a flat in a high-demand estate is definitely going to cost more

Feel free to apply my calculations to your respective BTO or Resale flat purchase to see which type of 4 room hdb resale flat you can comfortably afford.

How Much Do You Need to Pay for My Monthly Mortgage?

Without getting into the debate of whether a bank loan or HDB housing loan is better.

Let’s look at how much you’d need to pay if you took an HDB housing loan.

After making the 10% down payment, you would be borrowing the rest at an interest rate of 2.6% per annum for 25 years.

Buying a big-ticket item like a house is where we need to be brutally honest with ourselves in order to stay within our financial lane.

To get a good measure of that, I’ll be using the Mortgage Servicing Ratio (MSR) which caps the amount that you can spend on mortgage repayments to 30% of your gross monthly income.

This way, we have a more realistic way of evaluating what kind of flat you can actually afford.

In cases where the MSR is more than 30%, I’ll indicate it with a “Not Applicable”.

For a 4 room hdb resale flat, your minimum monthly household income should ideally be $4,743 or more.

What Else Should I Consider When Deciding If I Can Afford an HDB Flat?

Considering that we’re using an HDB Housing Loan to service the mortgage.

It means that we’ll be using our monthly CPF contributions to pay the monthly mortgage.

Some of you might find yourself in a situation where your monthly CPF contribution is insufficient to cover the cost of your monthly mortgage (eg. using one person’s CPF to make payments for the HDB housing loan).

Should you perform cash top-ups on top of your CPF payments in order to ‘afford’ that house?

If your cash top-ups come from a steady stream of passive income that is unaffected by unfortunate events like you losing your job (touchwood). Then sure… why not?

But if you’re using money from your monthly household income (aka cash top-ups) to supplement your CPF contributions. Then you’ll want to be very careful. In the unfortunate event where either you or your partner are unable to continuously bring in that extra amount of money to meet your monthly mortgage. You’ll eventually find that your finances will be severely stretched.

However, if your BTO flat doesn’t command that location premium, it may be worth considering just biting the bullet and getting the 4 room resale flat singapore now. The additional Family Grant does soften the financial blow of buying a resale flat significantly especially in non-mature estates. It may be well worth buying the 4 room resale flat singapore today to save yourself and your family the intangible costs of not having a permanent solution to meet your housing needs.

Got any more questions about buying 4 room resale flat singapore? ELPIS is here to help.

Elpis is one of the best reviewed interior designers in Singapore. We also provide home renovation, condo interior design and HDB interior design, as well as package for 4-room resale flat renovation in Singapore. Elpis will help you utilize your resources to the maximum and enable you to have the house of your dreams. So what are you waiting for, contact Elpis now!

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For young couples thinking about buying their first home, is a tough choices. The typical Singaporean norm of applying for a 3-room flat and temporarily living together with parents or in-laws may no longer work as well.

Sharing our childhood bedroom with our spouse for the short term may be feasible when both of us are going to office, but it becomes near impossible when both of us need to hold separate online meetings in the same space. The pandemic restrictions on activities and movement may have also exacerbated any relationship strain of living together in tight quarters. Unsurprisingly, this has materialised in a surge in housing demand as evidenced by the consecutive months of rising prices in the HDB resale market.

For new home buyers, this presents a tricky situation: is it worth buying the more affordable 3 room hdb resale flat for sale and renting while waiting or should we bite the bullet and pay for the higher prices for a resale 3-room flat that we can move into within the next few months?

How Much Does It Cost To Rent And Wait For BTO Flat?

For this comparison, we will be looking at Hougang which has 2 launches with different estimated completions within the same estate and comparing them to the resale prices in Hougang. While Hougang is classified as a non-mature estate, it is a fairly well established estate with plenty of 3 room hdb resale flat for sale including some of the flat types that are no longer constructed by HDB such as the Executive Maisonettes.

For all cases, we will be looking at the most common flat type: the 3-room resale flat. For comparison simplicity, we have excluded the other costs of purchasing a property such as mortgage and mortgage interest, stamp duty, lawyer fees, renovation or other expenses. If included, these costs would likely widen the differences between the two options as resale flats tend to be more expensive and require more extensive renovations. Resale flat prices used are based on 2Q2021 median resale prices for registered resale applications from HDB’s resale statistics. Rent data is taken from HDB’s rental statistics.

As first-time HDB buyers for both BTO and resale flats are eligible for the Enhanced CPF Housing Grant (EHG), we would not be including the EHG in this comparison. However, first-time resale flat buyers are eligible for an additional Family Grant. For 3-room resale flat, the Family Grant amount is $50,000 if both spouses are Singapore Citizens.

We are also assuming that families and couples opting to buy resale will not occur any rental costs in the interim. Depending on the sellers, a resale transaction can take a few months to complete.

Is It Worth Renting And Waiting For A BTO Flat?

Based on the Hougang BTO prices in the August 2021 launch, we can see that the cost of a BTO flat can be higher than a 3-room flat, due to location. Kovan Wellspring is located right next to Kovan MRT which is why it is priced at a premium compared to Hougang Citrine. As the median resale price in Hougang would also include old flats with shorter remaining leases as well flats that are less desirably located, it is not surprising that buying a BTO flat at Kovan Wellspring will be more expensive.

This price difference is greater when we factor in the cost of renting. The longer wait time for Kovan Wellspring adds another 18 months of rent or $36,000 to the total cost. For a couple who chooses to rent while waiting for their Kovan Wellspring BTO flat, this will work out to a total of $576,000 in cost.

A quick search on PropertyGuru showed one matching result for a resale flat in the same vicinity as Kovan Wellspring, within 3 mins walk from Kovan MRT. The TOP of the unit was in 1983 and has a remaining lease of 61 years.

In the case of Kovan Wellspring which is located in a very desirable location, it may be well worth the expense to rent and wait. Even before collecting the keys, the 3-room resale flats in this launch is already sitting at huge price discount (28%) from existing resale flats in the area. Even after you factor in the cost of renting, the price discount is still 10%, even before accounting for the differences in lease and the future capital appreciation.

It Really Depends On The Location And Your Own Housing Needs

The above analysis is only meant as a guide and would differ depending on our individual circumstances. Do speak to a trusted agent or home loan broker before committing to a home purchase and loan.

In general, if you managed to score a successful ballot in a centrally located unit, even in a non-mature estate, you are likely to be better off renting and waiting for your BTO flat. However, the longer you need to rent for, the more you have to pay, which may tip the scales differently. If you are like our co-founder Dinesh, whose BTO flat has been delayed for many months but is also seeing an appreciation in the value of the surrounding flats, it would also still be worth your while to rent and wait it out instead of giving up your flat.

However, if your BTO flat doesn’t command that location premium, it may be worth considering just biting the bullet and getting the cheapest 3 room resale flat now. The additional Family Grant does soften the financial blow of buying a resale flat significantly especially in non-mature estates. It may be well worth buying the cheapest 3 room resale flat today to save yourself and your family the intangible costs of not having a permanent solution to meet your housing needs.

Got any more questions about buying 3 room resale flat singapore? ELPIS is here to help.

Elpis is one of the best reviewed interior designers in Singapore. We also provide home renovation, condo interior design and HDB interior design, 3 room resale flat singapore  services, as well as renovation package for homeowners in Singapore.

Elpis will help you utilize your resources to the maximum and enable you to have the house of your dreams. So what are you waiting for, contact Elpis now!

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So you want to buy hdb resale flat but don’t want to wait years for a brand-new Build-to-Order (BTO) flat to be developed. What is your other option? Purchase a resale HDB flat.

We’ll go through the benefits of buying resale flat, the available schemes, eligibility, how to acquire one, and more in this article.

Let’s get started!

1.What is an HDB Resale Flat?

HDB flats that are currently held by someone else are known as resale flats. They’ve been occupied for at least the MOP (Minimum Occupation Period), which is usually five years.

When you buying resale flat, you are assuming ownership from the prior owner. That means you’ll be able to get your keys as soon as the transaction is finished.

Resale apartments, unlike brand new BTO flats, do not come with a new 99-year lease. The longer an unit has been on the market, the less years it has left on its lease. When deciding whether a resale property is worth the money, it’s crucial to examine how many years the lease has left.

It’s also worth noting that the cost of renovating a resale property is typically more than upgrading a BTO flat because you’ll have to remove or change prior owner’s upgrades.

2.Benefits of Picking a Resale Unit 

Despite not receiving a brand new flat, there are some clear advantages to buy hdb resale flat over a BTO flat:

PRs Can Buy Resale HDB Flats

While BTO flats are only reserved for Singaporeans, PRs can buy resale HDB flats

Resale Flats are Usually More Spacious

New BTO flats tend to be smaller than older flats of the same type. Resale flats tend to be more spacious with bigger bedrooms.

Shorter Waiting Time for Resale Flats

You can move into a resale flat immediately after the sale is completed. The resale procedure typically takes under three months. By contrast, the waiting time for a BTO flat is typically 2.5 years from the date of application.

No Need to Ballot for Resale Units

Getting a BTO flat is largely a matter of luck. First, you need to successfully ballot for a flat in a development. When you have successfully been selected, your ability to pick a unit you like will depend on your queue number.

With resale flats, there is no balloting process. As long as you and the seller come to an agreement, you can buy the unit, provided of course that you satisfy HDB’s eligibility requirements.

More Locations to Choose from

BTO flats tend to be launched in non-mature estates such as Punggol and Sengkang, typically far from the city centre. While there are some BTO launches in mature estates, these are always highly sought-after and therefore difficult to successfully ballot for. Resale flats give you the freedom to get a flat in the location you want, especially if you want to live closer to your parents.

More Housing Grants for HDB Resale Flats (in Addition to EHG)

With the new EHG, the maximum grant amount that first-time BTO flat buyers can receive is $80,000. However, first time resale HDB flat buyer can receive even more grants compared to BTO flat buyers. In addition to the $80,000 grant amount from EHG, resale flat buyers are also eligible for $50,000 (Family Grant) and $30,000 in grants. This means the total grant amount that resale flat buyers can get is $160,000. 

No Income Ceiling for Resale Flat Buyers

Unlike BTO flats, which has a monthly household income ceiling limit ($14,000 for families, $21,000 for extended/multi-generation family flats and $7,000 for singles), there’s no income ceiling limit for resale HDB flats. 

3.Financing Your HDB Resale Flat: How to Pay for Your New Home

The savings in your CPF Ordinary Account (OA) can be used to pay for your flat, as well as your monthly mortgage instalments.

If you are taking an HDB housing loan, you are required to drain your CPF OA balance or opt to retain up to $20,000 savings in your OA. For flats with a balance lease of under 60 years, there might be withdrawal limits on your CPF OA.

The two main loan options for buying a resale flat: an HDB loan, or bank loan. Generally, those with less cash flow opt for HDB loans as the loan-to-value (LTV) ratio is 90%, meaning you only need to pay a 10% downpayment upfront.

Those with more cash/CPF savings consider bank loans too: although it requires at least 25% downpayment (thanks to a 75% LTV), the interest rates are usually more attractive than HDB’s.

4.HDB Resale Flat Eligibility Criteria: Who Can Apply?

To be eligible to buy HDB resale flats, you must check all the boxes:

1.At least one Singaporean citizen or two Singapore Permanent Residents listed in the flat application

2.At least 21 years and above if you’re buying in an approved family nucleus, or 35 years if you’re buying as a single

3.Within the Ethnic Integration Policy and Singapore Permanent Resident quota of the block/neighbourhood

4.Not own any other residential properties or any houses/buildings/land whether locally or overseas, or have disposed of them in 6 months before the resale flat application.

5.Is There a Minimum Occupation Period (MOP) for HDB Resale Flats?

Yes. Besides the eligibility criteria, the main regulation resale flat buyers need to worry about is the Minimum Occupation Period (MOP), which is typically five years from the key collection date.

During the MOP, the buyer is expected to live in the flat and is not allowed to rent out the entire unit. Rental of rooms in the unit is permitted so long as the buyer continues to live in the flat.

Got any more questions about buying hdb resale flat? ELPIS is here to help.

Elpis is one of the best reviewed interior designers in Singapore. We also provide home renovation, condo interior design and HDB interior design services, as well as renovation package for homeowners in Singapore. Elpis will help you utilize your resources to the maximum and enable you to have the house of your dreams. So what are you waiting for, contact Elpis now!

The HDB is a government agency that is in charge of the housing estates in Singapore. It ensures that the living conditions of the citizens are kept high and make sure that each housing area stays nice and clean at all times. One way to help ensure this is by making sure that you get a permit before doing any renovation work on your home. But not everyone knows how to go about getting one or what exactly they need to do to get a HDB renovation permit.

Require a quote for HDB Renovation? Or perhaps you need to get the permit for your HDB renovation in Singapore? If yes, then you are at the right place. Here we will talk about simple yet important ways to get your HDB permit.

HDB Renovation Guidelines

The Housing and Development Board (HDB) in Singapore has gradually introduced some new HDB renovation guidelines for HDB renovation projects. The changes include a reduction in the number of allowable renovations, mandatory fire and anti-flooding measures, and a 20% increase in the minimum lot area. The new rules will also affect the type of materials used during renovation projects.

For many property owners these changes might seem unnecessary or too rigid, but they’re actually a big step towards ensuring safety among homeowners. There’s also a greater chance that renovations will meet the quality standards set by the HDB, so you can rest assured that your home is safer than ever before.

HDB Renovation Timing

Your contractor has no control over how long it takes to refurbish a HDB/Condominium. We know, it’s shocking. In fact, homeowners determine the whole duration of a renovation job. Actual HDB renovation timing take only two months. Many HDB and condominium residents in Singapore, on the other hand, delay the process.

There’s a certain flow to follow during a renovation. Here’s a shortcut inforgaphic of a hdb renovation timing in Singapore. Here’s an estimate of how long it takes to renovate different parts of your home.

However, take note that the timeline is just an estimate. Every homeowner’s requirement is different. For example, if a homeowner does not require carpentry services, then we can save 2 weeks of renovation. Or if a homeowner has given us a tight timeline to work with, perhpas they urgently need to move into their new home, then we’ll have to speed up the process.

Furthermore, Singapore’s Housing Development Board (HDB) grants a one month renovation permit, and allows for an extension of 1 month. Of which only three days are allocated for noisy renovation works like hacking of tiles.

HDB Renovation Permit

Certain works necessitate written approval from HDB, which is provided in the form of HDB renovation permits. These permits will be required before any renovation work can begin. If you do not obtain a permit before beginning the renovation work, HDB will consider it unauthorized work and will require you to restore your flat to its original condition.

Certain precincts with unique designs and special features have additional guidelines that you must follow. Even if you don’t need a permit for the work, you must follow the guidelines that govern it or HDB will ask you to remove it and restore your flat to its original condition.

Please keep in mind that the renovation contractor you hire must be listed in the Directory of Renovation Contractors, which means they are aware of HDB’s requirements when carrying out renovations and are concerned about the structural integrity of the building.

How to get HDB renovation loan

In Singapore, banks provide home renovation loans. The interest rates for a renovation loan is by far lower than that of a personal loan, the tenures are shorter at a maximum of only 5 years, with a general maximum loan amount of 6 times your monthly wages and a cap of $30,000.

In order to qualify for a renovation loan, a Singaporean bank will require the applicant to:

• Own a property
• Be a Singaporean Citizen or PR
• Have a good credit score
• Fulfil the minimum income requirement (bank dependent)

There are also limitations on what the loan can be used for, including:

• Electrical works and wiring
• Tiling, flooring and painting
• Basic bathroom fittings
• Property’s external compounds

On top of the loan, be prepared to fork out more dough in the form of fees. There will be several fees to pay, such as the disbursement fees, processing fees, and if applicable, late payment fees.

The disbursement fees are usually 1% of your approved loan amount. On the occasion that the borrower incurs late payment fees, they will need to be prepared to be charged about 5.7% of their loan amount.

You can use a renovation loan calculator to work out the amount you need. You can also put in the legwork to enquire and compare renovation loans across the various banks in Singapore to determine the best renovation loan.

ELPIS helps you to obtain the mandatory HDB renovation permit for your home improvement. We have years of experience in helping Singaporeans with how to apply HDB renovation permit and obtaining all types of HDB permits. Our team will guide you from beginning to end to ensure that you get your desired outcome in as low cost as possible. You will be able to relax while we take care of the entire hdb renovation guidelines process and enjoy your time.

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In Singapore, HDB units are the most frequent type of housing. They are unquestionably an iconic aspect of Singapore culture, with over 1,000,000 units distributed over 24 cities and three estates. While there may be limitations on making changes to your HDB apartment, you can certainly do some innovative renovations to make your HDB unit stand out.

Before you hire a contractor for your HDB renovation project, keep the following in mind:

Planning and Budgeting

An average interior design project is not cheap, and cost an average of $30,000 to renovate a 4-room flat. It is important to have some spare budget kept aside for emergency during the hdb renovation ideas.

How much does a hdb renovation singapore cost? Obviously, you need a ballpark figure to know how much you should set aside. But the question is a tough one to answer, because there are so many variables. The ultimate cost of renovation depends on:

• Type of home: Is it an HDB flat, condo, or landed house? Does it already come with any existing fittings?
• Its age & condition: The extent and type of renovation work for a brand new BTO and a decades-old resale flat will be very different.
• How much work you want done: Are you more or less happy with the current state of affairs, or do you want to hack everything and build your dream home from a blank canvas?
• Type of materials: If you have a taste for atas marble countertops and parquet flooring, expect to pay more.
• The contractor/ID firm you choose: Different companies charge differently, of course.

Renovation costs for a 4-room HDB flat (approx. 90 sq m) can cost anything from $5,000 to over $100,000, depending on all the factors above.

According to renovation portal Qanvast, the average 4-room HDB BTO flat renovation is estimated to cost about $7,400 to $71,370, ranging from basic kitchen carpentry for a new BTO to a full-on extensive makeover for a resale HDB. But these numbers only the starting point. They don’t mean anything unless you have a better idea of what you want.

In what case would you take a HDB renovation loan in Singapore? Picture this.

Imagine: you’ve picked the best mortgage loan for your home, the next item on your list is renovation. By this time you would perhaps be feeling the financial pinch already and may have withdrawn some of your CPF for the downpayment of your new home.

So how do you fund the cost of renovations for your new property that can easily range between $10,000 and $100,000? Enter HDB renovation loans.

In Singapore, banks provide HDB renovation loans. The interest rates for a renovation loan is by far lower than that of a personal loan, the tenures are shorter at a maximum of only 5 years, with a general maximum loan amount of 6 times your monthly wages and a cap of $30,000.

HDB Renovation Ideas

You can transform your small housing unit into a beautiful space by adding the elements of a contemporary homes. Living in a HDB means having communal spaces; you may not be able to completely transform your exterior because it is a shared space, however, no one can stop you from transforming your interiors to suit your personality and taste.

HDB renovation ideas planning can be challenging due to its limited space. It takes expertise developed over many years of experience to be able to find a balance between aesthetic and functionality while focusing on space optimisation at the same time.

HDB Guidelines

In Singapore, most HDB works are being overseen by the Housing Development Board of Singapore (HDB). The HDB has some rules which has to be adhered to, and that includes applying for a permit and getting approved from HDB before you can start on some of the renovation process.

As we all know, HDB renovation singapore has a lot of rules and regulations for public housing. Here are some rules to bear in mind when you plan your renovation.

Submit all plans to HDB for approval before hacking: Some walls, columns, beams and slabs are load-bearing and cannot be removed, moved or altered. (On your floor plan, these are usually shaded in solid black or grey.)

Other walls, though not load-bearing, hide important wiring and piping and cannot be tampered with. To play it safe, make sure to submit all plans to HDB for approval before any hacking begins.

Pre-packed cement screed: HDB now makes it compulsory to use pre-packed cement screed on dry areas (i.e. walls and floors of bedrooms and living room). This gives a more uniform finish, but also costs more than regular cement.

BTO bathroom floor & walls cannot be changed for 3 years: There’s a 3-year restriction period on renovation work on the floors and walls of your new BTO bathroom.

That’s because they are coated with a waterproof membrane to prevent water from seeping to the unit below. If you choose to disregard the restriction and there’s seepage, you have to bear the cost of fixing the damage to your neighbour’s home.

(You can, however, tile over the existing flooring or lay a slip-resistant laminate.)

Exposed pipes cannot be permanently concealed: You feel the urge to cover up the exposed pipes in your bathroom or kitchen. As much of an eyesore as they are, pipes cannot be permanently concealed. In case of clogs, HDB must be able to access the pipes to investigate.

Restrictions on household (bomb) shelter: They aren’t the prettiest and you’ll be tempted to do something about them. But here’s what you CAN’T do to the shelter:

• Cover or remove the notice pasted on the door
• Modify or remove the door
• Lay tiles, spray wall finishing such as cement sand finishing or put wall plaster on the interior walls
• Lay tiles or skirting over its existing floor tiles
• Hack on the external walls of the shelter to mount panels or lay tiles
• Install anything that requires power tools on the interior walls

Front door needs to be fire-rated: If you want to replace your front door, you can, but just make sure the new door is fire-rated. Most HDB front doors are designed to contain smoke and fire within the unit so they don’t spread to staircases or life lobbies.

Restrictions on changing the windows & grilles: You absolutely cannot remove or tamper with the safety railings or grilles installed by HDB. You can replace the windows… but full height, ¾ height and bay windows are all not allowed. For windows facing the common corridor, you cannot install windows that open outwards.

And for balconies with a sliding door, the door is there because windows are not allowed, so don’t even think about touching it.

Renovation timings: Oh, and finally… HDB has something to say about the timing of your renovation, too. No matter how quiet, you cannot do renovation work:

• Before 9am and after 5pm on weekdays and Saturdays
• On Sundays and public holidays
• For more than 3 months from date of the HDB permit

Noisy renovation works, such as demolition and drilling, are restricted on weekends and public holidays to minimise being a pain in the ass to your neighbours.

Things to note when you renov.

Renovation contractor, ID or design & build: Who should you hire?

It’s not enough to know how much to budget for each aspect of renovation work. Another important consideration that impacts cost is which vendor you eventually appoint to handle the renovation itself.

The first decision you have to make is: do you want a contractor, an interior designer or a design-and-build company?

HDB renovation contractor: These are the cheapest of the 3, since you’re paying for just the heavy lifting. If you have time and are confident about being in charge, going contractor-only is a good way to manage your budget. Typically they charge based on the cost of construction materials.

HDB renovation contractors need to be managed and given specific instructions. So this option is suitable for people who know exactly what they want, including the more technical specifications. You probably also need to take time off to stay home and oversee the work.

Interior designer: The interior designer (commonly abbreviated as “ID”) is a person or firm you hire on top of the contractor to help conceptualise, design, source and manage the entire project.

An ID’s job is to advise and create 3D designs that you approve, and to do the legwork when it come to sourcing for furniture, furnishings and fittings to complete the look. ID firms will also coordinate with your contractor and manage the renovation project, so it’s great if you want to be completely hands-off.

Of course the drawback is that you’ll have to pay more. IDs typically charge consultancy fees and fees on top of the materials.

Design & build: Somewhere in between is the design & build option. They’ll do the construction work expected of a  HDB renovation contractor, but include the design and project management as part of the package. Similar to contractors, you’ll pay a rate that’s based on the cost of the materials. No need to pay consultancy fees as the design is thrown in for free.

However, don’t expect them to turn your 4-room flat into a Banyan Tree resort. Design-and-build companies are more proficient in the construction aspect than the design one.

For practical homeowners who are managing their budget and not willing to splurge on the level of service and design provided by an ID firm, this is a viable option. It’s good for those who know what they want, but don’t have the time to actively manage the renovation project.

With ELPIS, we can help you achieve this balance through the use of suitable home decors and furniture. Regardless of your housing unit size, we will transform your home into a beautiful reflection of your style and taste. Our team of interior designers, with our expertise and experience in hdb renovation singapore, will be able to offer you solutions to any of your housing needs. Whether it is a BTO flat or a resale flat, we can help you to upgrade your current boring HDB interior.  

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Do you want to renovate your home interest-free? There are several things to consider. If you really need a renovation loan, then it is a good chance for you to improve your home and live a better life. However, there are a number of financing options available for Singapore homeowners who want to undertake renovations and improvements.

What is a renovation loan

A best renovation loan Singapore  is a type of home loan that allows homeowners to finance the cost of renovations they want to make to their property. Renovation loans are specialized loans used to finance home improvements (both new homes and existing homes). 

You have a choice loan repayment period of 1 to 5 years.If you choose the 5-year repayment period, your monthly payment will be lower.

Is it worth getting renovation loan

Many homeowners find themselves in a position where they may need to renovate their home. The first thing that they should do is renovation loan calculator the cost of the renovation. The second is to determine how they will finance the project. One option is to apply for a renovation loan review, which can be a good choice if you want to avoid paying out of pocket.

A renovation loan Singapore will allow you to borrow up to 95 percent of the cost of your project, with payments spread out over a set period of time. Interest-free rates for renovation loans are usually lower than traditional home loans, and since you’ll have more equity in your home, you’ll have a better chance of getting approved for the loan.

Types of renovation loans

Some banks best offer loans based on a monthly rest renovation loan calculation, while others use a flat rate. 

Monthly rest

Interest is only charged on the outstanding loan amount. This means that as you pay down the loan, you will pay less interest over time. 

Flat rate

Interest is calculated on the entire principal amount. 

Flat rates review appear to be more affordable at first glance. However, if you can repay consistently (or better, more upfront), your effective interest rate will be lower with a monthly rest package.

Things to consider when choosing a renovation loan

Renovating your home is a big decision, and you’re probably wondering what type of loan to use. There are a few things to consider when you pick the perfect loan for your renovation project.

Timeline for your renovation

Different loans have different terms and conditions. If you need more time to pay back the loan, then that’s something you need to think about when choosing the right renovation loan for your project.

Interest rates

Banks will occasionally offer interest rate promotions, such as reduced interest rates over a period of time, processing fee waivers, and other perks to make the renovation loan more appealing. However, it’s always a good idea to do a proper renovation loan calculator first to see if it makes sense for your situation.

Loan fees

Other fees are incurred when applying for a loan. Processing fees, admin fees, insurance fees, and late payment fees are all standard.

Loan quantum

Aside from the maximum renovation loan amount mentioned above, most banks also have a minimum loan amount. Banks such as OCBC have a minimum loan amount of S$5,000, whereas others require loans to be at least S$10,000.

How much renovation loan can I get in Singapore

A HDB renovation loan is a wonderful way to get your renovation done in Singapore, as long as you have a good credit score. Your credit score is one of the most important things when it comes to getting a renovation loan comparison. 

Maximum renovation loan amount: Up to six times your annual salary, or S$30,000, whichever is less.

Home renovation loan

Comfort home renovation

A home renovation loan is a type of personal loan that provides you with cash for your home. The money you get from the loan can be used to do any or all of these things, depending on what you want to do. For instance, if you are going to make improvements to the exterior of your house or the interior, then you might use the loan to pay for those upgrades. If you’re going to change up the kitchen or bathroom, you could use the money for that. Another common reason to borrow money is for home repairs. If you need to fix a leaky roof, replace a toilet, or repaint an exterior wall, you could use the loan to pay for that work. There are also a lot of other reasons to get a home renovation loan, and you may find that it makes sense for you to take out a home renovation loan if you want to improve your home in any way.

Where to stay during home renovation Singapore

Home renovations will take a long time, not to mention that the loud drilling and dirty surfaces around your house will be a nuisance to live with. So, considering moving out to stay during renovations may be a good option, and here we will show you some ideas for where to stay during home renovations.

• Your second residence
• Family-friendly flat
• Rental house 

Common services for home renovation

We have developed proprietary methodologies for our project delivery that increase quality, reduce snags, lower costs, shorten schedules, and accelerate close-out time. Ask us for proof of how this can be done for you.

We offer pre-construction services through turnkey design and construction management. Our focus is on quality within planned budgets, improving cost performance and accelerating project delivery.

Elpis offers a complete range of services for the planning, design, and delivery of interior environments. Services include strategy, optional design plans, and budgets, along with 3D visualization and animation.

 

Elpis Interior Design helps homeowners by taking care of all these details so they can relax, enjoy their HDB flat and get on with their lives. We have been helping homeowners in Singapore best renovate their homes. Our team of award-winning designers, best architects, contractors and project managers have decades of experience in residential design and renovation review.

Industrial interior design is a prominent design concept that gives your home’s interior a ‘unfinished’ aspect. This style may be something you wish to explore for your next home renovation project because of its interesting and gorgeous appearance modern industrial interior design hdb.

What is Industrial Design interior?

Industrial interior design takes inspiration from factories built during the late 19th and early 20th centuries. Buildings comprised of brick, concrete, iron, and steel, designed to last for years. These large, uncluttered spaces were focused on fitting more personnel to accomplish more work.

However, as time went by and workplaces shifted, these sturdy factories needed a new purpose. For decades now, these abandoned buildings have transformed into beautiful living spaces. It was a move that produced an entirely new interior design style, continuing to inspire designers today.

What is modern industrial interior design?

Modern industrial interior design hdb It’s a trend that was inspired by old factories and industrial spaces, perhaps out of necessity to convert old or abandoned buildings into urban living. The style includes stripped-back architecture, weathered looking surfaces, raw elements, exposed bricks, etc. Not only is this popular for renovations, but we are also seeing new custom homes with similar features. An added bonus to those who are interested in this kind of renovation: you can leave some surfaces unfinished and they can become décor elements.

The modern industrial look was born as a result of old barns, warehouses, industrial buildings and churches recently being converted into living spaces. It emphasizes use of distressed wood elements and exposed bricks from a turn-of-the-century industrial era. The modern twist is the addition of things such as copper to accent the weathered looking pieces.

What are the elements of industrial design?

The industrial-style design has become a buzz in recent years. Inspired by the raw feel of workshops, factories, and warehouses, this style features breezy high ceilings and open plan floors. It embraces rough and raw building materials like concrete, timber, brick, steel and wrought iron. Overall, homeowners adore the organic, rustic and homely look, which carries over to authenticity, convenience, and fearless design. 

At first glance, you know this style suits someone who appreciates complex architecture with brutal shapes and forms. Couple it with sleek and smart interior design.

Not sure on how to piece it all together? Here are the key elements to get the look.

1. Exposed pipes and ducts

Leave air-conditioning ducts, galvanised steel electrical conduits and copper water pipes visible, unfinished or accentuated using bright coloured paint. Unveiling these turns them into a stunning focal point in your home.

Another thing you can do is to tarnish metal beams, braces and columns with standard red oxide primer to avoid corrosion, then paint them with a dark-coloured paint for a cleaner look.

To level up the design, consider using old pipes as decor. Some people incorporate this into the furniture as well.

2. Wood x Metal Combo

As you can see in the photos, metal, and timber elements are critical elements of industrial-style homes. These blend well together and give the space a warm, harmonious and earthy interiors.

3. Daring brick walls

Another bold design element to try is exposing a brick wall. If your house already has it, flaunt it. Raw and rough brick walls are beautiful accents of an industrial-style home.

4. Concrete floors 

Concrete floors are the versatile and perfect background for industrial-style decor. Plus, they’re durable and resistant to scratches. 

Floors like this are beautiful as-is, so minimise the use of area rugs. When you need to use one, ensure that it has a rubber backing to avoid slips and falls.

If you think concrete floors look cold for your home, consider building power floated hardwood or parquet floors. Timber floors can also add warmth to a room.

5. Vintage furniture & accessories 

Vintage furniture and decorations are known for their simplicity. These are perfect inside homes with lots of rustic wood, metal and brick design elements. Simple forms, shapes, and lines balance the look, so the overall design isn’t too hard on the eyes.

There’s plenty of furniture and home improvement stores selling vintage style furniture pieces and accessories. When you’re trying to cut costs, try looking for more affordable treasures in yard sales, sales and thrift stores.

6. Radiating light fixtures

Pendant lights with long hanging wires look great in industrial-style homes, particularly in an open plan space. Opt for pieces with a strong industrial touch like those crafted from steel, copper or iron.

7. Earth-Tone Colors 

Your colour and material palette choices can make or break the mood in your home. The fusion of metal, concrete, brickwork, and timber already creates perfect harmony. Then, it’s up to you to balance the neutral colours and the earthy colours. Try black on features you want to stand out, or white when you want a cleaner look.

It’s essential to choose the colour and material palette wisely. Stick to a few colours taken from existing elements in the space, and carry them through to accessories. Industrial-style design is indeed has been trending as of today. Applying all these 7 key elements of industrial-style design, even with a limited budget, can help you create an industrial style home of your own that’s right on-trend.

We hope this post helped you learn more about industrial interior design and how to get that factory chic industrial look in your home! There is so much more to industrial decor and we can’t wait to share with you our top recommendations for industrial furniture and industrial decorations on Elpis. Looking for an modern industrial interior design hdb designer to help you create your dream home? Elpis is here to help !

Are you looking to renovate your newly bought home or have a home makeover? When it comes to renovation projects, it is an extremely tedious task that requires experience, planning, budgeting and connection. 

Before we delve deeper into the various programs for an in house renovation loan in Singapore, it is essential to understand the primary purpose of a renovation loan. As mentioned above, a renovation loan is used for modification purposes only. In other words, individuals cannot use this loan to pay their home loan or mortgage or buy new furniture or appliances.

Some of the things you can do with the renovation loan include wall painting, external additions such as fences or roofs, bathroom renovations, carpentry, or even electrical jobs.

Benefits of In House Renovation Loan In Singapore

Renovation loans, especially those in Singapore, allow individuals to borrow more money, as it is based on the expected value of modification for their home. In addition, they had been allowed to restore the charm of their old home rather than buying a new home altogether.

Where to stay during home renovation singapore

You’re not sure where to stay during home renovation Singapore, but you know you can’t live in a construction zone! The right temporary housing can keep you sane during an already stressful renovation or construction process. Here are a few temporary housing options during a renovation.

• Find Short Term Rental Apartments.
• Rent an RV or Mobile Home.
• Stay in a Vacation Rental.
• Book an Extended-Stay Hotel.
• Seek Out Corporate Housing.
• Look Into Temporary Rental Homes.
• Stay with Friends and Family.

Choosing Themes

While renovating your house, you might want to choose a specific colour and texture theme for each of your rooms. This will help you decide on what kind of flooring you want, the colour of the walls and doors, furniture, curtain colours, and many other things.

Depending on the theme, it will be easier for you to choose the other various items. If you don’t have themes decided, the final products might not go well with each other which will just prove to be very distressing. 

You will have to go through the hassle of replacing and changing stuff that you bought if they do not go well together. Consult with your interior designer, give him your suggestions, and then decide upon all the themes, colours, textures, and shades which you want right from the start.

Budgeting and Cost Estimation

When you want to renovate your house, the first thing that comes to your mind is how much will all that cost? When you estimate all the costs, it is very likely that you do not add various hidden expenses and many other costs that come up once you practically start with the renovations.

There might be some structural issues in the house which may not be evident at the start, but once the process of renovation goes underway, these issues might be uncovered which will need to be addressed.

Such kinds of hidden costs need to be kept in mind while planning your budget. Experts suggest that whatever you estimate the cost of renovation, add about 20% of it for unforeseen costs on top of your initial budget. That way, when the actual costs go up during a renovation, you will not feel stumped with the expenses over your cost estimation.

Understanding the Stress and Disturbances

When you plan to renovate your house, you should be prepared for all the stress and disturbance it is going to cause. It is a time-consuming and stressful task. Things do not go as planned. The cost and time estimations might turn out to be wrong.  

So, if you are already prepared about them, it will be easier to accept them during the process. A good option is to start renovating stepwise. Start with one room, when it completes, then move on to the other.  

That way, most of the disturbance will be focussed on that particular room and you can go about your daily routine in the other rooms.

You should properly plan on how you are going to manage stuff during the days they are being renovated. That way, it will be easier for you to accommodate yourself with the renovation process.

Making Realistic Plans

Whatever you plan on doing as part of your renovation, the plans should be realistic. You should not make very elaborate plans when you have very little time for renovation.

Similarly, thinking about starting a renovation or working on too many rooms at once may be far-fetched and unrealistic. If you make such plans, you are bound to get disappointed when they do not appear to be materialised.

Always make realistic plans and still prepare for the unexpected. If need to, you may need to ask for a consultation about interior design renovations are the kind of things that almost never go as planned and you should be mentally prepared to accept that along the way.

Hiring a Professional

One of the biggest things that people make while planning a house renovation is thinking that they can do it all by themselves. They may have less budget that they might not want to spend on a professional or an interior designer.

However, hiring individual contractors by yourself and trying to get the work done will be a very difficult job and it can put the whole process of renovation in jeopardy. You are spending a lot of money on the renovation and if things go wrong, it can become a very costly mistake.

Therefore, it is always a good idea to hire a professional interior design like us with good references. He will be able to plan everything and appoint and supervise the contractors so that all tasks are done as smoothly as possible.

Spending Too Much On Relatively Unimportant Stuff

During the renovation, some people spend more on furniture and lighting while not spending enough on the structure of the house, flooring, wiring, and plumbing. One thing which you should keep in mind is that the cosmetic stuff can be changed without much hassle even after the renovation is complete.

If you are going through the complete hassle of renovation, be sure to fix all the structural issues and flooring. Once the structure is complete, you can always add decorative items, furniture, and appliances gradually. Of course, if budget is not an issue, you can do the structural renovation as well as the cosmetic renovation in one go.

These are some of the tips which can prove to be very useful when you are thinking about renovating your house. You can only do renovation after a few years since it is a time-consuming and expensive task. You want to be sure that all your hard-earned money used for the renovation results in the best possible outcome.

Elpis is one of the best reviewed interior designers in Singapore. We also provide home renovation, condo interior design and HDB interior design services, as well as renovation package for homeowners in Singapore. Elpis will help you utilize your resources to the maximum and enable you to have the house of your dreams. So what are you waiting for, contact Elpis now!