Running out of funds while your home renovation is still in progress is an embittering experience. However, it is a reality that bothers many Singaporeans. Whether you have taken a renovation loan or not, running out of your reserves before the completion of your project can lead to a number of problems.
Leaving your home renovation unfinished can affect you in the following ways:
Some of the common issues that can lead to cost escalation and budget overrun are as follows:
The most important thing that you need to keep in mind is that the liveability and safety of the residents of your home shouldn’t be compromised even if you can’t fully complete the project. The following ideas will help you deal with this problem smartly:
Getting stuck with an unfinished renovation project could be frustrating, especially if it is due to lack of funds. However, through proper planning and by setting priorities, you can still add value to your home. If it’s a major renovation or improvement project, you’ll have to break it down into parts and prioritise them in terms of importance. A bathroom or electricity project can’t be left unfinished, it’s purely functional in nature.
However, a painting project or cosmetic upgrades can be put on hold temporarily till arrangement for extra funds can be made. If you were planning to add new fixtures or mood lights to the living room or replace your old lights, you can put it on hold. Your master bedroom should ideally be fully completed, since this is where you spend most of the time.
However, your living room, which requires detailing to work and naturally more investments, can be kept for later. Prioritise structural reinforcements over simple facelifts.
This seems to be an obvious step. However, arranging for additional funds at a short notice may not be easy. You can explore the following options:
If you were planning to rent out your flat and think that leaving it fully or partially unfurnished may affect the rental value of your home, your apprehensions may not be totally unfounded. On the bright side, you can still have a rental income if your tenant is okay with an unfurnished/semi-furnished property. You can deal with the aesthetic aspects of your project in a phased manner.
If you think that your contractor is overpricing services, it’s best to look elsewhere. The longer you take to finish a project, the higher are the chances of cost escalations.
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