Home Finance - Home Financing Tips

Renovation Budgeting


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A rule of thumb is to view a wide screen HDTV at a distance of 1.5 to 3 times the TV's diagonal measurement in inches. e.g. A 42” wide screen TV should be viewed at between 5.3 feet to 10.5 feet away.

Home renovation is certainly one of the most exciting project that most folks take on – it's hard to imagine anyone not being excited with the prospect of creating your dream home. Amidst the enthusiasm, it's easy and tempting to spend a bit more here and there. Before you know it, you either have to increase your budget and spend the next few years slogging your guts out, or make compromises on items that will induce you with a tinge of funk everytime you look at it. Here are some tips to prevent this from ever happening.

Must-haves or wish-list

There are things that are absolutely necessary and there are things that we desire – know the difference between the two. Beside keeping two separate lists, rank the items on your wish list so that you have a clearer idea of what you really really want. While going through your wish list, you may be tempted to ignore your must-haves but trust me, it's really quite hard to get around the house without lightings and flooring.

Hire a renovation contractor instead of sub-contractors

Unless you are a renovation contractor yourself, it's arduous sourcing for competitive and reliable sub-contractors. You may think that engaging sub-contractors is going to save you money but it's going to be penny wise, pound foolish. Sub-contractors will tend to be more accountable to the main-contractor as the main-contractor is the person who will be giving them business time and time again. The main-contractor should also possess the experience to make sure that the sub-contractors deliver competently on their job within the time-line – it can be tiring arguing with the many sub-contractors on workmanship and deadlines. If you engage a renovation contractor and things foul up, at least you only have to deal with one party.

Modular renovation

It's nice to have everything done in one go but if need be, consider carrying out your renovation in stages. Rooms that are non-critical, like studies or function rooms, can be used for storage while you save up for the transformation. Walk-in wardrobes or designer lightings can always wait till the next promotion comes along.

Keep it simple

It's amazing how much difference a room can look with some simple accessorising. Cover the floor with a carpet, add some throws, cushions and a floor lamp and you have a multi-purpose room that can be used for exercising, meditation or lazing around. Plain and simple does the trick!

State-of-the-art home electronics

Big is not always better. A 46” wide screen HDTV is going to give you a worse visual experience if the size of the room is not right. In the same grain, a 9 point state-of-the-art home entertainment system is not going to be utilised to its fullest if the room accoustics is not ideal. The moral here: nifty functions and features are cool only if you know how to use them.