Hi guys, actually i have allocate some a budget for my renovation project however due to the fact that i do not knnow anything about renovation which now i learn much more in the forum i found out that my budget was slightly low than the things i wanna do.. it's like around 30% higher then my budget..

my friend told me to source for loan which there is reno loan by OCBC bank given blr -0%, i'm not sure if this is a wise move.. i'm in dilema of the below...


A. Cut out some part of the work that is not so necessary and also some thing to be postone like KC or porch reno (inclde the awrning, gate and bla bla bla) and do it in later days when is financial fit (6months or so )

B. Just go take a loan, 1 time kasi all habis and move in happily however borne my self to few years of struggling paying off house installment, car installament, cc easy payment for furniture and now the reno loan

which mostly those done reno or have experience to advice if that would be a wise mmove to take a reno loan ? or does anyone really rely on reno loan ??

beli barang sendiri upah org pasang... jimat byk gak....

Work base on what you can afford. Don't be the bank employee for too long. Is it possible to stay and save, do the reno later?

Another method, if budget allow, do the structure work, piping and electrical. Furniture just get a bed and A/C enough lah. later only build or buy.

agree with Wei Kee.

anything you wanna change for the sake of "looking NICE" can wait =D

do the things you NEED 1st then only move on to the things you LIKE.

unless you're comfortable paying the addition loan amount each month. But seeing you set your budget low, you may need to sweat abit paying off the addition loan right?

so at the end, if take loan, you get your dream house, but you probably will not be relaxing in your home with a clear mind, knowing you have to feed the bank more money come month end @_@

work within your means...i have been there, and having to pay off debts each month does put alot of stress on one's mind and body >_<

You should consider cutting out those are not urgently needed (eg. Auto gate, nice furniture, LED TV, etc) and see if you can fit into your budget. If you estimate now that you are 30% over budget then you are going to be even worse after you start the work. It is not a good idea to incur debt for renovation.

it you happen to desperately need fast cash, one of the easier way is to get cash from credit cards.. it's like personal loan also.. Well, i'm not recommending you this thing, but just keep it in mind as a backup plan B, or C..

Start to DIY on stuff that are "not too hard" to master.. for eg. painting.

Try to source more contractors and make more comparisons. Hard works really need if you want to get cheap and good stuffs and believe there are such things.
Indeed renovation is not that kind expensive as due to nowadays contractors hijack the price so high and cut throat the consumers. Try to get friends, relatives to introduce to you which you may get better price discount.

just do what is needed/basic. then slowly do reno in stages.

Pls pls don't take the cash from credit card..as i think the interest is higher than other loans.

as i know OCBC reno loans call "top-up",

Example,
i bought the house 300k, now market value 400k,
so i can borrow 100k as my reno loans.
i heard the blr is same as the normal housing loans ( -2.1% nowadays)

to avoid struggling in future. not recommend to take extra loans.

This post has been edited by IvanLai: Jun 28 2011, 10:48 AM

When I did my reno I list down which things are important, look at my budget and decide which can wait. I dont sacrifice quality for the sake of getting everything done. My car porch i only did it one year after I move in (cost me ~20k).

banyak sudah beli sendiri lol, tiles, WC, Door, Window, Grill

Ya this is what i think also, actually i have excluded fittings means i will only buy bed and ac with a fridge that's all, my tv set, sofa and the rest come later but budget still escalating like mad cow

my friend tell me, work so stress up d come back wanna c a nice and comfy house, if not come back see patching here and there lagi stress

Ya maybe porch wanna turn a side first but if house reno nice nice but porch area lagi the normal gate like want to drop like tat dunno can tahan long or not hahaha

u sure take fast cash for CC ? i think that would be the worst interest over 10%

only painting can DIY, what else can DIY ? (not furniture) reno thing how to DIY ?

yes i did source a lots of quotation, the ranging from highest to lowest is about 10k difference however i also afraid to take lowest cox scare quality problem later pening + mostly contractor terms i also dun understand then the pricing if itemized sure takde 1 is lowest for all, some is this higher but another thing lower then others

yalo i also scare suddenly ask me withdraw cash from CC

Ya i know, however i take loan from allianz they dun have this loan, then source for OCBC Reno Loan which is BLR - 0%, if i borrow from them is different la

Ya i plannign to postpone the car porch for worst situation, it would mostly save 10k + for porch (Gate, Auto Gate, Bell, Armour Cable, Porch tilling, Rebuild wall with mail box)

but 30% is more than 10k + kitchen cabinet got idea can make later ? cox some advice me that if KC come later problem will occur as contractor dunno where to set up the point (M&E works) and the piping thing.. any idea is this ? this will further save close to 10k

have you tried withdrawing your EPF?
under no circumstances should you use your credit card or borrow from your friendly ah long. the interest will kill you.
So, try to priorities your renovation work.

can withdraw EPF for reno meh? i dont think so lo.

don't have to say for reno.. can withdraw to reduce loan amount

ya will withdraw but actually was working only for 3 years and starting pay very suck so manage to withdraw 8k only dunno can use for what purpose hahaha maybe buy aircond and fan finish d lol ah long for sure is a no no credit card u mean easy pay or cash withdrawer ? for sure i wont use cash withdrawer but plan to use easy pay for my tv, sofa and the rest..

can, once u borrow loan, ask ur lawyer to prepare u the document can last for 3 years meaning if i dun withdraw now and 3 years later only withdraw i can take more money still for other purpose as long as u tell them is to off set the bank loan they wont care d

correct

anyone care to share more advice ? if i wanna prioritize my job, then what can be delay other then the porch area ?? Kitchen cabinet can ma ?? hahaha

Credit cards got easy payment, but tenure only 36 months max for amt of 3k. EON bank, cimb and affin bank work out average of abt 5% p.a.

Balance transfer - but only zero interest if u can settle by 6 mths.

Affin bank got balance transfer - you charge all to credit card A, and then do a balance transfer to affin bank. Now got promo, interst very cheap, work out to less than 3% p.a. for 36 mth tenure.

I wld say, anything to do with hacking, structure in the internal space, better dont wait. Do now.

Fittings like kc u can wait, for small family, cuz kc will cost min 5k even if do small small. Buy a simple stove, and store your piring2 in a box for easy access. U can also go to second hand shop.

Whatever furniture u can bring to the new hse, take it along and dont buy. Sleep is impt, so maybe u can buy a decent mattress, but buy the bed frame or divan for later.

Any work that can be done later, without distrubing the interior or mess up your life, do later.

If really need, I suppose ask for a loan from your parents.

Kelvin,

coming back to a house with patches more stress, or paying off debts more stress? LOL normally, or mostly ppl would go for the latter.

anything to do with $$ = stress/worries. otherwise we all wouldnt be working our socks off to make more money to clear our debts haha.

but your call man. alot of suggestions given, follow whichever you feel comfortable with

Rent it out, come back after 12 - 18 months to renovate again

Ocbc Reno loan can get up to 30% of house market value, interest sure much more lower than p.loan and credit card, if need more info can pm me.

The loan is for renovation, not top up loan, is 2 different thing.