Recently, I have been learning everything about furnishing a new home. I also got to know the various costs involved in renovating a new flat. The following are the basic things needed to renovate a new flat and their estimated costs.
Basic package + add ons such as wall feature etc ($35,000)
1) Homogenous Flooring
2) Lightings
3) Room wardrobes and kitchen cabinets
4) Toilet shower screens
5) Wall feature for television
6) Plumbing works
7) Other carpentry works
8) Other masonry works
Furniture and other necessary stuff
9) Ceramic stove - $1200
10) Refrigerator - $2000
11) Washing Machine - $1200
12) Dining table - $800
13) Sofa - $1500
14) Television - $2000
15) Air conditioner - $2500
16) Living room table - $200
17) Shoe cabinet - $600
18) Beds - $4000
Others : $5000
A) Total cost of renovation = $56,000
According to the estimated price listed above, I will have to set aside $56,000 to renovate my future flat. Assuming that I will be buying a 4/5 room flat which costs around $500k, the costs involved will be:
1) Option fees: $2000 (cash - refunded if CPF OA is sufficient to pay the downpayment)
2) Downpayment: $50,000 [10% of purchase price (CPF or cash)]
3) Stamp fee: $9600
3) Conveyance fee : $312.60
5) Other miscellanous fees : $1000
B) Initial cost of purchasing a flat: $62,913
Total cost = A + B = $118,913
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