Truth be told, there are many other loans available to a property owner in Singapore. You can go for a personal loan from your bank or opt to use a credit card.
However, all these loans are very expensive with PR going up to 24%. Reno loans are cheaper, customizable and more flexible.
Application is easy and if you should find a reputable lender to ensure you find a competitive rate, isn’t it time you gave your home a new lease of life?
With time, your new, beautiful HDB home or condo will require retouching to reclaim lost glamour and this is where a Singapore renovation loan comes in handy. There is no denying that major construction works in your home can dent your savings, hence the need to look for an alternative source of funding.
What is a Renovation (Reno) Loan?
Even the most beautiful house will over time require a facelift, a new upgrade, a new look. With home décor trends changing every other day, you might also feel the need to upgrade a part of the structure in order to fit into the trending styles. Whatever you have in mind, there is the issue of cost and truth be told, this will eat away into your savings. Luckily, there are many registered money lenders in the country who offer financing for home renovations to all types of homeowners.
A Reno loan covers a broad range of areas including:
1) Extensive Repairs
Over time, the effects of weather, use and age will become apparent and extensive repairs including repainting, change in décor, roof repairs, floor re-installation among others will give your home the much needed facelift.
2) Room Re-modelling
How would you like to have your bathroom redecorated in the latest European design? Maybe you would like a skylight for your kitchen? Whatever you have in mind, a Reno loan covers all types of remodels.
3) Home Additions
Probably, you need a deck or patio added to your home? Maybe you need the basement finished to get more space? Whatever additions you need, your renovation loan will cater for it all.
4) Interior/Exterior Décor Changes
There are many trending décor designs that can bring your house back to its former glory and their cost can be catered for using a Reno loan.
Fabulous bathroom tiling, beautiful wallpaper, resplendent chandelier lights, new wall painting, a sunroom; all these are common renovation ideas that homeowners in Singapore have. The problem comes when they try to implement their ideas due to the high cost.
For most people, the process of purchasing a new home is already a tough one financially and hence trying to renovate their new property is not easy. Luckily, renovation (Reno) loans are now readily available to help homeowners customize their living spaces. They are more affordable than say, credit cards and personal loans.
Like with all financial products, it is important to do due diligence before finally buying a loan. After, there is a legally binding contract accompanying the loan and the product will also affect your finances. To get the most out of this loan product, below are some factors to consider:
1) Identify the Design Needs
It is now common for most homeowners in the country to quickly apply for renovation loans even before they have completed purchase. The urgency to renovate is understandable considering these homeowners have probably been living in a rental they never liked anyway. However, it is advisable to first look at your new house and identify every area that requires initial remodelling. Remember there is a lot to be done and as such, you have to get the most immediate areas that require reworking before applying for a loan.
2) Use a Qualified Contractor
Never try DIY renovations if you are serious about getting external funding. A lot of money is required for renovations and lenders only want to fund a project that is being managed professionally. Look for referrals and recommendations from other homeowners in order to identify a reputable contractor. These professionals will write a comprehensive quotation that you will use to access a loan. A qualified contractor also saves you a lot of money by recommending cost effective designs.
3) Create a Renovation Budget
One of the best ways to guarantee your renovation project is successful is by having a well prepared budget. Once you have identified the areas to be renovated, a quote will be prepared, but it is also important to talk to your loan assistant for further advice. Make sure the budget you draw covers all aspects of the project right from the consultation fees, designing charges, materials, labor, and permits among others.
These tips will help you out when shopping for a renovation loan. You are assured that the project will be run professionally and there is no risk of exceeding the budget. Talk to us for the cheapest Reno loan and let’s help you renovate your home up to your standards.
Your fast cash renovation loan is packaged after evaluation of your finances. It is flexible and the repayments are stretched over a longer period.
Once you are ready, you can click here to start your online application. The moment we receive your application, our loan officers will give you a call back to arrange for a meetup at our office. Upon approval and sign-off of the agreement by both parties, you will receive cash or cheque on the spot.
No hectic process, you can get your money by today!
To complete the loan application form
For processing your application
To receive your money after signing agreement