Too cheap of a deal
There is a certain cost for everything and in this competitive industry, renovation cost should not differ too much from one another. The phrase “too good to be true” is very real in the renovation industry.
How do you overcome this? Meet between 3 to 5 designers to have a sense of how much your renovation will cost. If one of the quotations is higher than the rest, it could be different materials is used etc. If one of the quotations is lower than the rest, it could be some items that might not be included etc.
For example average cost of 5 feet wardrobe is approximately $1,000
Quotation 1 (Lesser than average cost) - 5 feet casement wardrobe = $800
*Laminate finish not included and require a top-up
Quotation 2 (More than average cost) - 5 feet casement wardrobe = $1,600
* Might be quoted with veneer finish or include Blum hardware
529 Serangoon North Ave by Fineline Design
It helps to know the cost of every item as can to judge which quotations are “reasonable” not only based on the final amount but also the items that are included. That is why Renovade has done up an ultimate guide for renovation cost to help homeowners make the right judgement and decisions.
Never rush or made a hasty decision to secure a deal and do sufficient research before signing the contract. Always remember, once you’ve signed the contract, any form of discrepancy will fall back on the contract. Make sure the items in the contract are as detailed as possible to avoid discrepancy during the renovation.
Always clarify with your designer or you can join Renovade telegram group chat whereby we answer to all your doubts and queries.
Collecting more than 25% upfront in deposit
The standard practice is around 10% to 20% for the initial down payment. The initial down payment varies on the total cost of the renovation. The lesser the cost of the renovation, the higher the deposit. Do check before proceed further.
The rest of the cost is then split into progressive payments over various milestone of the renovation. However, do check with your designer for the payment milestone as it differs from company to company.
Renovade suggested payment milestones:
Deposit upon signing of contract: 10%
Upon commencement of work: 30%
Upon completion of wet work: 30%
Before Carpentry installation: 25%
Defect rectification and handover: 5%
Aube Beauty Salon @ Marina Link by Fineline Design Pte Ltd
No proof of payment or receipt
Especially if you pay in cash, as there is no concrete evidence of any transaction, unlike bank transfer. This might come in handy if your renovation goes awry.
Covo Hair Salon @ Keong Saik Road by Fineline Design Pte Ltd
Such as getting approval for hacking permit, delivering of tiles or raw materials to your unit or carpentry installation. These are the few of the most prominent red flag that you should be aware of. If you encountered any of these, hold your payment till the promised work is delivered.
Before the commencement of work, have your designer to do up a rough timeline of the renovation process. Renovade would also like to stress that homeowner to have the basic knowledge of how renovation workflow works. Knowing renovation workflow will help you understand the process and help you spot delay tactics before it’s too late.
Aube Beauty Salon @ 321 Clementi by Fineline Design Pte Ltd