Home Renovation Loans

Four Costs to Consider for a Home Renovation as a Parent

Home renovation is a particularly daunting process for parents. Learn four costs and considerations you should make when renovating your home with kids.

Home renovation can be both stressful and costly. Finding the right materials, furniture, and even workers can be a tall task. However, renovating your home can be even greater of a challenge if you are also raising a family. You must consider not only your wants and needs but also those of your children and family. It can be especially difficult to accomplish this while staying frugal.

Fortunately, you don't need to spend so much on your home improvements if you plan properly. Here are three forward-thinking considerations and costs for parents planning a home renovation:

Planning for the Future

Bedroom for children

A costly mistake made by many new parents is planning your new home without a long-term vision. This is true not only for financing your home, but also planning the interior space. For instance, parents often purchase age-specific furniture for their children's bedrooms. While this kind of renovation may help to address immediate needs, it can also lead to unnecessary costs and the need for future renovations or furniture replacement. For this reason, it's important for parents to remember that children are constantly growing—and faster than you might expect!

Instead of buying tiny beds or desks to accommodate your young children, you may be able to save later down the road by opting for furniture such as low-profile or platform beds. These kinds of beds are not only easily accessible by kids due to their low height, but also often carry built-in storage for toys or other kids' items. Parents can also utilize accessories such as seat boosters—instead of buying kid-size chairs—to reuse furniture while accommodating to children's needs.

Purchasing Childproofed Products

Family moving in and wearing masks

As a parent, it's important to always have your children's best interests in mind. This applies to your home improvement project as well. For instance, using non-toxic paint instead of regular paint would be beneficial to your children's health. Other products such as overhead lighting and hardwood floors are good alternatives that minimize risks for your kids.

If you are planning to do a major renovation, such as changing flooring or gut-renovation, finding childcare to keep your children away from active construction sites should also be considered.

You should always prioritize Best Savings Accounts while planning your home improvement project. The following table provides a comparison of the average cost of childproofed solutions and their potentially hazardous counterparts. The data comes from ValueChampion's calculation of average costs of home renovations in Singapore and prices found from Singapore's online retailers.

Childproofed ItemAverage PriceNon-Childproofed ItemAverage Price
Non-toxic Premium PaintsS$27.96 per 1L containerRegular PaintsS$23.5 per 1L container
Hardwood Floors (Parquet)S$10.50 per square footOther Flooring Options
  • Marble: S$12.50 per square foot
  • Granite: S$15 per square foot
  • Laminate: S$4 per square foot
  • Vinyl: S$6.25 per square foot
  • Ceramic/Tiles: S$9 per square foot
Basic Overhead LED LightsS52.83 plus possible installation feesFloor LampsS$196.01 per fixture
Paint prices shown are an average of the available paints from Horme Hardware (horme.com.sg). Light prices are an average of the 20 best-selling lights across each category on Lazada.sg.

Making Storage A Priority

Girl smiling among storage cubbies

As a parent, you will inevitably accumulate things in your apartment. Not only will you continue to buy things, but your children will also have various wants and needs. One way you can stay prepared and avoid future costs is by investing in storage space in your home.

To tackle this, you can make larger home alterations such as installing additional closets, cabinets, wardrobes, or shelving units. This can save you the need to purchase additional furniture down the road, and will also contribute to decluttering your home. Both of these features can serve to benefit not only your wallet, but the overall energy of your space.

Choosing a Versatile Aesthetic

Room with yellow walls

Lastly, new parents or homeowners should be aware of the high costs of constantly remodeling or switching furniture. A great way you can avoid this scenario is by choosing an interior design style that will withstand the test of time. For instance, instead of painting your children's rooms to accommodate their tastes, you can instead choose a color that you anticipate will suit your family for years to come. Furthermore, as outlined in a previous section, choosing versatile furniture instead of child-specific pieces can help you save in the long run.

Of course, the cost of your home renovation project will still depend on the stylistic choices you make. While it isn't necessary to choose one specific theme or design style, it can be helpful to understand the prices of different styles. Modern, Scandinavian, and Industrial styles may be appealing to you if you want a clean and timeless look at a reasonable budget. Likewise, you can make your space more child-friendly by adding throw pillows or other accessories for splashes of color.

The table below shows the approximate average costs of renovation based on style. Note that the data considers both labor and remodeling costs, so replacing only furniture will come at a lower cost.

StyleAverage Cost HDBAverage Cost CondoAverage Cost LandedAverage Cost/Sqm
ContemporaryS$72,530S$78,133S$657,950S$564
ModernS$60,304S$78,386S$423,652S$517
MinimalistS$62,471S$74,494S$358,125S$558
ScandinavianS$55,315S$101,365S$358,125S$489
EclecticS$69,314S$75,572S$368,400S$603
IndustrialS$54,093S$74,264S$137,167S$501
TraditionalS$46,890S$71,630S$218,882S$552
TransitionalS$58,498S$81,899S$189,081S$620
Retro^S$83,325S$97,500S$85,000S$659
Vintage^S$89,556S$80,522S$50,000S$736
^Lack of data from Qanvast may result in some inaccuracy.
Seaton Huang

Seaton Huang is a Junior Research Analyst covering consumer finance products in Hong Kong. As an alumnus of Columbia University (M.A., 2020), Northeastern University (B.A., 2019), and a former Fulbright Fellow at Shaanxi Normal University (2018), he has significant academic and analytical expertise in the economic and political terrains of China, Hong Kong, and Asia Pacific. His past research has concerned the socioeconomic effects of mobile payment systems in China and the efficacy of China's Belt and Road Initiative in Central Asia, among other poignant topics in contemporary Asia.