5 Tips for Getting Started with Your Home Renovation in Malaysia

Are you thinking of renovating your home in Malaysia? If so, you're not alone. Home renovations are a popular way to improve the value of your property, make it more comfortable and functional, and express your personal style.

However, before you start planning your renovation, it's important to do your research and get organized. Here are 5 tips to help you get started:

1. Set a Realistic Budget for Your Dream Home Renovation

The first step to any home renovation is to set a budget. According to Business Today, the average cost of a home renovation in Malaysia ranges from RM20,000 to RM200,000, depending on the size and scope of the project. However, you can also find budget-friendly renovations for as low as RM10,000.

The cost of home renovation in Malaysia can vary depending on a number of factors, including the size and condition of your home, the scope of the work, and the materials and finishes you choose. However, a general rule of thumb is to budget around 10% of the value of your home worth. For example, if your home is worth RM500,000, you could expect to pay around RM50,000 for renovations. Of course, this is just a rough estimate, and the actual cost could be higher or lower.

When setting your budget, be sure to factor in the following costs:

• Materials: This includes the cost of flooring, cabinets, fixtures, and other materials.
• Labor which includes the cost of hiring contractors to do the work.
• Unexpected costs for things like unforeseen damage or changes in the scope of the project.

Scroll down for more information on setting up the budget for your dream house. 

2. Do Your Homework Before You Renovate

Once you have a budget, start doing your research on home renovation. This includes researching below details:

• The different types of renovations: There are many different types of home renovations, from small cosmetic changes to major structural repairs. It is important to decide what type of renovation you want before you start your research.
• The materials and finishes you want to use: The materials and finishes you choose will have a big impact on the overall cost of your renovation. It is important to compare prices and quality before you make a decision.
• The contractors in your area: Get quotes from multiple contractors before you make a decision. 
• The impact of your renovation on your lifestyle: A home renovation can be disruptive, so it is important to think about how it will affect your lifestyle. You may need to find temporary accommodation or make arrangements for childcare during the renovation.

There are many resources available to help you with your research, such as 

• HomeAdvisor
• PropSocial 
• PropertyGuru

3. Get estimates from multiple contractors

Once you have a good understanding of what you want, get estimates from multiple contractors. When choosing a contractor, consider:

• Experience: Top contractors have years of experience in the industry and have a proven track record of success. They may charge a premium for their experience, as compared to newbies.
• References: Look for contractors who can provide you with references from past clients who can attest to their work.
• Liability insurance: We cannot stress this enough: make sure you choose contractors with liability insurance, which protects you in case of any accidents or damages that occur during the renovation.

Once you have gotten the estimated cost of your renovation, be sure to get everything in writing, including the scope of work, the materials to be used, and the timeline for completion.

Related: #PropertyHacks: Buying Your First Home In Malaysia 

4. Be prepared for unexpected costs

There are always unexpected costs associated with home renovations. Be prepared to budget for these costs. Some common unexpected costs include hidden damage, changes in the scope of work, and weather delays.

Here are some common unexpected costs that you should factor into your budget:

• Demolition costs: If you are knocking down walls or removing old flooring, you will need to factor in the cost of demolition.
• Permits and inspections: Depending on the scope of your renovation, you may need to obtain permits and have the work inspected by a qualified professional.
• Disposal fees: You will need to pay to dispose of any old materials that are removed during the renovation.
• Moving costs: If you need to move out of your home during the renovation, you will need to factor in the cost of moving.
• Temporary accommodation: If you cannot move out of your home during the renovation, you may need to rent temporary accommodation.

5. Consider a personal loan to finance your renovation.

If you need financial assistance for your home renovation, you may want to consider a personal loan PROVIDED you weigh the pros and cons carefully. Compare a few personal loans that may be suitable for you, HERE.

Personal Loans from CompareHero for Home Renovation

If you are financing your home renovation, there are a few personal loans that may be suitable for you. These loans typically have lower interest rates than credit cards, and they offer longer repayment terms.

Some of the personal loans that may be suitable for home renovation include:

RHB Personal Financing

RHB Personal Financing can be a good option for home renovation because it offers:

Flexible loan amount: You can borrow from RM2,000 up to RM150,000 which is enough to cover most home renovation projects.

Long repayment tenure: You can repay the loan over a period of up to 12 to 84 months, which can help you manage your monthly repayments.

Low-interest rates: The interest rates for RHB Personal Financing are competitive, starting from 7.05% per annum.

Easy application process: You can apply for the loan via CompareHero and win great prizes. Check out the latest promotions, HERE.

Fast approval: RHB Personal Financing is known for its fast approval process, so you can get the money you need quickly.

Alliance Bank CashVantage Personal Financing-i

Another highly recommended personal financing option you may want to consider is Alliance Bank CashVantage Personal Financing-i as it offers:

Flexible loan amount: You can borrow from RM5,000 up to RM200,000.

Long repayment tenure: Alliance offers loan repayment from 12 to 84 months.

Low interest rates: The interest rates for Alliance Bank CashVantage Personal Financing-i are competitive, starting from 4.99% per annum.

Easy application process: Apply online, HERE and bring home amazing prizes.

Home renovations can be a great way to improve your home and make it more enjoyable to live in. However, it is important to do your research and plan carefully before you start.