NewbieRenovation loan tips
Any tips on getting a renovation loan? What are the pros and cons of getting one?
@ponie4prez Thanks for the tips. Our dilemma is whether we can have comfortable liquid savings, as the renovation and furnishing costs, white goods etc will leave us with just enough to get by if we skip the reno loan. So the consideration is whether we'll have enough emergency funds on hand, vs having to pay for the reno loan reinterest later down the road.
I'd only consider getting a renovation loan if the space was in very poor shape, like if the bathroom or kitchen can't be used at all. If it's something you can live with, then maybe have the work done later and in small parts so the expense is more manageable and you don't have to take out a loan for it.
My tip would be to not get a renovation loan Tbh it can get quite expensive depending on what you want to do.. so I personally tell my friends to just do the bare minimum and add on after.
If you are set on a loan, you can find out your monthly repayment options with a calculator: https://www.dbs.com.sg/personal/calculators/homeloans-calculators-renovation-loans.page