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The complete guide to creating your own haven

The complete guide to creating your own haven

Home is where your heart is

Regardless if you are single or planning your dream wedding, everyone deserves the opportunity to create a place they can call home. You deserve your own personal space to embody your past, present and future. Perhaps you want to create a reading nook in the bedroom or design an exquisite dining area for family gatherings. Your pursuit of an ideal sanctuary reflects your love for every family member, including your furry friends.

How much renovation budget do you need?

Before diving into a major home makeover, having a clear budget is essential. However, renovation or home maintenance costs vary depending on the project. Quotations provided by renovation companies are also influenced by numerous factors and sometimes, the breakdown of charges might not be entirely clear. As a result, we can only take market examples as a reference for renovation budgets. According to the 2023 – 2024 home renovation quotation prices listed on a Hong Kong online home decoration platform*, the average cost for a basic full-house renovation is approximately HKD850 per square foot. More luxurious renovation cost varies depending on individual requirements. From the cases listed on the website, the final renovation price for a 284 square foot unit is about HKD340,000, while the final renovation price for a 436 square unit is about HKD290,000.

*Source: HK Decoman. Please note that these figures are for reference only and the actual quotation will vary depending on the complexity of the project.

Is it necessary to prepare the total renovation fund at once?

Home renovation including cleaning costs can easily reach hundreds of thousands and many renovation companies offer instalment payment plans. However, the instalment payment methods vary among companies. The most common example is by dividing the payment into 4 instalments. The instalment percentages and periods may also differ, but a significant portion (about 70% of the renovation budget) needs to be paid in the early stages (first and second instalments) for material purchases and to avoid project delays.

Therefore, this type of instalment only extends a small portion of the final payment at the end of the renovation, and it lacks repayment flexibility. A full house renovation, including preliminary design and other processes, generally takes about 45-90 working days. This means you only have about 3 to 4 months to pay the entire renovation cost in full.

Plans can’t keep up with changes?

If you find that the budget needed to create your ideal sanctuary exceeds your existing cash flow and needs to be postponed, you should also consider the fact that renovation costs are increasing every year. In a few years, the price quoted may far exceed the money you’ve painstakingly saved.

Utilise personal loans to manage your budget efficiently

In the process of building your ideal haven, strategically using Personal Loans is a great option for paving the way to the life you desire. Compared to the instalment payment plans offered by most renovation companies in the market, our Personal Instalment Loan offers more flexibility. Based on the same HKD700,000 renovation budget, the repayment period can be extended up to 60 months with monthly repayments starting as low as HKD12,859¹.

You can use our Personal Loan calculator to select the repayment periods plus other details according to your needs to calculate the actual monthly repayment amount and average monthly interest. Complete the loan application easily online and selected clients may be exempted from submitting documents (no proof of income and TU needed). They can also enjoy instant loan approval (in seconds) as well as various other promotional offers.

You can also visit the Investor and Financial Education Council or the Consumer Council websites for more financial tips related to renovations.

1. Calculated based on a HKD700,000 loan amount, 60 months loan period and an annualised percentage rate (APR) of 3.97%. The actual annual interest rate is a reference interest rate, showing an annualised rate that includes the basic interest rate of bank products and other applicable fees and charges.

1. Based on a loan amount of HK$700,000, a loan period of 60 months, and an effective annual interest rate of 3.97%. The actual annual interest rate is a reference interest rate that displays the basic interest rate of banking products and other applicable fees and charges as an annualized rate.

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