How to Minimize House Renovation Cost in the Philippines

Renovating a home in the Philippines is not just about giving it a fresh look; it's also a financial commitment that requires careful planning. While the excitement of a revamped space is undeniable, the costs can be daunting. Here are tips on how to reduce the cost.

image.png

House Renovation Cost in the Philippines: Typical Costs

What is the cost of house renovation? At the very least, you should prepare somewhere around PHP 8,000 to PHP 30,000 —this price, however, only applies to minor renovations and for small areas.

The cost of renovation really depends on what you want to do. For example, if you want to surround your rooftop with a railing, the metal itself will cost you more than ₱50,000. This price does not even include labor costs.

Estimated Cost of Different types of Repairs

  • Partial Renovation or Minor Fixes: PHP 8,000 to PHP 15,000.
  • Repair of the roof: from PHP 50,000
  • Renovation of One Room: PHP 80,000 to PHP 350,000.
  • Adding a New Floor: from PHP 800,000
  • Major Renovation: Starting from PHP 3 million, with a 100-square meter property possibly costing up to PHP 5 million.

How to Save on House Renovation Costs in the Philippines

Now, how can you save money on home renovations and budget effectively? It is one of the most important questions to answer now than later.

Create Priorities and Stick with Them

Decide what renovation you want. If it is the floor, stick to the floor only. In any case, you need to take a long and hard look at your house and decide what your priority is.

You must also create a budget and stick to it. You can only do this if you start shopping around before you even contact a contractor.

Make the Plan and Get Bids

Begin with a clear budget that encompasses all renovation costs, including labor, materials, tools, permits, and cleanup. It’s advisable to allocate an additional 10% to 20% of the total budget for unforeseen expenses.

Start Planning Early. To avoid overspending, compare prices of appliances and fixtures at various home improvement centers and online stores. For affordable home decors, consider tiangges, surplus shops, or the online shop of Dapitan Arcade.

Create a Plan for the Renovation and then ask the Contractor for a Price.  This plan does not mean you need architectural work. Simple drawings of what you want should suffice. You can also show photos from the internet to give the contractor an idea of how much the project will cost. Open communication with your contractor about budget constraints can lead to cost-saving ideas.

Get at least three quotes from different contractors and compare their track records, experience, and cost estimates. When doing this, make sure that you ask the contractor what he would do for the price he mentioned. The last thing you want is to have a misunderstanding. Some contractors may misunderstand what you want and give a higher price.

Find sources of Financing for Home Renovation

If savings are insufficient for the renovation, consider taking a home renovation loan. When it comes to financing house renovations in the Philippines, Digido offers a seamless and efficient solution. Whether you’re looking for a small amount to spruce up a room or a more substantial sum for a complete home makeover, Digido offers loans ranging from 0% interest promotional loans to non-collateral loans of up to PHP 25,000.

All operations are performed online, meaning you don’t have to leave your house to apply for a loan. This is especially beneficial for those who are busy with renovation planning and execution. Here are some additional benefits Digido loans for home renovation:

  • Automated online portal ensures that loan decisions are made instantly. You can get your loan approved and transferred to your account within just a few minutes.
  • As a state-licensed online lender, Digido adheres strictly to lending rules and regulations. They do not inflate interest rates or have hidden charges.
  • Minimal Documentation – unlike traditional banks that often demand a plethora of documents, Digido simplifies the process significantly. For your loan application, all you need is a single valid ID card.
Top Stories