Renovation Guide｜6 Hidden Renovation Costs You Must Know + Emergency Loan Tips!
Planning to create your dream home? Beyond the basic renovation budget, there are many hidden costs that are often overlooked which can lead to significant budget overruns. This guide will outline six common hidden renovation expenses and explain how instalment loans can help ease financial pressure, making your home transformation smoother and more manageable.
How Much Does Renovation Cost in Hong Kong?
The total renovation cost depends on factors such as saleable area, contractor's experience, materials used, design complexity and urgency of the project. A full-home renovation typically involves a six-figure budget, covering essentials like demolition, plumbing and electrical, tiling, painting, and carpentry. Custom furniture will further increase the cost.
| Unit Size | Estimated Renovation Cost |
|---|---|
| 300-400 sq. ft. | Approximately HKD150,000 - HKD320,000 |
| 400-600 sq. ft. | Approximately HKD320,000 - HKD500,000 |
| 600 sq. ft. or above | Approximately HKD500,000 and above |
Figures are for reference only. Actual costs may vary based on project complexity.
6 Common Hidden Renovation Expenses
1. Furniture and Appliances
Essentials like sofas, dining tables, beds, TVs, refrigerators, washing machines and air conditioners can add up quickly. Plan your shopping list early and allocate a sufficient budget.
2. Moving Services
If you are relocating from an old home or moving existing furniture and appliances, moving costs can be significant. Charges vary based on volume, distance, building type and whether dismantling is required. Early booking and inquiry is recommended.
3. Cleaning and Pest Control
Post-renovation cleanup is essential due to the dust and debris. If your old home had pest issues or you are concerned about potential infestations in the new space, pest control services may be necessary. These costs should be considered as well.
4. Property Management Fees
After moving in, most residential properties require monthly management fees. While not part of renovation costs, such fixed monthly expenses that should be factored into your overall housing budget.
5. Home and Fire Insurance
To protect your property from unexpected damage, home and fire insurance are essential. If you have financed your home through a bank, fire insurance is often mandatory. Though relatively affordable, these are still part of your miscellaneous expenses.
6. Miscellaneous and Unexpected Costs
Renovation projects may involve unpredictable expenses such as temporary accommodation, inspection fees, material price hikes, or delays. It is wise to reserve 10–15% of your budget for emergencies.
Use Instalment Loans to Build Your Dream Home
Even with careful planning, renovation costs can exceed expectations. Many homeowners turn to personal loans from banks or financial institutions to cover shortfalls and manage expenses more comfortably.
Instalment loans allow you to spread large renovation and related expenses into manageable monthly payments, reducing the burden of one-off costs. Before applying, be sure to compare products across banks and financial institutions, reviewing interest rates, fees, and repayment terms to find the best fit for your needs.
Dah Sing Bank helps you turn your dream home into reality. With "Express Money", enjoy APR as low as 1.68%^ and receive up to HKD13,888 in cash rebate*. New-to-bank customers who successfully apply for a loan and submit the required documents between now and 31 Dec 2025 will receive an extra reward of HKD200 in supermarket cash coupons*.
*The above service(s) / product(s) are subject to relevant terms and conditions.
^An APR is a reference rate which includes the basic interest rate and other fees and charges of a product expressed as an annualized rate.
To borrow or not to borrow? Borrow only if you can repay!
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