Planto logo
  • App & Content
      App & Content
      Business Solutions
  •  | 
    Planto logo
    Sidebar hamburger menu
    Home Renovation Cost 2023: 12 Money-Saving Tips for Hong Kongers

    Home Renovation Cost 2023: 12 Money-Saving Tips for Hong Kongers

    All Posts » Personal Loan
    Last updated: Mar 21, 2023•  3 min read
    Table of ContentsTable of Contents

    Buying a cozy nest for you and your family is the first step towards a happy and fulfilling life. After successfully purchasing a property, your budget may be tight, making it necessary to save money during the home renovation process.

    In Hong Kong, the cost of renovating and furnishing a 300-square-foot unit typically ranges from a hundred thousand to several hundred thousand Hong Kong dollars. However, with numerous home renovation and interior design options, prices vary significantly depending on the chosen design style, materials, and renovation company. First-time renovators may need help determining where to begin. 

    If you’re looking for renovation quotes, don’t miss the following 12 money-saving tips to help you plan your renovation and avoid unnecessary expenses.

    1) Get More Quotations and Compare the Prices

    photo of flat screen television
    ▲Getting quotes for the same design from different companies can result in significant price differences.

    Just as you viewed multiple properties before deciding, do the same for home renovation. Even with the same unit and requirements, quotes from different renovation companies may vary significantly. So, take your time and contact several contractors or designers for on-site quotes. Ask friends and family for reliable home renovation or design company recommendations to avoid going in blindly.

    Some local home renovation platforms in Hong Kong where you can get a quote include: 

    • CallSiFu
    • CoDECO
    • CFUGO
    • HK Decoman
    • Decoration2

    2) Detailed Quotes Offer Better Reliability

    Some traditional home renovation contractors may quote a price like “HK$300,000” without much detail. To protect yourself, request a detailed quote specifying every aspect, such as:

    • Kitchen and built-in cabinet dimensions and materials
    • Whether each renovation item includes labor and materials
    • Things you need to purchase separately
    • Built-in cabinet styles, colors, and board thickness
    • Paint brands and colors
    • Number of electrical sockets
    • Renovation insurance arrangements
    • Project completion date

    You should insist on adding details to contracts before signing and paying the deposit to avoid disputes after the work begins.

    3) With or Without an Interior Designer?

    Hiring a designer to oversee your home renovation offers the benefit of having someone handle the design, material selection, and project supervision. However, this option can be expensive. Generally, designers will measure your space, create initial sketches and quotes, and provide 3D color renderings after multiple revisions. This process can take up to a month from property handover to the actual renovation start.

    If you have ample time, energy, home renovation and furnishing knowledge, and a clear vision for your dream home, consider hiring a home renovator or contractor without design service (Hong Kongers usually call them a CFU). 

    While these contractors may not provide 3D designs or much design advice, they typically have extensive knowledge of materials and electrical work, and most importantly, you can save on design fees.

    4) Are Built-in Furniture Pieces Necessary?

    Many small-space design case studies feature extensive built-in furniture for increased storage. However, custom-built furniture is often more expensive and makes the space cramped.

    Consider whether you really need every inch of your home for storage. Installing built-in cabinets in a narrow corridor may obstruct passage; storage areas underneath a bed can be challenging to access, and window storage units can block the view. Instead, focus on decluttering and releasing space in your home, which can make you more delightful than filling the space with storage units.

    5) Smart Use of Credit Card Rewards and Installment Plans

    Renovating a home can be expensive, so utilizing interest-free and installment plans offered by renovation and design companies can help reduce one-time expenses. Credit cards are also great money-saving tools, helping you earn cashback when purchasing furniture and enjoy interest-free or low-interest installment repayments. Cards like livi PayLater, HSBC Red, and PrimeCredit EarnMORE are simple and offer impressive cashback amounts.

    6) Warehouse Sales and Expos

    In Hong Kong, there are ways to save money on furniture and appliances. The most convenient method is to buy store display items, although not everyone may be comfortable with that. You can search Google for furniture stores or appliance brands holding warehouse sales or promotions. You can find many discounted items if there is a furniture expo.

    7) Online Shopping for Overseas Products

    Purchasing brand-name appliances, kitchenware, faucets, mattresses, and other items in Hong Kong often costs significantly more than buying them in their countries of origin. As a result, savvy homeowners may choose to shop online for overseas products. Many foreign companies provide direct shipping or forwarding services to Hong Kong. 

    For example, ordering a popular Dyson vacuum cleaner from a UK or German website may be half the price, even with shipping fees, compared to buying it in Hong Kong. However, be aware that some online parallel imported products may not have warranties in Hong Kong, so weigh the risks. When using proxy-buying and forwarding services, pay attention to insurance and protection clauses to avoid losses due to product damage during shipping.

    Furthermore, the electrical specifications of products from Japan, the US, and Taiwan may differ from those in Hong Kong, so online appliances may not be suitable for use in Hong Kong. Global standards generally apply for renovation materials like floor tiles, ceramic tiles, and sanitary ware, so feel confident shopping for foreign products online.

    If you’re still hesitant about shopping on foreign websites like Amazon, consider the following local or overseas platforms that cater specifically to Hong Kong customers, offering convenient communication and more excellent protection for consumers:

    Amazon is a global e-commerce platform that offers a vast selection of furniture from overseas, providing Hong Kong customers with a convenient and cost-effective way to purchase unique, high-quality items not readily available locally.

    • Amazon: Amazon is a global e-commerce platform that offers a vast selection of furniture from overseas, providing Hong Kong customers with a convenient and cost-effective way to purchase unique, high-quality items not readily available locally.
    • Live A Life Home: Japanese solid wood furniture specialist offering sofas, tables, chairs, TV cabinets, and storage cabinets.
    • ImportAppliances: Importing European kitchen appliances from brands like Bosch, Siemens, and Smeg

    8) Buying from Mainland China

    Although not everyone may favor made-in-China products, the fact remains that many of the renovation materials and furniture available in Hong Kong’s market are manufactured in China. Even custom-made furniture is primarily made in China and then shipped to Hong Kong for assembly. Since there’s no way to avoid it, why not also explore what China offers? 

    Ordering mainland Chinese renovation materials and furniture through Taobao is the easiest and quickest way. If you want to see the products in person, many people visit the Tian Bei Si Road in Shenzhen.

    Purchasing ready-made products such as floor tiles, sanitary ware, and lighting fixtures in mainland China is generally similar in quality to those in Hong Kong, and you can easily use them in your home with no issues. 

    However, custom-made items like kitchen cabinets or wardrobes can sometimes lead to discrepancies in the delivered goods. Additionally, installation technicians arranged by mainland furniture stores may not be authorized to work legally in Hong Kong, potentially trapping consumers to hiring illegal workers.

    9) Seize the off-season for bargaining

    john crist comedy GIF by Interstellardesignz
    ▲The off-peak and peak seasons affect the interior design and home renovation fees.

    When is the best time of year to do home renovation? You must consider doing it in the off-season if you wish to reduce the cost. Influenced by traditional customs, many people prefer to complete renovations before the Lunar New Year to move into their new homes during the holiday. As a result, the year-end is the peak season for renovations, with many companies busy and less room for negotiation.

    On the other hand, after the Lunar New Year, as the off-season begins, renovation companies may lower their prices or even offer discounts, creating a good opportunity for bargaining.

    10) Making the Most of Existing Decorations

    When buying a property, you also acquire the previous owner’s decorations and part of the furniture and appliances. If the existing stuff aligns with your preferences, it can save you money significantly. 

    Having sufficient funds for a complete renovation is ideal, but if you want to save money, you may need to settle for less and preserve some of the previous owner’s decorations. You might not need to redo the plumbing or wiring if the property is young enough. Minor features like wall socket covers, exhaust fans, door locks, and kitchen or bathroom ceiling lights may not make much difference when replaced and might not even be noticeable, so consider not changing them.

    11) Considering Long-term Maintenance

    water fix it GIF
    ▲During renovations, consider long-term home maintenance and don’t solely focus on aesthetic design.

    After completing home renovations, you and your family may live in the home for ten years or longer, so it’s essential to consider future maintenance costs. If your residence is located in a humid area of Hong Kong, like the eastern or southern coastal regions, opt for moisture-resistant materials for paint and wardrobes. 

    When choosing bright lighting and appliances, consider whether it will be difficult to find replacement parts and repair services in the future. Select standard-sized brands for built-in appliances or stovetops to avoid modifying cabinets when replacing them.

    During renovations, prioritize the quality of materials and products to reduce potential future maintenance costs. Investing in more expensive but durable items can lead to long-term savings.

    12) Applying for Home Renovation Loans

    Some banks offer “home renovation loans,” a type of personal loan characterized by higher loan amounts, up to HK$1.2 million, and repayment periods similar to traditional personal loans, with a maximum of 60 months. However, the annual interest rate for renovation loans starts at over 4%, slightly higher than regular low-interest personal loans.

    If you prefer a lower interest rate, consider standard personal loans from banks, with annual interest rates as low as around 2%, mainly through online loan products from virtual banks, which may offer more promotions and benefits.

    If your renovation coincides with the tax season (from October to April), you can apply for bank tax season loans, with many options available for annual interest rates below 2%. However, the loan amount limits for standard personal or tax loans are typically around 12 to 24 months, which may not be sufficient to cover more expensive home renovation or interior design costs.

    #Home Renovation
    Share via FacebookShare via TwitterShare via WhatsAppShare via LinkedInShare via URL
    Share via FacebookShare via TwitterShare via WhatsAppShare via LinkedInShare via URL
    Track. Plan. Get advice.Making your finances easier
    Follow us on social for more useful news!

    Subscribe to Planto Newsletter & Stay Updated!

    Hong Kong’s Latest Financial Insights & Offers 🎁

    Try Planto App for Free

    Over 200,000 Downloads in HK

    About UsToolsSecurity DetailsHelp CenterBlogPrivacy PolicyTerms & ConditionsGoogle API Disclosure
    22/F, 3 Lockhart Road, Wan Chai, Hong KongPlanto Limited © 2024