- Renovation costs about HKD850-2070 per square meter in Hong Kong
- Hiring an interior designer costs about HKD7600-40000 or more
For most young adults, it is already difficult to afford a house on their own. However, upon receiving the house and getting the bills done, they may face another huge challenge–renovation and design. Some people are lucky enough to purchase a home with all the renovation and furniture, but some may just purchase a plain empty house. Decorating the house can be costly, including the interior design, construction and furniture. It may cost up to 5-20% of the house’s total price. In this case, many young adults did not have enough budget for the decoration, which leads to a dilemma.
Here, we provide you with 4 cheap house hacks to get your dream house at the lowest possible price.
1. Get Your Own Material Supplier
Instead of buying the materials from your designer, you can find ways to get your own material supplier. You may ask friends who have tried this before, to recommend a good supplier with a cheap price and a good quality. If you are looking for materials such as wood, you may find local suppliers. If you are looking for a high-end style of housing which are materials such as Carrara Marble, you may get suppliers from European countries such as Italy, etc. You can save more than 20% of the total decoration fee if you have your own material supplier.
2. Get Your Furniture From Manufacturers
Purchasing furniture from places like Amazon and Home Depot may be a bit expensive because retailers mark up their prices to cover their costs and taxes, and earn profits at the same time. Therefore, you should buy directly from manufacturers as this gives you a price advantage. First, you have to find a manufacturer, make a bulk purchase, then they would make a closing deal with you. Of course, this may not work since you cannot make bulk furniture purchase. However, if you can ask a few of your friends or neighbours to buy the furniture with you to get a deal with the manufacturers, this could help you to save up to 10-20% of the total decoration fee.
Besides, a lot of people assume that buying furniture from manufacturers would only give you a few options to choose from. However, this is not the case. Some manufacturers also allow customized orders. They can actually design the furniture that caters to your preferences. This, together with the price discount, would be the best deal you could ever imagine.
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3. Do It Yourself (DIY)
In places like Europe or North America, labour is costly. So if you have time, it is possible to do some easy tasks on your own to save money and have some fun. Tasks such as painting the walls, assembling small cabinets and moving small furniture (big furniture if you are strong enough). Since labour cost is one of the major fees, DIY-ing your house may save up to 5-10% of the total decoration fee and also give you a sense of achievement.
4. Rent Out or Become an Airbnb
If this is your second house, then putting it on rent or Airbnb would be a great way to make an impressive rate of return. Other than creating a passive income, the fancy interior design and renovation can help to boost the house’s market value which leads to an increase in profit. Therefore, this is a win-win situation. However, if this is your first house, it is also possible to put it on Airbnb to earn some revenue when you are out for a trip or vacation.
Now that you’re here…
At Denzity, we help you find your next overseas property. If you have any enquiries about properties, or questions about the process, reach out to our team here. Stay tuned for more investor focused content, financial advice, and industry updates.
Please note all the above stated is opinion only and does not constitute proper investment advice. Denzity is not liable for any investment decisions that result from following the opinions outlined above.