1 00:00:03,369 --> 00:00:05,710 Speaker 1: You're listening to AC N A podcast, 2 00:00:08,500 --> 00:00:12,130 Speaker 2: getting the keys to your new home. It's a significant 3 00:00:12,140 --> 00:00:15,420 Speaker 2: and exciting milestone, isn't it? It's the first step to 4 00:00:15,430 --> 00:00:18,600 Speaker 2: building your dream home apart from shopping for it. Of course, 5 00:00:18,860 --> 00:00:23,149 Speaker 2: now you start pinning visual inos on your virtual vision board. 6 00:00:23,219 --> 00:00:26,398 Speaker 2: And before you know it, your wish list is inflating 7 00:00:26,409 --> 00:00:29,430 Speaker 2: your budget and then you move on to the next 8 00:00:29,440 --> 00:00:33,040 Speaker 2: task of finding a good contractor or interior designer. 9 00:00:33,500 --> 00:00:36,340 Speaker 2: It's a process that's all too familiar to me. I've 10 00:00:36,348 --> 00:00:39,949 Speaker 2: done that many times. I'm Andrea Heng. This is the 11 00:00:39,959 --> 00:00:42,979 Speaker 2: Money talks podcast. I'm about to get you some real 12 00:00:43,049 --> 00:00:46,669 Speaker 2: life solid advice on how you need to manage your 13 00:00:46,680 --> 00:00:49,049 Speaker 2: renovation budget so that you don't have to go through 14 00:00:49,060 --> 00:00:50,130 Speaker 2: what I went through. 15 00:00:50,598 --> 00:00:53,220 Speaker 2: And that advice is going to come from my guest today, 16 00:00:53,229 --> 00:00:56,979 Speaker 2: Daniel Lim. He's the co-founder of Canvas. It's an online 17 00:00:56,990 --> 00:01:00,799 Speaker 2: renovation platform and that's where homeowners like you can search 18 00:01:00,810 --> 00:01:04,610 Speaker 2: for reliable interior design firms here in Singapore. Welcome to 19 00:01:04,620 --> 00:01:07,180 Speaker 2: the podcast, Daniel. Thank you so much for having me. 20 00:01:07,190 --> 00:01:10,080 Speaker 2: So first we want to talk about setting the budget, right. 21 00:01:10,089 --> 00:01:14,419 Speaker 2: This starts to happen when we enter the new house, 22 00:01:14,565 --> 00:01:17,235 Speaker 2: we really do a deep inspection of the house and 23 00:01:17,245 --> 00:01:20,025 Speaker 2: then some of the floors get revealed, the real condition 24 00:01:20,035 --> 00:01:22,864 Speaker 2: of the unit gets revealed, right? So how do I 25 00:01:22,875 --> 00:01:26,385 Speaker 2: work with my budget? How much fat um should I 26 00:01:26,394 --> 00:01:30,004 Speaker 2: give to this budget? Because the renovation costs do tend 27 00:01:30,014 --> 00:01:33,614 Speaker 2: to add up when we start seeing all these other 28 00:01:33,625 --> 00:01:36,595 Speaker 2: things inside the house that reveal themselves. Correct? Yeah. No, 29 00:01:36,605 --> 00:01:38,425 Speaker 2: I think that's a very valid question. And I think, 30 00:01:38,739 --> 00:01:40,949 Speaker 2: ah, your introduction, you mentioned that you start looking at 31 00:01:41,129 --> 00:01:43,279 Speaker 2: info images and all that and that's the fun part. Yeah. 32 00:01:43,449 --> 00:01:45,870 Speaker 2: And then, yeah, and then you come on to the 33 00:01:45,879 --> 00:01:47,989 Speaker 2: dollars and cents and then that's, you know, the part 34 00:01:48,000 --> 00:01:51,110 Speaker 2: that obviously is tricky because most people have an idea 35 00:01:51,120 --> 00:01:53,919 Speaker 2: in mind. You know, you want to spend 20 30,000, 40,000. 36 00:01:54,180 --> 00:01:56,529 Speaker 2: But then when you inspect the house, you have a 37 00:01:56,540 --> 00:01:58,400 Speaker 2: look and then some of those ideas that you have 38 00:01:58,410 --> 00:02:00,150 Speaker 2: seen on those vision boards and you want to translate 39 00:02:00,160 --> 00:02:02,870 Speaker 2: them into real life and then your contractor or designer 40 00:02:02,879 --> 00:02:04,660 Speaker 2: tells you, hey, you know, I think you need a bit, 41 00:02:04,669 --> 00:02:06,480 Speaker 2: a bit more in order to realize what you want 42 00:02:06,489 --> 00:02:09,600 Speaker 2: and then your dream goes right? Or you say, ok, 43 00:02:09,610 --> 00:02:11,678 Speaker 2: I'm gonna stretch a little bit and then get what 44 00:02:11,690 --> 00:02:12,978 Speaker 2: I want. So. Right. So I think, I think, I 45 00:02:12,990 --> 00:02:16,350 Speaker 2: think that's challenging and it's always a tussle with great design. 46 00:02:16,360 --> 00:02:18,829 Speaker 2: Having everything that you want as well as keeping it 47 00:02:18,839 --> 00:02:21,799 Speaker 2: practical functional within budget. Right? I would think the first 48 00:02:21,809 --> 00:02:23,330 Speaker 2: step you can take is really 49 00:02:23,630 --> 00:02:27,130 Speaker 2: doing research online. You can just search renovation calculator, Singapore, 50 00:02:27,229 --> 00:02:29,758 Speaker 2: you might find a few, you can just input your, 51 00:02:29,770 --> 00:02:32,429 Speaker 2: your size of your apartment or whether you are looking 52 00:02:32,440 --> 00:02:35,720 Speaker 2: to do a full scale renovation with hacking and all 53 00:02:35,729 --> 00:02:38,130 Speaker 2: the works or is it more just a smaller scale renovation? 54 00:02:38,419 --> 00:02:40,470 Speaker 2: And with that after 57 minutes, you will get a 55 00:02:40,479 --> 00:02:44,080 Speaker 2: quite a comprehensive list of, you know, line items of 56 00:02:44,089 --> 00:02:45,579 Speaker 2: what you can budget for your innovation and give you 57 00:02:45,589 --> 00:02:47,478 Speaker 2: at least an estimate in terms of what you can 58 00:02:47,490 --> 00:02:49,259 Speaker 2: look at. And then after that, I would still say 59 00:02:49,270 --> 00:02:54,589 Speaker 2: even with that budget always just cater for, for surprises 60 00:02:54,600 --> 00:02:57,660 Speaker 2: in terms of delays or maybe even variations because you 61 00:02:57,669 --> 00:02:59,860 Speaker 2: might think you want something and then down the line 62 00:02:59,869 --> 00:03:02,160 Speaker 2: you realize. Oh, ok. Actually I want to add something 63 00:03:02,169 --> 00:03:04,820 Speaker 2: else you want to change. I want to or different 64 00:03:04,830 --> 00:03:07,100 Speaker 2: material that maybe better suits your lifestyle, right? So all 65 00:03:07,110 --> 00:03:08,279 Speaker 2: those come into play 66 00:03:08,580 --> 00:03:11,240 Speaker 2: um especially more so for first time renovators where you know, 67 00:03:11,250 --> 00:03:13,339 Speaker 2: it's their first time. And then along the way in 68 00:03:13,350 --> 00:03:14,940 Speaker 2: that process of the 3 to 4 months when they 69 00:03:14,949 --> 00:03:17,720 Speaker 2: are designing and going through the renovation, they realize, ok, 70 00:03:17,729 --> 00:03:19,699 Speaker 2: I want something a little different so that might add 71 00:03:19,710 --> 00:03:22,580 Speaker 2: to the cost. So I always just give a ballpark 72 00:03:22,589 --> 00:03:25,449 Speaker 2: of a 20 to 30% buffer. Ok. So if you 73 00:03:25,460 --> 00:03:26,860 Speaker 2: know you had in mind like 74 00:03:27,119 --> 00:03:30,770 Speaker 2: 3000, just make sure you have 6065 just to be 75 00:03:30,779 --> 00:03:33,418 Speaker 2: very comfortable and safe so that you don't run into 76 00:03:33,429 --> 00:03:36,779 Speaker 2: any issues. So I'm told that the Renault budget should 77 00:03:36,789 --> 00:03:40,139 Speaker 2: be in proportion to the size or even the price 78 00:03:40,149 --> 00:03:42,639 Speaker 2: of the house. This is something that I picked up 79 00:03:42,649 --> 00:03:45,539 Speaker 2: on a panel that I hosted recently. 80 00:03:45,860 --> 00:03:48,380 Speaker 2: But some home buyers see the home as you know, 81 00:03:48,389 --> 00:03:51,559 Speaker 2: a long term investment. They're thinking, ok, it's a long 82 00:03:51,570 --> 00:03:54,369 Speaker 2: term investment. I'm going to stay here till I retire. 83 00:03:54,589 --> 00:03:59,029 Speaker 2: Why not just spend the extra cash on better quality fittings, 84 00:03:59,039 --> 00:04:03,089 Speaker 2: et cetera? But the question becomes how much is too much, right? 85 00:04:03,179 --> 00:04:05,880 Speaker 2: So you're saying 20 to 30% on top of the 86 00:04:05,889 --> 00:04:07,990 Speaker 2: original budget you have in mind just to give some 87 00:04:08,000 --> 00:04:11,839 Speaker 2: buffers what's above and beyond. That's considered too much though. 88 00:04:11,860 --> 00:04:14,800 Speaker 2: I think it's really to each his own, right? Because 89 00:04:14,809 --> 00:04:17,159 Speaker 2: I think some people really look at it as maybe 90 00:04:17,170 --> 00:04:19,549 Speaker 2: a forever home. They want to stay there 1520 30 91 00:04:19,559 --> 00:04:20,428 Speaker 2: years even. 92 00:04:20,760 --> 00:04:23,618 Speaker 2: And they are willing to invest in making sure they 93 00:04:23,630 --> 00:04:26,179 Speaker 2: get the best materials, the best finishing and all that. 94 00:04:26,190 --> 00:04:27,700 Speaker 2: But of course, if you are very clear that it's 95 00:04:27,709 --> 00:04:29,609 Speaker 2: for another purpose, maybe, you know, you're going to sell 96 00:04:29,619 --> 00:04:32,299 Speaker 2: at the mop in five years, then would you really 97 00:04:32,309 --> 00:04:34,808 Speaker 2: want to invest you know, 100 200,000 into that BT 98 00:04:34,820 --> 00:04:36,040 Speaker 2: O and then sell it within five years. So I 99 00:04:36,049 --> 00:04:38,700 Speaker 2: think you just got to weigh what your plans for 100 00:04:38,709 --> 00:04:40,290 Speaker 2: the house are, is it going to be really long 101 00:04:40,299 --> 00:04:42,350 Speaker 2: term stay or is it going to be 357 years 102 00:04:42,359 --> 00:04:44,350 Speaker 2: and then you're gonna, you're gonna upgrade or you're going 103 00:04:44,359 --> 00:04:46,140 Speaker 2: to change your home? So I think that's 11 factor 104 00:04:46,149 --> 00:04:46,700 Speaker 2: to consider 105 00:04:46,910 --> 00:04:48,570 Speaker 2: the second one that you, I think rightly pointed out 106 00:04:48,579 --> 00:04:52,209 Speaker 2: is the size. I wouldn't go too much with the 107 00:04:52,220 --> 00:04:54,269 Speaker 2: price of the house. So to give you an example, 108 00:04:54,279 --> 00:04:57,459 Speaker 2: if you buy a new condo, it might be highly priced, 109 00:04:57,470 --> 00:04:59,570 Speaker 2: but it really comes furnished with quite a bit of 110 00:04:59,579 --> 00:05:02,609 Speaker 2: the carpentry and all that is in the toilet already in. 111 00:05:02,890 --> 00:05:05,200 Speaker 2: So most people may not want to then invest in 112 00:05:05,209 --> 00:05:07,519 Speaker 2: a full scale renovation, right. So they just make sure 113 00:05:07,529 --> 00:05:10,750 Speaker 2: that they get good furnishing. Maybe they would add on 114 00:05:10,760 --> 00:05:13,089 Speaker 2: more carpentry, for example, they need more storage, maybe they'll 115 00:05:13,100 --> 00:05:15,079 Speaker 2: do the kitchen a little bit better, but they wouldn't 116 00:05:15,089 --> 00:05:17,709 Speaker 2: tend to go full scale into a new condo. Yeah. So, 117 00:05:17,720 --> 00:05:20,808 Speaker 2: whereas compared to a resale, maybe BT might cost less 118 00:05:20,820 --> 00:05:21,910 Speaker 2: than a new condo, but 119 00:05:22,510 --> 00:05:25,630 Speaker 2: it's all right. 20 years, 30 years, everything is falling apart. 120 00:05:25,790 --> 00:05:28,219 Speaker 2: You want to invest, then you might spend even more 121 00:05:28,230 --> 00:05:30,130 Speaker 2: into that. So I think it's more the newness of 122 00:05:30,140 --> 00:05:33,890 Speaker 2: the property, your life stage. What you're planning to do 123 00:05:33,899 --> 00:05:35,519 Speaker 2: with the home. And then last but not least just 124 00:05:35,529 --> 00:05:37,250 Speaker 2: your own personal budget, right? Keeping in mind what you 125 00:05:37,260 --> 00:05:40,230 Speaker 2: can afford and then doing the best within that 126 00:05:40,334 --> 00:05:42,325 Speaker 2: budget that you have with that buffer that I mentioned 127 00:05:42,334 --> 00:05:45,484 Speaker 2: budgeting for long term versus short term stay. I'm also 128 00:05:45,494 --> 00:05:48,544 Speaker 2: thinking about the ones that are renovating to rent out 129 00:05:48,553 --> 00:05:51,625 Speaker 2: the flat, right? So that's a small pocket of people 130 00:05:51,635 --> 00:05:56,174 Speaker 2: who would do that. What would be a reasonable question 131 00:05:56,184 --> 00:05:59,494 Speaker 2: to ask ourselves in terms of budget if we know 132 00:05:59,505 --> 00:06:01,445 Speaker 2: that we're going to buy this unit where it's whether 133 00:06:01,454 --> 00:06:03,575 Speaker 2: it's a condo or a an H DB flat to 134 00:06:03,584 --> 00:06:04,595 Speaker 2: rent out later on, 135 00:06:05,670 --> 00:06:09,809 Speaker 2: I think for that particular case, then it's an investment, right? 136 00:06:09,820 --> 00:06:12,269 Speaker 2: So clearly, I think dollars and cents plays probably a 137 00:06:12,279 --> 00:06:15,040 Speaker 2: bigger factor than maybe the design aesthetic of the place. 138 00:06:15,329 --> 00:06:20,010 Speaker 2: So I think furnishing it appropriately make it nice with 139 00:06:20,019 --> 00:06:24,029 Speaker 2: decent quality materials. Just keeping in mind that you would 140 00:06:24,040 --> 00:06:25,989 Speaker 2: have to rent it out to get maybe a specific 141 00:06:26,000 --> 00:06:27,730 Speaker 2: yield that you're looking for, right. So just to give 142 00:06:27,738 --> 00:06:30,200 Speaker 2: you an example, maybe a BT O forum flat currently 143 00:06:30,209 --> 00:06:32,690 Speaker 2: costs about 45 to 50,000 on average based on the 144 00:06:32,700 --> 00:06:34,640 Speaker 2: data that we have on canvas. So, 145 00:06:35,230 --> 00:06:37,738 Speaker 2: but those are for people that are staying in the place, right? 146 00:06:37,750 --> 00:06:40,700 Speaker 2: Maybe looking at that budget and seeing if you can 147 00:06:40,709 --> 00:06:44,440 Speaker 2: save on that scale it down a little bit. So 148 00:06:44,450 --> 00:06:47,459 Speaker 2: that it makes your investment property more worthwhile. Yeah, that 149 00:06:47,470 --> 00:06:49,959 Speaker 2: makes sense. That makes sense. So once we've decided on 150 00:06:49,970 --> 00:06:52,850 Speaker 2: a budget, what's the first thing that we should be 151 00:06:52,859 --> 00:06:56,399 Speaker 2: spending on? So for my mom, any new house, first 152 00:06:56,410 --> 00:06:57,368 Speaker 2: thing to go, toilets? 153 00:06:57,505 --> 00:07:00,024 Speaker 2: Ok. Second is kitchen and then it goes on and 154 00:07:00,035 --> 00:07:03,924 Speaker 2: on in order of priority. But in terms of financial sense, 155 00:07:04,355 --> 00:07:07,804 Speaker 2: what should be the first thing that we should work on? 156 00:07:07,815 --> 00:07:09,964 Speaker 2: So I guess before even realizing your dreams of your 157 00:07:09,975 --> 00:07:13,725 Speaker 2: dream home or your dream property, maybe the first question 158 00:07:13,734 --> 00:07:15,265 Speaker 2: you have to answer is do you go the contractor 159 00:07:15,274 --> 00:07:17,915 Speaker 2: route or do you go to the interior designer route? Exactly. Right. Yeah. 160 00:07:17,924 --> 00:07:19,565 Speaker 2: So which one do you go for? Right. 161 00:07:19,869 --> 00:07:23,869 Speaker 2: Generally, if you prefer not to have the project manage 162 00:07:23,880 --> 00:07:27,059 Speaker 2: the whole renovation, and you also want to have someone 163 00:07:27,070 --> 00:07:29,769 Speaker 2: who has experience, to advise you on that renovation process 164 00:07:29,779 --> 00:07:32,010 Speaker 2: and also to give you some maybe design input on 165 00:07:32,019 --> 00:07:34,250 Speaker 2: what can or cannot be done. That group of people 166 00:07:34,260 --> 00:07:36,190 Speaker 2: would go with the inter designer route, right? And then 167 00:07:36,200 --> 00:07:39,709 Speaker 2: for those that are willing to project, manage their own renovation, 168 00:07:39,720 --> 00:07:41,209 Speaker 2: they are willing to source some materials and all that 169 00:07:41,220 --> 00:07:43,049 Speaker 2: and they just need someone to just get the work done, 170 00:07:43,059 --> 00:07:44,880 Speaker 2: you know, you can go to the contractor route. So again, 171 00:07:44,890 --> 00:07:48,190 Speaker 2: that already would tell a difference in cost between the 172 00:07:48,200 --> 00:07:49,489 Speaker 2: two options. So I think that's one. 173 00:07:49,920 --> 00:07:51,769 Speaker 2: And then if we drill down a bit further into 174 00:07:51,779 --> 00:07:53,510 Speaker 2: what makes sense. Then again, I think it really depends 175 00:07:53,519 --> 00:07:56,339 Speaker 2: on personal preference. So I'll give you an example. I 176 00:07:56,390 --> 00:08:00,239 Speaker 2: generally do not cook as much kitchens to me may 177 00:08:00,250 --> 00:08:02,260 Speaker 2: not be the number one priority in terms of where 178 00:08:02,269 --> 00:08:04,290 Speaker 2: I want to spend my budget. Yeah, for me, I 179 00:08:04,299 --> 00:08:05,890 Speaker 2: think it was a lot on 180 00:08:06,579 --> 00:08:09,570 Speaker 2: carpentry because I didn't like to have things strewn around 181 00:08:09,579 --> 00:08:12,140 Speaker 2: the house. So I think, I guess like neatness and 182 00:08:12,149 --> 00:08:13,359 Speaker 2: all that was a bit more important to me. So 183 00:08:13,369 --> 00:08:15,730 Speaker 2: I built a lot of carpentry which would until higher 184 00:08:15,739 --> 00:08:18,079 Speaker 2: costs as compared to maybe loose furnishing and you know, 185 00:08:18,089 --> 00:08:19,750 Speaker 2: if you buy a cupboard, for example. Yeah. So I 186 00:08:19,760 --> 00:08:22,609 Speaker 2: think that was what I decided to spend on whereas 187 00:08:22,619 --> 00:08:25,109 Speaker 2: your mom might say, ok, toilets, kitchen. Yeah, 188 00:08:26,209 --> 00:08:29,260 Speaker 2: although I would say that that is generally what people work. Yeah, 189 00:08:29,269 --> 00:08:31,839 Speaker 2: I mean toilets, understandable, you know why? But yeah, I 190 00:08:31,850 --> 00:08:35,280 Speaker 2: think you brought up a really good point, understanding your priorities, 191 00:08:35,289 --> 00:08:37,358 Speaker 2: how you're going to use the house because you are 192 00:08:37,369 --> 00:08:39,750 Speaker 2: living in it. You're not just sitting there, it's how 193 00:08:39,760 --> 00:08:43,289 Speaker 2: you're using it. Right. How much of a renovation budget 194 00:08:43,299 --> 00:08:47,010 Speaker 2: should actually include your loose items, the furniture, the appliances, 195 00:08:47,020 --> 00:08:48,760 Speaker 2: because I've always been confused about this. 196 00:08:49,065 --> 00:08:52,106 Speaker 2: When you say renovation budget in my mind, it's just 197 00:08:52,116 --> 00:08:56,824 Speaker 2: the renovation. You're right. Right. Exactly. So should it include 198 00:08:56,835 --> 00:08:58,944 Speaker 2: the furniture, the appliances and all that? Right. So I 199 00:08:58,955 --> 00:09:01,676 Speaker 2: think that the numbers or figures I gave earlier was 200 00:09:01,684 --> 00:09:06,585 Speaker 2: just for the pure renovation, the work, the work, the construction, 201 00:09:06,596 --> 00:09:08,805 Speaker 2: your ma your hacking out that it does not include 202 00:09:08,815 --> 00:09:11,546 Speaker 2: the loose finishing all your appliances. That's right. Correct. 203 00:09:11,631 --> 00:09:13,721 Speaker 2: I think that's also what you would get from contractors 204 00:09:13,731 --> 00:09:16,080 Speaker 2: or interior designers, you work with whatever that they could, 205 00:09:16,151 --> 00:09:19,661 Speaker 2: would always not include appliances and loose furnishing. So it's 206 00:09:19,671 --> 00:09:22,731 Speaker 2: important to then set aside another budget for that typically 207 00:09:22,742 --> 00:09:25,651 Speaker 2: about 30% of your renovation budget. So assuming you go 208 00:09:25,660 --> 00:09:28,151 Speaker 2: with like about 60,000, right? So maybe 30% will be 209 00:09:28,160 --> 00:09:32,471 Speaker 2: 20,000 additional for the appliances in terms of furnishing and all. 210 00:09:32,572 --> 00:09:34,111 Speaker 2: And let me tell you the bigger the house, 211 00:09:34,599 --> 00:09:36,669 Speaker 2: the more stuff you need, the more stuff you think 212 00:09:36,679 --> 00:09:39,968 Speaker 2: you need, the more you think you need more you need, 213 00:09:39,979 --> 00:09:43,539 Speaker 2: then you actually need, I I didn't really need two 214 00:09:43,549 --> 00:09:46,409 Speaker 2: of those just because I have two toilets. You talked 215 00:09:46,419 --> 00:09:50,099 Speaker 2: a little bit earlier about surprise expenses making space for that. 216 00:09:50,289 --> 00:09:53,479 Speaker 2: You're in the midst of renovating your own home now. Congratulations, 217 00:09:53,489 --> 00:09:55,460 Speaker 2: by the way. Thank you so much. So what were 218 00:09:55,469 --> 00:10:00,049 Speaker 2: some of the surprise expenses that you personally are encountering 219 00:10:00,059 --> 00:10:00,570 Speaker 2: right now? 220 00:10:01,070 --> 00:10:03,839 Speaker 2: I think sometimes people underestimate the need for electrical points. 221 00:10:03,969 --> 00:10:05,919 Speaker 2: So you realize. Oh, ok. And then you realize, oh 222 00:10:05,929 --> 00:10:08,309 Speaker 2: I need more. So I think that's one cause that 223 00:10:08,320 --> 00:10:10,848 Speaker 2: caught me a little bit. Ok, I need more electrical points. 224 00:10:10,859 --> 00:10:13,909 Speaker 2: Carpentry was one as well. Yeah, so the more carpentry 225 00:10:13,919 --> 00:10:16,150 Speaker 2: I said ok, I need storage here. I need storage here. 226 00:10:16,159 --> 00:10:18,830 Speaker 2: So I think those are those would be the kind 227 00:10:18,840 --> 00:10:19,559 Speaker 2: of built 228 00:10:20,200 --> 00:10:23,479 Speaker 2: or renovation, surprise cost that might come in or yeah, 229 00:10:23,489 --> 00:10:24,580 Speaker 2: just adding a new feature. 230 00:10:25,039 --> 00:10:28,299 Speaker 2: Yeah, for me, that was doorknobs because I think it 231 00:10:28,309 --> 00:10:32,150 Speaker 2: was just me and my fantasy and doorknobs were a 232 00:10:32,159 --> 00:10:35,239 Speaker 2: big thing. Like I think those little features that you 233 00:10:35,250 --> 00:10:37,340 Speaker 2: want aesthetic features you wanted to get, but it does 234 00:10:37,349 --> 00:10:39,750 Speaker 2: complete the look of the house, you know, small touches, 235 00:10:39,760 --> 00:10:42,799 Speaker 2: sometimes you overlook them and I guess outside the renovation 236 00:10:42,809 --> 00:10:44,598 Speaker 2: and of course, we don't hope it happens, but it 237 00:10:44,609 --> 00:10:48,710 Speaker 2: does happen delays, right? So if there's a delay, then 238 00:10:49,150 --> 00:10:52,559 Speaker 2: hopefully you already have your existing dwelling, but you're not renting. 239 00:10:52,703 --> 00:10:54,872 Speaker 2: But if you are renting or you have already maybe 240 00:10:54,881 --> 00:10:57,242 Speaker 2: sold your house and you were expecting the renovation to 241 00:10:57,252 --> 00:10:59,062 Speaker 2: finish next month and you're going to move in next 242 00:10:59,072 --> 00:11:01,192 Speaker 2: month and then there's a one month delay, then what happens? Right. 243 00:11:01,203 --> 00:11:03,881 Speaker 2: And then scramble and all my favorite words again, buffer, 244 00:11:03,913 --> 00:11:05,572 Speaker 2: I think you need to buffer. Yeah, you need to 245 00:11:05,583 --> 00:11:08,692 Speaker 2: buffer that, that don't cut it too close because it 246 00:11:08,703 --> 00:11:12,263 Speaker 2: causes a lot of unnecessary stress and it's buffer, not 247 00:11:12,273 --> 00:11:15,583 Speaker 2: just on the renovation timeline, it's not just the cost, 248 00:11:15,593 --> 00:11:19,263 Speaker 2: it's also your rental on the previous place or mortgage. 249 00:11:19,432 --> 00:11:20,223 Speaker 2: It's also 250 00:11:20,306 --> 00:11:23,335 Speaker 2: so your storage facility, if you use that's another month 251 00:11:23,346 --> 00:11:26,145 Speaker 2: of delay, another month of fees, right. So yeah, I 252 00:11:26,155 --> 00:11:29,556 Speaker 2: think these are really great surprise expenses that we need 253 00:11:29,565 --> 00:11:32,046 Speaker 2: to consider. So now we want to talk about sticking 254 00:11:32,056 --> 00:11:34,685 Speaker 2: with the budget. Some of us may want to head 255 00:11:34,695 --> 00:11:36,795 Speaker 2: over to the bank for a renovation loan. What are 256 00:11:36,806 --> 00:11:40,416 Speaker 2: the three most important aspects of our renovation loan that 257 00:11:40,426 --> 00:11:42,915 Speaker 2: we have to pay attention to? So for the renovation 258 00:11:42,926 --> 00:11:45,036 Speaker 2: loan is of course, it must be based on the invoice, right? 259 00:11:45,046 --> 00:11:47,026 Speaker 2: So I think once you have an invoice from either 260 00:11:47,035 --> 00:11:47,845 Speaker 2: contractor 261 00:11:48,309 --> 00:11:50,289 Speaker 2: or interior designer, then you are able to apply for 262 00:11:50,299 --> 00:11:53,119 Speaker 2: renovation loan. But a renovation loan is typically kept at 263 00:11:53,130 --> 00:11:55,679 Speaker 2: a certain amount. And when you say invoice, we can 264 00:11:55,690 --> 00:11:59,260 Speaker 2: also use the quotation from the contractor as well, right? 265 00:11:59,270 --> 00:12:03,380 Speaker 2: Either one that actually shows a broad figure, so to speak, 266 00:12:03,390 --> 00:12:07,339 Speaker 2: I've also heard of people doing renovation in phases and 267 00:12:07,349 --> 00:12:10,500 Speaker 2: a lot of the times it is with the primary 268 00:12:10,510 --> 00:12:12,719 Speaker 2: objective of saving on costs. 269 00:12:13,260 --> 00:12:16,689 Speaker 2: So for example, this year, I'll do the kitchen and 270 00:12:16,700 --> 00:12:19,690 Speaker 2: the toilets and then next year I'll maybe focus on 271 00:12:19,700 --> 00:12:25,169 Speaker 2: hacking a wall. Is that necessarily a strategic financial move 272 00:12:25,179 --> 00:12:28,690 Speaker 2: to renovate the house in phases like that? Or do 273 00:12:28,700 --> 00:12:31,690 Speaker 2: you end up spending more ultimately financially? I think it 274 00:12:31,700 --> 00:12:34,169 Speaker 2: makes sense just because in a way you're just cutting 275 00:12:34,179 --> 00:12:34,439 Speaker 2: up 276 00:12:34,729 --> 00:12:38,450 Speaker 2: the renovation costs into according to correct. So I think 277 00:12:38,460 --> 00:12:40,700 Speaker 2: that's from that point of view, I think it's ok. 278 00:12:40,880 --> 00:12:44,150 Speaker 2: I guess you just have to weigh the cons of 279 00:12:44,159 --> 00:12:46,159 Speaker 2: having to stay there, especially if you're not moving. I 280 00:12:46,169 --> 00:12:48,130 Speaker 2: assume they will not move out because you want to say. So, 281 00:12:48,140 --> 00:12:50,770 Speaker 2: I think the inconvenience that could come from the renovations 282 00:12:50,780 --> 00:12:53,618 Speaker 2: happening while you're there, especially maybe if you have young kids, 283 00:12:53,630 --> 00:12:56,190 Speaker 2: for example, then it might be a bit more tricky 284 00:12:56,200 --> 00:12:58,439 Speaker 2: in that sense. So I guess financially it might make 285 00:12:58,450 --> 00:12:58,988 Speaker 2: sense to do that. 286 00:13:00,020 --> 00:13:00,760 Speaker 2: Although 287 00:13:01,520 --> 00:13:03,368 Speaker 2: when I look at it from the contractors and new 288 00:13:03,380 --> 00:13:04,400 Speaker 2: designers point of view 289 00:13:05,520 --> 00:13:10,679 Speaker 2: for them to allocate resources multiple times as compared to 290 00:13:10,690 --> 00:13:13,510 Speaker 2: doing a full project, I guess their preference is quite clear, 291 00:13:13,520 --> 00:13:16,200 Speaker 2: they rather do the entire project one shot and everything. 292 00:13:16,380 --> 00:13:18,130 Speaker 2: But if you want to just cut it up like that, 293 00:13:18,140 --> 00:13:19,799 Speaker 2: I'm not sure. But I think there might be a 294 00:13:19,809 --> 00:13:22,569 Speaker 2: case where cost individually might add up to be more 295 00:13:22,580 --> 00:13:25,419 Speaker 2: than if you were to compete. Everything bearing man. Also, 296 00:13:25,429 --> 00:13:28,979 Speaker 2: I guess cost tends to go up. And after COVID, 297 00:13:28,989 --> 00:13:31,169 Speaker 2: we saw a huge increase, but, you know, generally goes 298 00:13:31,179 --> 00:13:32,979 Speaker 2: up as with everything. So there's inflation 299 00:13:33,369 --> 00:13:35,989 Speaker 2: and you will see that most quotations given by these 300 00:13:36,000 --> 00:13:39,189 Speaker 2: contracting firms will only be valid for maybe six months. 301 00:13:39,500 --> 00:13:42,189 Speaker 2: So that same cost will not be the same two 302 00:13:42,200 --> 00:13:43,690 Speaker 2: years later. So if you do a toilet today, you 303 00:13:43,700 --> 00:13:47,010 Speaker 2: think it's, it's gonna be 5000 Tuesday, they could be 6005, right? 304 00:13:47,020 --> 00:13:49,520 Speaker 2: So then again, yeah, you might not be saving in 305 00:13:49,530 --> 00:13:51,348 Speaker 2: absolute dollar terms, but I guess you are cutting it 306 00:13:51,359 --> 00:13:54,099 Speaker 2: up into more bite size amounts. Yeah, I think it's 307 00:13:54,109 --> 00:13:57,348 Speaker 2: about manageability in that sense. So some people advise that 308 00:13:57,359 --> 00:13:59,599 Speaker 2: you should take on a renovation loan. If you already 309 00:13:59,609 --> 00:14:02,189 Speaker 2: have a more heavy mortgage to pay, 310 00:14:02,619 --> 00:14:06,000 Speaker 2: you can always sell the house if you can't service 311 00:14:06,010 --> 00:14:09,640 Speaker 2: your mortgage. But then what happens if you can't pay 312 00:14:09,650 --> 00:14:11,799 Speaker 2: up the rental loan? That's a bit different, isn't it? 313 00:14:12,010 --> 00:14:15,890 Speaker 2: Do you see the situation happening frequently? We only have 314 00:14:15,900 --> 00:14:18,190 Speaker 2: our data on canvas to go by but we generally 315 00:14:18,200 --> 00:14:21,869 Speaker 2: do not see much people opting for renovation loans. Actually, not, 316 00:14:21,900 --> 00:14:24,289 Speaker 2: not that high percentage. We have a little check box 317 00:14:24,299 --> 00:14:26,539 Speaker 2: on our form that says, do you require renovation loan? 318 00:14:27,200 --> 00:14:30,299 Speaker 2: I think less than 20 or 15% check. Yes. So 319 00:14:30,309 --> 00:14:32,500 Speaker 2: the rest just go through with. No. And I think 320 00:14:32,510 --> 00:14:34,950 Speaker 2: it's just because I guess in the home ownership journey, 321 00:14:34,960 --> 00:14:36,739 Speaker 2: most people know that. Ok, if I buy a BT 322 00:14:36,750 --> 00:14:39,809 Speaker 2: which are majority of our homeowners, I need X dollars 323 00:14:39,820 --> 00:14:41,609 Speaker 2: to save for my renovation. And I think they have 324 00:14:41,619 --> 00:14:43,890 Speaker 2: that maybe planned out. All right. So now let's talk 325 00:14:43,900 --> 00:14:45,650 Speaker 2: about the renovation itself. Ok, 326 00:14:46,270 --> 00:14:50,809 Speaker 2: I'm sure you as much as I have heard of 327 00:14:50,820 --> 00:14:58,849 Speaker 2: many nightmare stories and experiences involving contractors, sometimes more bad 328 00:14:58,859 --> 00:15:02,159 Speaker 2: than good. Then there are the solo operators versus the 329 00:15:02,169 --> 00:15:05,250 Speaker 2: ID agencies, the bigger companies, right? The boutique agencies and 330 00:15:05,260 --> 00:15:08,049 Speaker 2: all that kind of stuff. The boutique firms where there's 331 00:15:08,059 --> 00:15:11,059 Speaker 2: not really a contract but a quotation. I've not really 332 00:15:11,070 --> 00:15:13,570 Speaker 2: seen a contract. So, if do you think, then 333 00:15:13,770 --> 00:15:16,710 Speaker 2: we should be asking for one, a contract as opposed 334 00:15:16,719 --> 00:15:19,729 Speaker 2: to just the quotation? So, yeah, I think you should know. 335 00:15:20,010 --> 00:15:23,099 Speaker 2: I said, I guess the interior design contracting industry in 336 00:15:23,109 --> 00:15:26,619 Speaker 2: general in Singapore is quite loosely regulated. So I think 337 00:15:26,630 --> 00:15:28,570 Speaker 2: consumers just have to be very aware, they really have 338 00:15:28,580 --> 00:15:29,989 Speaker 2: to do their own research. And I think that's why 339 00:15:30,000 --> 00:15:32,320 Speaker 2: there are multiple platforms available in Singapore to try to 340 00:15:32,330 --> 00:15:35,460 Speaker 2: help guide them in that decision. Um You know, showcasing 341 00:15:35,469 --> 00:15:38,219 Speaker 2: maybe more trusted firms making sure that, you know, we 342 00:15:38,229 --> 00:15:40,229 Speaker 2: have done the due diligence as a platform and then 343 00:15:40,239 --> 00:15:41,349 Speaker 2: offering it to the consumer. 344 00:15:41,700 --> 00:15:44,690 Speaker 2: But yes, the due diligence or the owners is still 345 00:15:44,700 --> 00:15:46,729 Speaker 2: on the consumer to make that decision finally at the 346 00:15:46,739 --> 00:15:48,750 Speaker 2: end of the day. And I would say that, yeah, 347 00:15:48,760 --> 00:15:52,260 Speaker 2: way between a very small firm that has maybe not 348 00:15:52,270 --> 00:15:54,830 Speaker 2: much track record 12 months, they just incorporated and then 349 00:15:54,840 --> 00:15:57,210 Speaker 2: they are out here doing this business because again, there's 350 00:15:57,219 --> 00:16:00,539 Speaker 2: no regulations, there's no certification needed to be a designer 351 00:16:00,549 --> 00:16:01,150 Speaker 2: or contractor. 352 00:16:01,299 --> 00:16:03,700 Speaker 2: So that is something that they are we all going 353 00:16:03,710 --> 00:16:05,909 Speaker 2: for more maybe established firm that has been in operation 354 00:16:05,919 --> 00:16:08,489 Speaker 2: for 1520 years. And then maybe there's a bit more 355 00:16:08,650 --> 00:16:10,919 Speaker 2: of a trust factor that oversight and I think maybe 356 00:16:10,929 --> 00:16:12,809 Speaker 2: you might think, OK, at least they have been in 357 00:16:12,820 --> 00:16:15,929 Speaker 2: operations for X number of years. And then I think 358 00:16:15,940 --> 00:16:19,840 Speaker 2: your question about the quotation having or do you need 359 00:16:19,849 --> 00:16:22,929 Speaker 2: a separate contract? I think most quotations I've seen from 360 00:16:22,940 --> 00:16:24,010 Speaker 2: interior designers. At least 361 00:16:24,440 --> 00:16:26,859 Speaker 2: they would have a quite a comprehensive list of T 362 00:16:26,869 --> 00:16:28,520 Speaker 2: and CS. So I don't think they need a separate 363 00:16:28,530 --> 00:16:31,169 Speaker 2: contract because I think it's quite comprehensive and that bind, 364 00:16:31,179 --> 00:16:33,059 Speaker 2: that is binding, that is binding because I think it's 365 00:16:33,070 --> 00:16:34,840 Speaker 2: signed both parties and then I think the terms and 366 00:16:34,849 --> 00:16:38,869 Speaker 2: conditions would be quite comprehensive. So I think in those situations, 367 00:16:38,880 --> 00:16:40,909 Speaker 2: it would probably be ok if it's just a single 368 00:16:40,919 --> 00:16:44,169 Speaker 2: piece of paper and there's no TNC and it's just 369 00:16:44,179 --> 00:16:47,820 Speaker 2: lump sum payments where, you know, carpentry 50,000, that's like 370 00:16:47,890 --> 00:16:50,049 Speaker 2: sending me back, correct. So I think that's important to 371 00:16:50,059 --> 00:16:50,469 Speaker 2: look at 372 00:16:50,729 --> 00:16:53,429 Speaker 2: and the other very important thing with regards to terms 373 00:16:53,440 --> 00:16:55,690 Speaker 2: and conditions would be the payment terms. I think that's 374 00:16:55,700 --> 00:16:59,239 Speaker 2: what sometimes people do not look at. Ok. Budget is great. 375 00:16:59,250 --> 00:17:01,440 Speaker 2: It is within my budget. I like this into design 376 00:17:01,450 --> 00:17:03,710 Speaker 2: and design is great. But what about the payment terms? 377 00:17:03,719 --> 00:17:05,349 Speaker 2: I will be very cautious if the 378 00:17:05,708 --> 00:17:08,958 Speaker 2: interior designer contractor tells me to pay 50 percent upfront. 379 00:17:08,968 --> 00:17:12,217 Speaker 2: Like today, I'll be cautious or even 30 40% would 380 00:17:12,229 --> 00:17:15,467 Speaker 2: be deemed high. 30% is considered high. Yes, upfront. Like 381 00:17:15,479 --> 00:17:18,348 Speaker 2: just to secure the contract, we normally recommend probably not 382 00:17:18,359 --> 00:17:20,548 Speaker 2: more than 20% just to secure the contract. Sure. Sure. Yeah. 383 00:17:20,588 --> 00:17:24,448 Speaker 2: So I think anything more would be, I'll be very cautious. 384 00:17:25,854 --> 00:17:28,124 Speaker 2: Ok. I'm good that we, we were able to put 385 00:17:28,134 --> 00:17:30,234 Speaker 2: the number on it because a lot of us are 386 00:17:30,244 --> 00:17:33,293 Speaker 2: never really sure. And most of us renovate maybe once, twice. 387 00:17:33,303 --> 00:17:35,563 Speaker 2: That's it in our lifetime. Anything else that we need 388 00:17:35,573 --> 00:17:37,663 Speaker 2: to look out for in the T and CS, outside 389 00:17:37,673 --> 00:17:40,193 Speaker 2: of the payment terms? I think some people also look 390 00:17:40,203 --> 00:17:43,494 Speaker 2: at rectiv rectification and defects like what happens at the 391 00:17:43,504 --> 00:17:46,792 Speaker 2: end of it. So I think some of the better 392 00:17:46,803 --> 00:17:49,763 Speaker 2: contract I've seen would be the last maybe 5% payments 393 00:17:49,773 --> 00:17:52,223 Speaker 2: with held until the rectifications are done. So I think 394 00:17:52,234 --> 00:17:54,404 Speaker 2: something like that would be, would be good for the consumer. 395 00:17:54,760 --> 00:17:57,619 Speaker 2: I think project timeline, if there are delays, anything like 396 00:17:57,630 --> 00:18:01,949 Speaker 2: that should be indicated in the timeline for sure. Although 397 00:18:01,959 --> 00:18:07,050 Speaker 2: I'm not sure how robust in terms of what happens 398 00:18:07,060 --> 00:18:10,000 Speaker 2: if the timeline is missed. So maybe that could be 399 00:18:10,010 --> 00:18:12,650 Speaker 2: improved a midway or even close to the finish line. 400 00:18:12,819 --> 00:18:15,780 Speaker 2: We discover things aren't up to scratch, they're not meeting 401 00:18:15,790 --> 00:18:18,989 Speaker 2: the satisfactory conditions that we were hoping for. So what 402 00:18:19,000 --> 00:18:20,699 Speaker 2: do we do if we encounter such 403 00:18:20,854 --> 00:18:23,275 Speaker 2: episode with a contractor? Things go bad. Who can I 404 00:18:23,285 --> 00:18:26,244 Speaker 2: complain to? Case would be the most obvious one. But 405 00:18:26,255 --> 00:18:29,435 Speaker 2: that's only for maybe case trust ids that are under 406 00:18:29,444 --> 00:18:31,795 Speaker 2: case trust. So that's one I guess on canvas. If 407 00:18:31,805 --> 00:18:34,494 Speaker 2: you found them through us, we have a canvas resolution center. 408 00:18:34,505 --> 00:18:36,474 Speaker 2: You can come to us and we're able to help 409 00:18:36,484 --> 00:18:39,024 Speaker 2: you get in touch with the ID or if you 410 00:18:39,035 --> 00:18:41,224 Speaker 2: want to go higher, then we can get in touch 411 00:18:41,234 --> 00:18:42,935 Speaker 2: with the man the management of the company just to 412 00:18:42,944 --> 00:18:45,094 Speaker 2: make sure that we bring both parties to the table, 413 00:18:45,104 --> 00:18:45,834 Speaker 2: try to mediate 414 00:18:46,069 --> 00:18:48,170 Speaker 2: and get more parties because at the end of the day, 415 00:18:48,290 --> 00:18:50,689 Speaker 2: we want the home to be happy. The home is 416 00:18:50,699 --> 00:18:53,129 Speaker 2: their dream home. If it's a first time home, excited 417 00:18:53,140 --> 00:18:54,780 Speaker 2: to move. It's not one of those products that you 418 00:18:56,650 --> 00:19:00,020 Speaker 2: can do that. I think it's a big cost and 419 00:19:00,030 --> 00:19:02,050 Speaker 2: a lot of people obviously have a lot of heart 420 00:19:02,079 --> 00:19:03,979 Speaker 2: put into it because yeah, it's my home, right? So 421 00:19:03,989 --> 00:19:05,229 Speaker 2: I want it to be beautiful. I want it to 422 00:19:05,239 --> 00:19:07,510 Speaker 2: be exactly how I envision it to be. I think 423 00:19:07,520 --> 00:19:09,739 Speaker 2: that's one area we try to help homeowners with. And 424 00:19:09,750 --> 00:19:10,010 Speaker 2: then 425 00:19:10,280 --> 00:19:12,540 Speaker 2: obviously on the inter designer side, I think if they 426 00:19:12,550 --> 00:19:16,150 Speaker 2: are reputable companies that want to have recurring business, I 427 00:19:16,160 --> 00:19:19,389 Speaker 2: think they are also in their interest to make sure 428 00:19:19,400 --> 00:19:21,099 Speaker 2: they try to resolve it as best as possible so 429 00:19:21,109 --> 00:19:23,339 Speaker 2: that there's at least positive word of mouth, people are 430 00:19:23,349 --> 00:19:25,680 Speaker 2: able to recommend them to their friends, family and all that. 431 00:19:25,689 --> 00:19:28,209 Speaker 2: So I think that's also, I think sometimes what we 432 00:19:28,219 --> 00:19:29,709 Speaker 2: try to do to just try to balance both sides 433 00:19:29,719 --> 00:19:31,300 Speaker 2: and make sure that they come to an agreement when 434 00:19:31,310 --> 00:19:34,619 Speaker 2: dealing with contractors or ID firms in general, you want 435 00:19:34,630 --> 00:19:37,170 Speaker 2: to build that relationship with them because this is your 436 00:19:37,180 --> 00:19:38,300 Speaker 2: heart and soul project, 437 00:19:38,380 --> 00:19:40,969 Speaker 2: right? But at the same time, it is still transaction 438 00:19:41,800 --> 00:19:44,689 Speaker 2: and we have to maintain an arm's length in a 439 00:19:44,699 --> 00:19:48,099 Speaker 2: manner of speaking. So any final piece of advice here 440 00:19:48,109 --> 00:19:51,199 Speaker 2: when it comes to dealing with any kind of contractor, 441 00:19:51,239 --> 00:19:54,000 Speaker 2: Erin or not, because at the service, exactly on the 442 00:19:55,229 --> 00:19:57,160 Speaker 2: top tip, again, I just going back to the timeline. 443 00:19:57,170 --> 00:19:59,109 Speaker 2: So again, just make sure that the schedule is very 444 00:19:59,119 --> 00:20:03,300 Speaker 2: clearly laid out. And again, I will be very concerned 445 00:20:03,310 --> 00:20:06,399 Speaker 2: if I'm paying 5070 percent very early on. 446 00:20:06,819 --> 00:20:09,469 Speaker 2: Typically, it's a 5 to 10% maybe deposit to secure 447 00:20:09,479 --> 00:20:11,920 Speaker 2: the contract. And then from there, it's probably in stages 448 00:20:11,930 --> 00:20:14,609 Speaker 2: of like 20 to 30% in the next two or 449 00:20:14,619 --> 00:20:18,379 Speaker 2: three stages. Right before carpentry, I think before hacking and masonry, 450 00:20:18,390 --> 00:20:22,410 Speaker 2: you would have a stage. So it's like 1030 30 2010, 451 00:20:22,420 --> 00:20:24,369 Speaker 2: something like that. I think that would be a good 452 00:20:24,380 --> 00:20:27,859 Speaker 2: payment schedule to follow, you know, not 50 40 10. 453 00:20:27,920 --> 00:20:30,290 Speaker 2: So there will be a red flag to me. That's one. 454 00:20:30,300 --> 00:20:32,339 Speaker 2: And I think the second thing would be more very 455 00:20:32,349 --> 00:20:33,530 Speaker 2: open communication. 456 00:20:34,329 --> 00:20:38,229 Speaker 2: You have to communicate your expectations very clearly to the designer. 457 00:20:38,890 --> 00:20:42,800 Speaker 2: And by that, I generally advise meetings or phone calls 458 00:20:42,810 --> 00:20:45,349 Speaker 2: and not like over whatsapp. But nowadays, it is very 459 00:20:45,359 --> 00:20:48,170 Speaker 2: easy set up whatsapp group. Everybody's in there. Yeah, but 460 00:20:48,180 --> 00:20:50,750 Speaker 2: not everyone's reading. Sometimes everyone's in there, four or 56 461 00:20:50,760 --> 00:20:53,669 Speaker 2: people and then you message S MS are busy with 462 00:20:53,680 --> 00:20:55,579 Speaker 2: multiple projects and then they might just say, OK, or 463 00:20:55,589 --> 00:20:57,479 Speaker 2: like they might miss it. So I think it's 464 00:20:57,560 --> 00:21:00,780 Speaker 2: very important to clearly communicate up front, face to face 465 00:21:00,790 --> 00:21:03,129 Speaker 2: in a meeting or even over a call and you 466 00:21:03,140 --> 00:21:05,400 Speaker 2: can follow up with a message later for just, just 467 00:21:05,410 --> 00:21:07,640 Speaker 2: to get back and white and all that. And that's fine. 468 00:21:07,650 --> 00:21:11,020 Speaker 2: But I think communicating it very clearly with your expectations 469 00:21:11,030 --> 00:21:13,099 Speaker 2: to the individual so that he knows what you're expecting 470 00:21:13,109 --> 00:21:14,859 Speaker 2: and he tries his best not to fall short. I 471 00:21:14,869 --> 00:21:18,040 Speaker 2: think that's very clear. I've seen sometimes where homeowners are 472 00:21:18,500 --> 00:21:20,770 Speaker 2: very, very nice because they are afraid to damage their 473 00:21:20,780 --> 00:21:23,859 Speaker 2: working relationship. This is my friend. Ok. And he's helping 474 00:21:23,869 --> 00:21:25,349 Speaker 2: me design my home and I don't want to piss 475 00:21:25,359 --> 00:21:28,050 Speaker 2: him off because otherwise you don't appear naggy as well, 476 00:21:28,060 --> 00:21:32,199 Speaker 2: like chasing someone because we, we face that at work. Right? Yeah, 477 00:21:33,520 --> 00:21:35,479 Speaker 2: but it's your home. So I think you should be 478 00:21:35,489 --> 00:21:36,660 Speaker 2: a bit naggy but 479 00:21:38,310 --> 00:21:41,410 Speaker 2: communicate again, I guess, face to face and not just 480 00:21:41,420 --> 00:21:43,359 Speaker 2: over a message and think, ok, that's done. I've already 481 00:21:43,369 --> 00:21:47,609 Speaker 2: communicated it. Thanks very much for this. I hope that, 482 00:21:47,619 --> 00:21:50,270 Speaker 2: that our listeners and our viewers will be able to 483 00:21:50,280 --> 00:21:52,208 Speaker 2: take away so much from this conversation. 484 00:21:56,989 --> 00:22:00,739 Speaker 2: So now comes the fun part of the podcast. This 485 00:22:00,750 --> 00:22:02,959 Speaker 2: is called Questions in a Hat. So there are five 486 00:22:02,969 --> 00:22:06,130 Speaker 2: questions in here. Pick one hand it over to me 487 00:22:06,209 --> 00:22:07,708 Speaker 2: and I will read it out. 488 00:22:09,829 --> 00:22:16,629 Speaker 2: Your question is what is pricey but always worth it. Self-improvement. Oh, 489 00:22:16,640 --> 00:22:19,209 Speaker 2: tell me more. Yeah. So anything, I guess with regards 490 00:22:19,219 --> 00:22:24,530 Speaker 2: to self improvement books causes talks, I would personally invest 491 00:22:24,540 --> 00:22:27,829 Speaker 2: in that might cost a bit more like upfront, but 492 00:22:27,839 --> 00:22:30,270 Speaker 2: I think the benefits are as intense. 493 00:22:30,635 --> 00:22:34,135 Speaker 2: Yeah, intangible everlasting becomes part of you. So I personally 494 00:22:34,145 --> 00:22:36,916 Speaker 2: invest in that. That's a lovely, lovely one. Thank you 495 00:22:36,926 --> 00:22:40,125 Speaker 2: so much. Now, listener, we hope that we were able 496 00:22:40,135 --> 00:22:43,586 Speaker 2: to stick to our promise of delivering sound advice on 497 00:22:43,595 --> 00:22:47,546 Speaker 2: managing your renovation fund and your budget. Most importantly, if 498 00:22:47,556 --> 00:22:49,556 Speaker 2: you have a question about it, feel free to send 499 00:22:49,566 --> 00:22:50,844 Speaker 2: us a message, you know, where to 500 00:22:50,942 --> 00:22:54,482 Speaker 2: features Money talks is available on Apple podcasts as well 501 00:22:54,491 --> 00:22:57,491 Speaker 2: as Spotify and youtube music. Don't forget to rate us 502 00:22:57,501 --> 00:23:00,281 Speaker 2: if you're enjoying this podcast. And big thanks to the 503 00:23:00,291 --> 00:23:05,511 Speaker 2: team Christina Robert Tiffany Ang Jaini, Johari, Joan Chan, Haida 504 00:23:05,521 --> 00:23:08,991 Speaker 2: Amin to Yan Yan and Sayu Wind. I'm Andrea Heng. 505 00:23:09,011 --> 00:23:11,352 Speaker 2: This has been the Money Talks podcast.