I just reviewed my costs for the renovation works. I am not doing much, just the following:
- Renew Air Conditioning copper tubing and insulation
- Paint Whole House
- Varnish Parquet Floors and Polish Marble Floors
- Check Electrical Wiring
- Replaster Ceiling Partially
- Minor Plumbing Repair and Renewal
- Repair of Main Door
The total currently stands at $9,390 for the above at the moment. There are a number of costs that I am still waiting for – minor carpentry work, curtains, cleaning crew etc, but unless I hit a major snag, I should not have to spend more than $12,000 for the whole renovation. Hopefully.
That’s not so far from my initial estimate of $10,000. I admit it could have been cheaper if I had done more shopping around, and did some things myself, but I was short on time due to various reasons, so I am letting it go.
Most of the money is going to come from a matured endowment, worth about $9,000.00. This was actually an education endowment meant to supplement my University costs, but my mother made a mistake with the tenure. She meant for the endowment to mature when I reach 21 years of age, but somehow miscommunicated with the insurance agent and ended up with a tenure of 21 years total. My parents still managed to pay for 3 years of University and I paid for the fourth out of my savings, so last year, at age 33, I received the matured funds free and clear.
My parents have indicated that they consider this my money to spend or save, but after thinking about it, I don’t really feel good about keeping the funds for myself. I will use it first, so that I can keep my FD intact, but will pay them back over the next two years together with the 60K I still owe them for the purchase of the condo. I should be able to scrap together about 35-40K from this year’s bonuses and share options sale alone.
I wish this renovation would hurry up and complete itself so I can quickly get the place rented out and get the whole business off my mind. With things revving up at work, I really don’t have much mental capacity left to keep dealing with the condo. I just want to get the few thousand dollars rental in my pockets every month so I can pay the bank.