Renovation demand surges as homeowners push to complete renovations before GST hike
A renovation companies are seeing demand for their services Rise by at least 20 percent of the Season versus homeowners push to complete Renovations before the goods and services checks increase kicks in on the 1st of January but beyond the GST hike Rising costs of Manpower and material are also driving up the cost of renovation as Rebecca Mateo explains.
Many of the Furnishings in this new flat at Woodley have been custom made and they’ll all be welcoming their very first owners anytime now but that’s after a two-month hold up in completing the renovation the company blames a shortage of skilled subcontractors who can get the job done right and there’s no thanks to the pandemic we can’t.
Possibly be engaging part-timers part-time subcontractors to to finish up the job because it will not be fair to the owner at the same time we are putting a risk to our quality the industry’s pool of titles and Carpenters was depleted during the pandemic some have retired While others were foreign workers who.
Have since left the country we were about 80 reliant on foreign Manpower so with that I think there’s a strong need to nurture local Manpower and this might take time and we’re putting a lot of efforts to do so with the government the renovation contractors and material suppliers Association says.
It will be launching tunneling and carpentry courses next year but another ongoing challenge is keeping the pressure on Rising material costs prices of cement have increased by up to 20 percent still a key material for construction has gone up about 50 percent and that’s not all the shipping of raw materials like cement and towels.
So this will actually add up and increase the renovation cost by about approximately 10 percent the renovation industry may need another six to eight months to catch up on backlog of projects because of the pandemic some say demand is also expected to remain strong moving into next year as homeowners become more.
Interested in home renovations and that could keep prices elevated some renovation firms are now warning homeowners to expect prices to increase by up to 20 percent next year they say this could force homeowners to choose ready-made cabinets or decorative Works instead of custom-made ones