Budgeting For Your HDB Flat Renovation

Whether you’re moving into a brand new BTO or a 2nd– or 3rd-hand HDB flat, renovation is probably something you’re going to have to consider. How will you be able to fork out that extra cash when the time comes to make your house truly a home? Unfortunately this year, prices of labour and materials have gone up, thanks to a certain coronavirus. Here are the prices you will be looking at if you choose to renovate in 2020.

Photo by McKinsey via rawpixel

Renovation costs this year have gone up by 10-20% nationwide. The average price of renovating a 3-room BTO flat has gone up about $9,000 since last year, starting at S$38,850. This trend holds true for both 4-room and 5-room flats as well, with prices now starting at S$43,000 and S$45,000 respectively.

If you’re in a resale flat, renovation costs have stayed relatively similar since they were a little higher to begin with in comparison with prices for BTO renovations. This is usually due to the fact that old materials are hard to find and that the property is already aging, leaving more work to be done. The average price of renovating a 3-room resale starts at around S$40,000; a 4-room at S$45,000; and a 5-room at S$59,000.

The pandemic has also resulted in delayed timelines. If you’re in a hurry to move, don’t hold your breath: delays could last about 1-2 weeks more than the typical 6-to-9-week average renovation duration. Many home buyers have had to rent a property while waiting for their apartments to be ready.

Unfortunately, COVID-19 has put a dampener on many things this year. But hey, the light at the end of the tunnel is shining and soon you’ll have a nicely renovated place that you can call home.

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