Thinking about renovating your home? Unfortunately, such a task isn’t cheap, given the rising costs of goods and services in Malaysia, which includes building materials. As such, planning and discussion with your contractor are crucial.
Here’s a list of materials that have increased in price this year, using data from the Department of Statistics Malaysia’s building cost index as of March. Which items will YOU need for your next home-renovation project?
1. Cement
The price index of cement increased by 11.7% in March, marking the biggest surge among all the materials on this list. In fact, it has been steadily rising over time, from 1.4% last October to 9.4% in February.
Cement is, of course, fundamental for the making of concrete, and could therefore make up a large segment of your renovation budget. Use this knowledge to help determine whether your contractor is charging you a fair price for the cost of your extensions.
2. Bricks and walls
With the second-highest increase of 8.3%, the price of bricks – the primary material for most walls in Malaysia – has been registering an average monthly increase of over 8% since July last year.
As such, it’s important to keep in mind that the more bricks you use – not just for internal walls, but for dividing spaces in outdoor gardens or landscaping – the higher your budget will need to be.
3. Glass
Glass comes in third on this list, with its price index rising by 7.1% as of March, marking an average increase of 12.1% from last July to February.
Glass is used extensively in windows, sliding doors, and mirrors. When talking to your contractor about these, be aware that you are not just paying for the glass in and of itself but the frames that accompany them. All in all, the cost will add up.
4. Timber and plywood
Timber and plywood rose from 6.4% to 7.1% as of March. Plywood prices, specifically, grew at an average of 11.8% in the past nine months until March, while the price of timber grew at an average rate of 5.6%.
Typically, timber and plywood are used for cabinets and shelves, as well as door and window frames. Plywood is also commonly used as temporary platforms for contractors and builders to do their work, so it’s worth noting that they might charge you accordingly.
5. Tiles
Ah, everyone loves new tiles: they give the house a much better aesthetic and vibe. Floor and wall tiles grew by 6.1% as of March – a considerably low rate, given how it increased at an average of 11% from July last year to February.
Tiles, of course, can be placed on walls and floors to give a space a vibrant new look, whether it’s in your bathroom or as a backsplash in your kitchen.
6. Paint
Oh boy, is paint expensive these days! Its price index of paint rose by 6% in March, and grew at an even stronger average rate of 7.6% in the nine months prior.
So, don’t underestimate the cost of paint. A Nippon paint pail, for example, could cost upward of RM130. For a whole house, you could be looking at about six to seven pails for both the interior and exterior!
If you are tight on cash, you may opt for cheaper paint, but do remember that, quality-wise, you get what you pay for.
7. Ceiling materials
Ceiling materials rank last on this list, with prices rising at a rate of 5.8%. As with the other items here, prices have been increasing over the past nine months, at an average of 7.5%.
For many people, ceiling materials constitute a sizeable portion of the renovation budget, given that virtually every space would need to have a ceiling – it’s just a matter of how much work is required in each room.
This article was written by Su-Wei Ho for MyPF. To simplify and grow your personal finances, follow MyPF on Facebook and Instagram.