9 Renovation Tips That Help Future-proof Your Property Resale Value (MUST READ!)
Renovating your very first BTO or your Prime Location Housing flat? If you plan to sell your properties for a sizeable profit after MOP, then make sure you take into consideration what potential resale home buyers are looking out for.
Don’t make the mistake of spending hundreds of thousands down the drain for renovation works for the property only to have it devalue your property in the coming years. A simple renovation from $20,000 onwards could do the job as well.
Not sure what to look out for? Our savvy team at Redbrick Homes has come up with a list of common renovation dos and don’ts when it comes to resale value that you should consider before committing to any renovation works.
TLDR: Always consider the perspective of the future buyer, before making a massive change to the home. Any renovations that may require a buyer to undo or redo the works may affect the resale value negatively.
Stick To a White Palette
When renovating an “investment property” that you are hoping to flip for profits, you must always consider ahead about what the buyers may be on the lookout for.
Keeping to a white or neutral palette is the safest route to go with for practical reasons. Firstly, because white is a colour that goes with everything, it makes it easier for you to update the furnishings when staging for a home sale in the future. Secondly, white helps to make small places look larger than they really are. And last but not least, a “blank slate” will make the new buyer feel like it is easier for them to update it to their preferences instead of having to undo a lot of work.
Keep It Simple
Can’t do with an entirely white palette? Need to incorporate some of your design preferences to make it feel like home in the interim?
Well, our tip is to keep it simple. Consider using wallpapers that you can remove easily, hang up some artwork, or utilize marble, stone, or metallic accents that are not overtly in your face to showcase your individuality.
Emphasize Natural Light
Everyone loves natural light and for good reason, if you think of all the benefits it brings – from improved psychological well-being to electricity savings for the home.
In fact, natural light is so valued in real estate, that studies and surveys with potential homeowners indicate that people are willing to pay more for spaces with better natural lighting.
Here are some simple ways to emphasize natural light in your property:
- Avoid dark opaque window treatments or curtains
- Keep your colour palette light (walls, ceilings, and floors) to reflect more light (see point 1)
- Incorporate floor-length mirrors
Opt For Easy to Maintain Flooring
While expensive flooring materials like marble or natural wood, like timber may be able to fetch a higher price when dealing with discerning buyers, you will likely need to spend lots of effort (and perhaps money) to keep in good condition for the sale years later.
For less effort, consider more economical and durable options like vinyl and tiling. These are easier to maintain and cost significantly lesser – a point to consider for keeping your renovation costs low.
However, do note that there are some homebuyers (usually parents) who tend to be warier of vinyl products, and that might cause them to factor in costs to redo the flooring and reduce their offer for the property.
Use Less Slippery Tiles in Wet Areas
Homebuyers tend to focus on troublesome wet areas like the kitchen and bathroom when they have young kids or elderly in their household.
As such, having anti-slip matte or outdoor-type tiles in such areas in the home could prove to be an advantage.
Focus On Kitchen & Bathrooms
When it comes to resale properties, buyers tend to focus heavily on the high-use zones in the home – namely the kitchen and bathrooms. Hence, the condition of these areas can influence the resale value of the property to a great extent.
So here are some things to help you ensure your kitchens and bathrooms can withstand wear and tear over the years:
- Use only quality appliances
- Don’t accept shoddy workmanship
- Use easy to maintain, durable and water-resistant materials where possible
- Avoid light colours – shows stains easily
- Incorporate sufficient storage areas
Avoid Major Carpentry Work, Fixtures, and Hacking
Depending on the buyer’s individual preferences, subjective design elements like false ceilings, massive built-in wardrobes, or a completely open layout, could backfire badly.
Especially in Singapore where the average household size is 3.22 persons, open layouts may not be very suitable for people who need their privacy.
If a homebuyer adds up the cost that he or she will need to dismantle all the fixtures and rebuild walls, they may end up reducing their offer for your property to fit their budget.
Choose Bedframes Over Platforms
While platform beds may be trendy and suit your lifestyle, it is not necessarily suitable for a large group of people – from pregnant ladies to people with mobility issues (like the elderly).
So that might have a negative impact on potential homebuyers.
Incorporate Smart Home Features
Last but not least, smart homes are all the rage these days. With the convenience that smart home fixtures bring to our homes, it is likely to be something that even homeowners in the future will see as a good bonus and be willing to pay up for a higher price!
If you happen to be on the lookout for smart home features like digital locks, to automated window treatments, don’t forget to check out our Redbrick Homes voucher kit for special discounts!
Looking For an Experienced ID To Renovate Your “Investment Property”?
Don’t want to mess up your renovations for your investment property and watch your expenses go through the roof before you even see the first sign of profits?
Well, leave the hard work in the good hands of our expert pool of trusted IDs. Simply head over to IDMate, Redbrick Home’s algorithm-powered matchmaker, and get matched with a suitable professional for your home!