Is Your Home Renovation a Good Investment or Waste of Money?
Given the heavy financial commitment that most home renovations require, it is common for homeowners to wonder if their home renovation decision is truly a good investment for their property or is it pouring money down the drain.
Depending on who you ask, you’ll most likely get different answers.
At Redbrick Homes, having partnered with hundreds of interior design firms in Singapore, we have the inside scoop and can weigh in on both sides of the argument to tell you exactly which types of home renovation are good investments, and which aren’t.
Home Renovation Works That Are Not Beneficial to Home Value
Aesthetics Over Functionality
Ask any ID who has worked on a resale home and they’ll tell you that most of the time, the new homeowner entirely rehauls the design of the flat.
The truth is few Singaporean homeowners share the exact same aesthetic style. So new homeowners often spend a small fortune to redo the flat in their own styles.
What does this mean? Anything you spend on boosting the aesthetic value of the flat for your personal preference that does not contribute to the functionality of the home, will not be viewed as adding value to your flat. The new homeowner might view it as reducing the value of your home as they consider the cost to overhaul the design as part of their home purchase budget.
Tip: Avoid designs that are too out of the ordinary and do not appeal to the masses.
Too Much Built-in Carpentry
Customized built-in carpentry is a contentious feature in Singaporean homes – some love it, others hate it. Even for lovers of built-in carpentry, one homeowner’s customized design might not appeal to another. For this simple reason, too much built-in carpentry can be detrimental to your home value.
Based on the experience on IDs that we spoke to, for resale home renovations, it’s quite common for new homeowners to spend significant amounts of money to hack away existing built-in cupboards and cabinets – a cost that they will factor into their budget.
Tip: Use built-in carpentry sparingly in your designs and rely on loose furniture that can be easily replaced with minimal cost to the next owner.
Open Floor Plans
Open floor plans are not for everybody. While a living space that focuses on open, roomier spaces with few demarcations between rooms is popular with younger couples, older couples with children may not necessarily appreciate it due to their need for privacy.
Unless you plan to limit your sale to only younger couples in the future, you might want to consider keeping to the home’s original floor plan.
Not only do you save money on hacking away walls, but the new homeowners also don’t need to spend that extra money to rebuild them all over again for that much sought-after privacy.
Non-Conventional Kitchen or Bathroom Designs
When it comes to property value, non-conventional anything is never great. Particularly for kitchen and bathroom designs which can cost an arm and a leg to overhaul, anything too out of the norm is probably not great for your property value in the long run.
New owners looking at your property will be thinking of the costs they need to spend to retile or remove any unique fixtures. Instead, focus on the durability of materials you use in these areas so that they look in good condition when you plan to sell. Trust us when we say that’ll be a much better investment than a feature wall in the toilet.
Tip: Focus on durability instead of unique designs.
Home Renovation Works That Are Beneficial to Home Value
Opt For Low-Key, Neutral-Looking Designs
Ask any Singaporean ID and they’ll tell you that low-key, timeless designs with neutral palettes are those that stand the test of time.
Most potential homeowners want a resale home that is easy for them to redesign to their own needs and preferences – thus the cleaner the design they get to start with, the easier the renovation process and lower the cost will be for them.
The more conventional the design, the more sought-after it will be, and thus more beneficial for your property valuation when you choose to sell it.
Tip: Avoid trendy designs that are all the rage now but may be outdated in 5-10 years when you plan to sell.
Choose The Right Kind of Flooring
The flooring of a home is usually one of the first things to catch your eye when entering a house – so really is one of the aspects you need to get right for a good first impression.
What you’ll want to do? Choose a suitable flooring type that works with most interior design styles and is easy to maintain.
Tiles and vinyl being some of the most popular choices of flooring in Singapore are good choices since they are well-received by a large demographic. Types of flooring to avoid? That would be carpet, marble, concrete, or hardwood floors which appeal to only a small segment of homeowners and are difficult to maintain.
We can go on and on about other types of home renovation works that are beneficial to home value, but there’s an even better article we wrote that you can check out for 8 more home improvement tips!
Looking to Boost Your Property Value with A Round of Renovations?
Planning to boost your home valuation with a much-needed overhaul and require additional budget for all the necessary renovation works? Why not secure a home renovation loan to stretch your budget?
At Redbrick Homes, we offer a fast, simple, and secure home renovation loan with our trusted local partner OCBC.
For more details check out our home renovation loan page on our site.
Find A Trustworthy ID to Help You Improve Your Property Value Today!
Looking for a trusted and experienced ID who can advise you on what renovation works can help with your property value and what cannot?
Check out IDMate, where you can get matched up with one of many Singaporean IDs from our pool of trusted interior design firm partners to kickstart your process.