Renovations can add value to your flat, even if you do not have plans of putting it up on the market. However, the cost is still a huge factor when it comes to making improvements. The question is, “Will this project raise my property’s value or reduce it”?
Investing in the right renovation project is the key to increasing a flat’s market value. Here is a guide to help you choose the right renovation project and avoid the wrong ones.
Renovation projects to do
Projects such as adding energy-efficient appliances and repainting rooms will not only increase your property’s value; they can also improve your quality of life. Here are some projects that you should consider:
Kitchen remodeling – the kitchen is regarded as the heart of every home, and updating your “outdated” kitchen will pay off eventually. Expect a 90-per cent return of investment when done correctly. A deluxe or fancy kitchen might reduce your home’s value. Instead, why not add an extendable dining table? Singapore has many local suppliers to help you find the best table for your needs. Keep the project simple and make sure it that complements your home’s theme.
Consider repainting – repainting projects can range from $800 to $1,000. If you want to get the most out of your budget, consider paint, and what colors to use. Using modern colors can help update the kitchen or any room in your home. Choose low-VOC paints because they are more eco-friendly. These types of paint emit chemicals that are bad for your health. Paint is a cost-effective remodeling tool.
Room reinvention – spare bedrooms are good examples of spaces ripe for room reinvention. They can be converted into a guest room, the children’s study, or the library. Aside from these ideas, they can be turned into a game room, home theatre, or a lounge with a liquor bar. The renovation’s cost is around $10,000, especially for a lounge-type room. Finding the right contractor is key to lowering the renovation cost.
Adding energy-efficient appliances or all-weather insulation are other renovation projects you can consider. Essential updates, such as replacing electrical wiring or switching to LED lights, will also increase your HDB’s value.
Home renovation projects to avoid
High-end home accessories or remodeling a home office are just some examples of home renovation projects you need to avoid. They will not help increase your home’s resale value. Check out the other unnecessary remodeling projects for your home:
Sunroom – having a sunroom is like having a greenhouse inside your home. Its glass panels do not help insulate a home, which increases energy costs during summer, and winter months. However, for people living near the beach can benefit from adding a sunroom to their homes. If you are not near the beach, forget about adding one.
Indoor garden – creating a slice of Eden in your flat is a good idea, but recreating the Hanging Gardens of Babylon can break your bank. A well-kept mini garden will make any flat more appealing. However, going over the top will not add any value to your home. Keep it simple, neat, and inexpensive.
Focus on adding necessities instead of these ideas. They will only decrease your home’s value. Focus on smaller projects which will improve your living conditions and the future owners of your home.
Home renovations project will only pay off if done right. Most people look for HDB flats which are functional and cheap. Concentrate on small projects such as energy efficiency and reinventing spaces. A big-budget renovation does not equate to a huge return. Sometimes, the more minor upgrades are what makes a flat look like a million dollars.