The ongoing Covid-19 pandemic has contributed to some very interesting and unique property market developments.
In April 2021, The Straits Times reported that 85 per cent of new BTO projects face completion delays in the range from six to nine months. These are the result of the Circuit Breaker period and the discontinuation of various types of construction work while the measures lasted.
According to the Ministry of National Development, approximately 43,000 Singaporean households have been affected by the delays. Some of them have decided to pursue a new home in an alternative way, which boosted the demand for resale flats.
Homeowners right now can make good use of this brand new opportunity. There are ways to spruce up a resale flat and increase its value through the execution of an interior design project. Needless to say, some upgrades result in a much higher return on investment (ROI). These are the ones worth pursuing, especially if excellent monetisation is the end goal.
Understand What Buyers Are Looking for
Resale flats bring one important advantage to the table.
Most of the time, they’ll need some freshening up at most. These are flats that people can move in immediately. In fact, potential owners will quite often pay a bit more on a property that’s in good condition and that can be inhabited as soon as possible.
This is why you need to look at your resale flat through the eyes of a potential buyer.
Does it have all essentials required for comfortable living? Are there cracks on the walls? How about the condition of the two most functional spaces – the bathroom and the kitchen? Is the flooring in a good state? How about the availability of storage space?
Getting to reimagine your flat from the viewpoint of a buyer will lead to the most practical and effective home interior design.
If you find it exceptionally difficult to imagine what home buyers would be looking for, do get in touch with a professional. A Singapore interior design team isn’t just going to suggest the right kind of project execution. You’ll also ensure a speedy completion and quality control to give you and the potential buyers impressive results.
Home Improvements That Add the Most Value to a Resale Flat
As already mentioned, interior design upgrades aren’t created equal. Some of them cost little to execute while they’ll be adding the most to the value of your flat. These are the changes you should go after in order to receive the best price for your property.
Sprucing up the bathroom is one of the first opportunities you should go after. A change of tiles or the addition of a water conservation shower and toilet will appeal to the environmentally-conscious crowd. At the same time, such upgrades are fairly easy and quick to complete.
Brand new flooring is another way to give the property an immediate appearance “lift.” Also, you don’t have to go for the most expensive materials out there like hardwood, for example. Tiles are very versatile and contemporary materials can resemble many of the expensive flooring options. Brand new tiles create a sense of freshness and easy maintenance – exactly what you want to be offering potential resale buyers.
Next, check out if the home offers enough storage space. This is especially important for smaller flats. Luckily, there are many underutilised nooks and crannies that can be made useful through the addition of custom cabinetry. These are typically the spaces that cannot hold any home essentials (corners, the spaces above doors, little niches underneath staircases, etc.). While custom cabinetry created for you is more expensive than the generic options found in furniture stores, you will definitely enjoy an excellent return on investment.
Here are a few other interior design projects you may want to take up in an attempt to increase resale values:
- Consider the addition of energy-efficient lights or other environmentally-friendly improvements (offering prospective new owners a chance to save some money on utility bills is a definite bonus they’d be drawn to)
- Go for simple but effective kitchen updates like changing countertops and backsplashes – these are large surfaces and the addition of something new will have an immediate visual impact on the entire space
- A fresh coat of paint can go a long way in terms of maximising natural light and making each room appear larger
- A brand new entryway door is the first thing that potential buyers can see – choose one that looks good and that’s also decked out with the right kinds of security locks
- Old fabrics can look really shabby, which is why you can go for new curtains and beautiful textiles like a couple of carpets
- Movable partitions are also a good choice (especially for larger apartments) because they maximise the versatility of space utilisation
Don’t Just Spend on Random Interior Design Upgrades
Some interior design upgrades are incredibly costly and you’ll never get to recover the investment through the increase in the flat’s value.
This is why you need professional help before moving on to the next step.
Home Guide’s team knows what flat buyers are looking for. We understand the needs and preferences of brand new owners. Get in touch with us now to have your flat’s current condition assessed. Once we check out the state of the property, we’ll get to recommend the interior design changes that make the most sense in terms of resale value.
