In a fast-paced and ever changing real estate market like Singapore, one proven method that we all know that can increase your property’s value is through renovation. Whether you want to enhance the aesthetic appeal and functionality of your home or you want to rent or sell your home in the near future, renovating your place can elevate the value of your property while reflecting your personal style and meeting the demands of modern housing.
In this article, we provide you with seven different ways you can renovate your home to increase its value in Singapore’s real estate market. From smart home technology and basic room upgrades to smart storage solutions for space optimisation, we have compiled a list of recommendations that can elevate your home and its value.
Why Should I Renovate?
Renovating your home in Singapore offers multiple benefits for homeowners regardless of whether you want to enhance your current living space, rent or sell your property. These benefits include enhancing the aesthetic appeal of your house, improving the functionality of all of the appliances and systems and energy efficiency.
Moreover, renovations can help you future proof and increase your property’s value. By investing in these additions and alterations, homeowners can elevate their home’s desirability and transform it into a valuable asset in Singapore’s real estate market.
Renovation Tips
There are various different upgrades you can add to your home to increase its value. We have compiled seven tips you can use to renovate your property to keep it at its best. Let’s go over them.
1. Remodel Kitchen and Bathroom
Kitchens are considered to be the heart of every home. Because of this, a well-renovated kitchen that is equipped with modern appliances and has functional and visually appealing countertops, cabinets and shelves can add value to your property.
In addition to a renovated kitchen, enhancing bathrooms in your home can also contribute to the overall value of the property. From upgrading fixtures, changing old and broken tiles, to adding features like new shower heads and touches of luxury–you can change the overall aesthetics and atmosphere of the bathrooms in your home to meet current trends or personal needs that make your property stand out in the market.
2. Maximise Space
Space is scarce in Singapore, and this makes properties with optimal storage spaces an incredibly sought-after feature in homes. Adding built-in shelves, multi-functional furniture, and under-bed storage spaces are some good ways to incorporate smart storage solutions in a home. Additionally, adding textures, colours and different forms of natural light to certain areas of your property can make a room look and feel more spacious.
3. Open Floor Plan
Another renovation tip that may add value to your property, alongside maximising space, is an open floor plan. An open floor plan is a layout design that combines multiple spaces within a home into one large open area, usually without walls.
An open floor plan can create a seamless flow between the different functional areas of your home such as the kitchen, dining room and living room. This concept offers homeowners with a more open, adaptable and multifunctional living environment.
This design choice is a good option for people who would like the freedom to modify and rearrange space in their homes according to their changes preferences, making it a valuable feature in properties. According to an article by The Straits Times, the Housing and Development Board (HDB), is considering developing flats with an open floor layout to offer buyers flexibility in configuring their homes based on their needs and preferences.
4. Integrate Smart Home Technology
Singapore is known for adapting to technological advancements, and smart home technology is a concept that is becoming increasingly prominent in homes in the country. We previously wrote an article on the rise in demand for smart homes in Singapore, and how beneficial this technology is for homeowners.
Integrating smart home technology into your home can add value to your property as your home can be equipped with the latest devices and systems that connect appliances in your house to one single application. Additionally, you can install features such as energy efficient appliances, smart lighting and air conditioning, as well as high-tech security systems.
5. Add Office Spaces
With remote work becoming normalised as a result of the pandemic, an increasing number of people are choosing to either build home offices or search for homes that come with an office space. Three years since the start of the pandemic, some employees are still expected to split their work hours between working from home and going into the office, according to The Business Times.
As this is the case, another renovation tip to add value to your property is creating an office space at home. Not only is this a good way to add another functional space that can be used for working or studying in your home, it is also an addition that will help you find potential tenants or buyers who will be willing to accept a higher price for a place that is of higher value in the market.
6. Enhancing the Exterior
This renovation tip can be a helpful one for homeowners of landed properties and shophouses, as the exterior of a landed house can make or break the first impression of your home. When renovating, invest in enhancing the appearance of the exterior of the property.
This can be done through repainting gates and walls, changing or upgrading the landscape around the property, and adding additional features like outdoor seating to your home. Creating a visually appealing exterior can add value to your property as it can build a positive first impression on potential buyers or tenants.
7. Future Proofing
These tips, along with any other renovation work you do on your property should be done with future proofing in mind. For example, adding a lift in your landed home is a good way of future proofing the place as using the stairs will get increasingly more tedious as you age. More so if you already have elderly folks living together with you.
By considering factors such as potential changes in family size, ageing of the house, or the need for more space and additional functions, you can renovate your house to accommodate future requirements you are anticipating.
Considerations
There are several key factors you must take into consideration when renovating your property. This ensures that you can start a value-adding and successful project.
Finances
One of the most important factors to consider when you decide to renovate your property is your budget. It is crucial to conduct research on the type of materials you wish to use, the concept you want to renovate your place with, and the costs that are going to be incurred with the renovation work. Additionally, take note of the costs that will come with the purchase of the materials you decide on using, the labour and any permits and fees you might be obligated to pay.
Constraints
Familiarise yourself with the legalities that will come with making any alterations to your house, and obtain any permits you need to make the renovations you wish to make. In addition, it may be helpful to consult with a professional to ensure that all of your renovations meet all requirements and do not break any regulations that could lead to delays and potential legal issues.
Timeframe
It is crucial to factor in the timeframe of your renovation project and consider any potential disruptions and inconveniences you could cause to your neighbours and any disruptions you could face as a result of public holidays or terms and conditions of the professionals you work with.
You must be able to effectively communicate any concerns and expectations with the professionals you hire and create a plan that you can review frequently for a successful renovation project.
Working With Professionals
The final and most important consideration to make is the type of professionals you decide to work with. It is essential to conduct research and speak to reputable professionals who can collaborate with you to create a successful renovation project for your property.
Seek interior designers, architects and contractors who have experience in their field and are familiar with the local building codes, design trends and have work experience in Singapore. Their expertise will ensure that your renovations are executed smoothly, meet a high standard when it comes to quality and add value to your property in the real estate market.
Closing Thoughts
We hope you have enjoyed reading this article and gained insights that can help you add value to your property in Singapore.
By following these renovation tips that are tailored for homeowners in Singapore, you can transform your property into a highly sought-after asset that is competitive and highly valuable. A well-executed renovation project not only enhances the aesthetics and functionality of your home, but also increases its market appeal and value.
This enables homeowners to receive high returns on their investments if they wish to sell or rent out their property, and increases their quality of life and living environment by enhancing various aspects of their homes.
For more tips and guidance on real estate in Singapore, check out our other articles on Insights by PLB.
If you are looking for guidance on your property journey, have any questions or are interested in working with professionals for your next purchase, feel free to contact us here.
See you in the next one!
