Fixer Uppers To Up Your Price

How can you remodel your property to make a profit? We hear from two interior designers and a realtor.

“Move-in condition!” and “Just bring your luggage!” These enthusiastic descriptors often pop up in property ads to entice home shoppers. Indeed, if a property fulfils the buyer’s needs – such as location, size or number of bedrooms – its renovation is the next most important criteria that affects how much a buyer is willing to pay for it.

Alan Leo, design director of Proverbs of Design, says that while buyers of new properties have no choice but to spend at least tens of thousands of dollars on renovating their empty nest, resale home owners have more options. “Some of my clients overhaul their new homes, regardless of whether it has usable renovation, because they want the joy of designing their own space. Others don’t mind paying a premium for a renovated home because it is hasslefree. They require only simple touch-ups such as a fresh coat of paint, minor repairs or changing of curtains.”

ERA senior marketing director David Ng agrees. “Some buyers look for ‘original condition’ houses so they can renovate it to their dream home; they also expect to pay less for the property. Some look for wellrenovated homes. They may have a time constraint to move into a house, or do not wish to spend so much on renovation.”

Remodelling/renovating for better resale value

“For 80 per cent of home seekers, purchasing a property is an emotive process,” notes Eugene Yip, an interior designer and founder of Teetfa, which customises metal grilles and gates. While one man’s idea of good taste may not appeal to another, Eugene says if your home’s design can tug at the heartstrings of those with purchasing intent, you will draw a willing buyer more easily. “This is true no matter what the market condition or trend is.”