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Renovating your condo does not have to be over the top, but you should make the type of enhancements that will allow you to resell at a good price.
In recent years, condominiums have become one of the best real estate investments in the Philippines because of its current and instant marketability. According to a report by Urban Land Institute and PricewaterhouseCoopers, Manila was the fourth best property investment market out of 23 Asia Pacific cities in 2014.
Buying a condo allows an individual to choose a home in the most strategic location with the potential to resell the unit or have it leased for a considerable return on investment. And even with the rise in competition, being in the market of condominium sales and purchases remains to be promising.
If you are planning to resell your condo, you might want to do some renovations to make your unit more appealing to your prospective buyers. Renovating your condo does not have to be over the top, but you should make the type of enhancements that will allow you to re-sell at a good price.
Check with your property manager what the rules are in terms of renovating your condo unit. Not all developers have the same policies, so make sure you know specifically what actions are allowed in your building. Once that is done, you are all set to give your condo a makeover.
Here are some renovation tips to help you win the sale amidst your competitors.
Add a Fresh Coat of Paint
Adding a fresh coat of paint is an inexpensive way to transform your interiors and make it look new. Paint the walls, moldings, and ceilings with a light neutral color to make it look contemporary and appealing to a wider range of demographics. Currently, popular choices are beige, gray, and off-white. Choosing light hues for your walls is also a great way to create an illusion of a larger space, which is ideal for studio-type units.
Give Your Kitchen a Makeover
The kitchen is the heart of any home, so make sure this area is updated to look bright and spotless. Buyers are easily turned off by leaky faucets and stained sinks, so make sure you make the necessary repairs and replacements.
Make a dark kitchen brighter and more spacious by using a lighter finish on the cabinets. Replace an outdated kitchen countertop with a new laminate for a more modern look. Laminate countertops are inexpensive and come in different colors and patterns. If your cabinets are still in good shape, add a fresh coat of paint and replace the hardware. Otherwise, replace the cabinets. If your budget is limited, get new doors and drawer fronts instead, then paint everything else and add new hardware.
Revamp the Bathroom
Just like your kitchen makeover, a few smart choices can go a long way in raising your condo’s value. With a few stylish upgrades, you can make your condo a very competitive option in the market.
For your bathroom, consider installing new countertops, sinks, and faucets. Add ample cabinets and room-enhancing light fixtures. Use soft lighting and warm colors. Vases and small indoor plants can be added as design elements. Keep the counters clean and smelling fresh. Replace plumbing fixtures, repair and repaint the cabinets, and enhance the mirrors with molding or frames.
Enhance the Lighting
Lighting is one of the most powerful yet cost-effective ways that one can improve a condo’s look and market value. Consider replacing dining room lights with semi-flush mount lights or ceiling pendants. Wall sconces are great lighting options also for small condo units. If you want to add ambient lighting, install recessed lights. Dimmer switches will allow for convenient adjustment of lighting intensity to suit different activities and moods.
Add Extra Storage
Having ample storage is very important for potential homebuyers. It is essential to have built-in closets, shelves, and cabinets to help future homeowners or lessors keep their space organized. If you are offering a semi-furnished unit, you might want to consider custom-built beds or sofas that can double as drawers. Floating shelves are also very popular today.
How Much Does It Cost to Renovate a Condo?
If you plan on renovating your condo, it is recommended that you set aside 20 to 30 percent of its total price to have a reasonable amount to send. A typical condo renovation in the Philippines often ranges from Php 50,000 to Php 250,000. The total expense of remodeling or renovating a condo will depend on the scope of work and the materials used.
One of the best ways to save on costs during condo renovation is by doing as much of the work yourself for simple renovation tasks such as painting and installing shelves.
If you want to receive a substantial profit from your condominium investment, these tips should help you enhance your property well enough to be able to close a sale without going over your renovation budget. The key is to make your condo a place where you yourself will be very happy to move into—a clean and cozy place with a refined interior that does not need any repairs and replacements.
Megaworld Corp. is one of the Philippines’ leading residential condominium developers. A pioneer of the live-work-play-learn-shop development concept, its township communities in Bonifacio Global City offer the utmost of modern living.
| For further information regarding the process, requirements, prices, and fees associated with buying a condominium unit, as well as other related articles, visit The Complete Condo Buying Guide by Lamudi. |
