Before you get carried away with renovations and install a sauna in your bathroom, ask yourself if you are planning to sell your property in the near future. Will these renovations ultimately increase the value of your home?
With the rise of property prices showing little signs of slowing, upgrading your home is seen as a viable option to many who are priced out of the market. You may want to bring your home up to date rather than buy a new one. According to the National Property Information Centre (NAPIC), between 2008 and 2014, home prices had been steadily rising. For the last 10 years, the compounded annual growth rate of house prices shot up from 3.1% to 10.1%
Have a look at these suggestions that may help you fetch higher returns and get the most bang out of your ‘ringgit’.
Declutter and research
If you have decided it’s time to upgrade your home for comfier living or for selling, and have put money aside for this purpose, then there are a few steps to take note of.
First off, do a full-blown spring clean of your home and throw out all household items and clutter that you haven’t touched within one year. The less stuff you own the less storage space you need, and hence the more money you save. Once you have decluttered, you can move on to fixing those pesky issues plaguing your property. These problems can be minor like broken door handles, missing parquet flooring, and scribbled walls. While major fixes could be needed for electrical rewiring, roof leakages, and termite infestations.
Do your research and find out the costs involved in hiring someone to attend to all these problems. A great tip is using service websites that provide contacts for professionals such as electricians, contractors, landscapers, and carpenters. You can get free quotations and find out how other users have rated the work rendered as well as recommendations. Some sites have promotional discount codes that can save you, even more, money by hiring professionals through them. Check out Recomn.com and Kaodim.com to name a few.
TIP: For newbie renovators, it is best to hire out the bigger ‘fixes’. Get a few quotations from contractors and their portfolio of past work if possible, try using Recomn.com or Kaodim.com for starters. Choose the one that fits in with your budget and timeframe.
Don’t forget strata properties usually only allow renovation work in the weekdays and have specific time slots for drilling and hacking. Planning is crucial to getting the job done on time.
Refresh interiors and exteriors
Tackle one of the first things buyers will see when they visit your home, the paint job. Paint the walls inside your home for an instant refresh, and don’t forget to patch up any unsightly holes on them beforehand. If you have a landed property, it may be time to touch up the exterior walls. Peeling paint is a turn off to potential buyers. Don’t skimp on the paint quality either, you want the paint job to last throughout major downpours. If you hire out the job you could be paying in excess of RM7,000, half of which is labour alone.
This is an area where you could choose to save on labour costs by DIY-ing. Call in favours from friends and family and hand out paintbrushes and rollers. You can even make a party out of it!
Identify key areas due for upgrade: Kitchens and Bathrooms
If you can’t afford a top to toe renovation, focus on key areas of the property.
Two main value-adds in a property are the kitchen and bathrooms. If these rooms haven’t been touched since the 90s, 80s or even the 70s, it might be a good idea to give them a makeover. As a general rule of thumb, a kitchen renovation should be 10-15% of the value of the home; if your home is valued at RM 400,000, keep the costs to RM40,000-RM60,000.
Check to see if the rooms are still functional and if a simple facelift will do, or if you need a total gut job. For kitchens, you could replace the sink and faucet for easy, inexpensive upgrades. You can even take the opportunity to install energy efficient appliances and LED lights, saving you money in electricity bills. For example, current energy efficient refrigerators use 40% less energy than conventional models that were made in 2001.
Major renovations include hacking outdated wall and floor tiles as well as installing a backsplash. This could cost anywhere between RM1,000 to RM6,000 depending on kitchen size. You may even have a wet and dry kitchen to plan for.
Replacing the kitchen cabinets and countertops will also take a big chunk of your budget. If you fancy a nice quartz counter, it could set u back RM200 per square foot. With a 2ft. depth and an 8ft. counter this could come up to RM3,200 for quartz alone, not including installation.
TIP: As a general rule, new cabinetry should not cost more than one-third of your overall budget for the kitchen.
Choose the finishes wisely as cheapest doesn’t mean most long lasting. There are newer, innovative storage systems out there like pull out drawers that can hold a bag of rice. You will have to pay more, but in the long run, function and time saved wins. A well planned, functional kitchen will not only be appealing to potential buyers but also for your own enjoyment. Keep in mind the kitchen triangle of hob, fridge and sink and ensure they are not too far apart from one another.
Bathrooms that are clean and in working order is a must! If you have low water pressure or have mould issues due to lack of ventilation, or you want to get rid of that dingy avocado green bathtub, it’s time to renovate! Bright and airy bathrooms with clean, timeless designs should appeal to a wide range of buyers.
For simple updates that will not dent the budget, you can upgrade the fixtures. For a cohesive refresh, try swapping out faucets, towel racks, and toilet paper holders for new ones in the same finish (chrome, brushed nickel, etc). Have a look at websites such as Lazada, Mudah and eBay for deals on fixtures. Another easy fix is to change the mouldy sealant or caulking around loos, sinks, and showers. This is a cheap upgrade that costs around RM100 for a plumber to do per area.
If you are looking at major fixes like extending the bathroom, changing tiles, or adding a double sink vanity, do seek professional advice. To save some money, you could buy your own floor and wall tiles, as well as toilet bowls and sinks. This will avoid markups and you just pay for installation. Try going to major renovation/furniture exhibitions held throughout the year for even better deals and event freebies.
TIP: Whatever the function you desire, as a general rule, keep the bathroom budget within 5-10% of your home’s value to control costs.
If you are planning to sell off your property in the next 5 years, choose wisely and focus on the key areas to renovate. Transform your home to a clean, and problem-free one with refreshed paint and upgraded rooms. By giving your home a facelift, not only will your property stand out in the crowd, but it can also command a higher selling price.
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