Dear readers, thanks for dropping by. Kindly note that I have migrated all these posts to my new blog All Things Cozy and Homely . I will blog at the new site from Jan 15 onwards.

Sunday, February 9, 2014

Will Renovation Raise the Price of Your Property - Part 2

Image from Livingspace

I posted my views on whether renovation will raise the price of your property in May two years ago. I read with interest that similar views were shared in this article recently.

So you might be wondering why on earth do I bring up this article again?

Now, as a case in point, let's look at what happened today.

A property agent was trying his very best to convince us to purchase a resale unit. With a high COV of course.

Here is a quick overview at the situation at hand:

Family Makeup: 
A family of 4, maid and 2 hyper active dogs. 

Renovation Works: 
Very extensive; additional grills at the service yard and balcony to keep in and keep out the active dogs; bomb shelter which has been remodeled as a maid's room (and the bomb shelter's door was removed!! That is not permitted! Please refer to my post on Renovation Works allowed for Bomb Shelter.) A study room for the kids constructed in the middle of the hallway, a huge and thick TV feature wall cum storeroom with a 42" hole set aside for the flat screen TV. Due to this huge feature wall cum storeroom, there is simply no space for any sofas. Walls were removed for an open concept kitchen, room doors and walls were relocated, additional walls constructed to allow for a bigger master bedroom with a semi walk-in wardrobe.

And the list goes on.  

Obviously, their interior designer took great pains to ensure that the entire place is customized according to the family lifestyle needs. Hence, I am sure the family has spent a huge bomb in their renovation.

However, the family and the property agent is being unrealistic when they expect their prospective buyers to pay a premium for their renovation decision.
Every family's lifestyle need is unique. Yes, not every family comes with a maid or pets.
There are families who want sofas in the living room. And to add on - most flat screen TV can't even fit into the TV feature wall cum storeroom. 

To end off this post, it is very comical to hear the following condescending comments from the Property Agent.

"This is MOVE IN condition! No need to renovate what! ALL YOUR NEEDS ARE TAKEN CARE OF! Why do you want to remove the feature wall?! Do you have any idea how much the owner has spent in the renovation?! "


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