It is possible to increase the resale value of a home you are planning to buy. Thus, you should make smart choices during the purchase and improvement process. But first, you need to determine how you are able to find a property that will meet your expectations.
Research the Market and Location
Basically, you have to search for locations with growing demand and good amenities, as well as proximity to work or the transport system. Flats in areas such as these will have a greater chance of appreciating faster, especially when there are planned infrastructure upgrades.
Therefore, you have to evaluate the property for the potential of gaining more value in the future. Flats having modern layouts or low maintenance costs are usually more appealing to potential buyers.
Due Diligence and Property Evaluatio
The process of buying a house needs you to conduct a property inspection and consider the potential for renovations. These may increase in value like modernising the bathroom or kitchen. More importantly, you have to verify the resale history of the property and its projected growth in the area. This will confirm that it aligns with your goals of investing in real estate.
Financing Your Potential Property Investment
Buying a flat is not an issue to be taken lightly. In fact, it requires a budget that not everyone can afford. That being said, you can use financing to buy the flat of your choice. This is possible by taking advantage of what most banks and mortgage lenders can offer. Most of them provide options with variable rates and repayment terms. Therefore, you have to ensure that the monthly payments will suit your budget, not to mention more room for other expenses.
If possible, you may consult a mortgage broker to find competitive rates and terms. When you finance through a mortgage, it can spread the cost over many years. This will allow you to invest more in potential value-boosting renovations or upgrades.
Improving the Value of Your Property
After purchasing the flat, you can now make key improvements so that you can increase its HDB resale value. Therefore, you need to focus on the upgrades with a high return on investment. The common upgrades include energy-efficient appliances, modern fixtures, and appealing finishes. More importantly, you can settle for regular maintenance and small enhancements, because it will help the flat retain its value and appeal to future buyers over time.
Prepare for Resale of Your Property
If you are ready to sell the property, you can work with a real estate agent who is familiar with the local market. This will help you gain more insights on the current pricing trends, marketing, and staging that will attract buyers. You also need to factor in legal fees, mortgage repayments, and closing costs as a common factor in your resale budget.
Which Property Is Suitable for You?
First-time buyers like you would find a perfect fit in studio or one-bedroom flats. This can present a simpler maintenance schedule and a cheaper price point. Small families or those renting out a room may also find appeal in a two-bedroom apartment. Still, you should also take into account older buildings with refurbishment possibilities. For purchasers on a tighter budget and ready to make modifications, investments in these flats can be perfect.
