Because the COVID-19 pandemic is still disrupting people's health and habits throughout the world, the majority of people are staying at home for the time being. What better time to start thinking about ways to improve your condo situation? Fortunately, there are plenty of visually beautiful photographs on Pinterest and inspiring renovation vlogs on YouTube to encourage you to start your condo renovation project.
A condo renovation, however, is a large project. It might feel like another full-time job struggling to catch up with the timetable, budget, condo corporation laws, and a thousand other things. Hence, many may think, is condo renovation worth it?
When young working professionals began seeking a home that tailored to the modern city dweller, the high demand for condos began. These factors, together with the need for a new place to call home and a new source of income, are fueling the demand for condominium units in the Philippines.
Aside from personal usage, some people buy a condominium unit to lease for extra recurring revenue. Starting in 2010, the Philippines real estate market has developed at an unprecedented rate, following the country's economic growth path. It's no surprise that individuals are purchasing units as investments.
It's critical to understand your investment return before you put your money in the market. The condo unit itself is one of its most important selling features so if you want to sell or rent your condo, several condo renovations and upgrades might help you get the most bang for your money.
Condo Renovation Will Increase the Property Value
You may maximize your return on investment by serving a high-quality item in the market.
Renovating condo design, such as opening up the area to create more of a flow and boost natural light is one thing that condo owners may do to improve the appeal of their condo. An open floor plan also gives the impression of a larger space and is great for entertaining. An open floor design is quite popular in condominium units.
Targeting people's concerns is a strong selling point in any commercial transaction, and condos are no exception. The kitchen and bathroom are generally the most important considerations for anyone looking to rent or buy a condo unit because l let’s be honest: these are the two spots in any home that are most likely to be the messiest. Hence, you may want a total or partial kitchen or bathroom makeover in your condo and it can perhaps be the most profitable investment you can make.
The return on investment of any condo renovation project is determined by local market conditions, the state of the residential real estate market at the time the deal is done, and the quality of the renovation finishes.
Condo Renovation Can Lower Maintenance
The opportunity to have your condo updated regularly will allow you to upgrade your space with fresh features. A makeover might be an excellent time to examine some of the possibly outdated systems now in place, including windows, HVAC units, lighting, and plumbing.
Condo renovation may include fixing appliances that can help extend their life and make the units last longer, as well as changing outdated appliances to newer energy-efficient units or appliances that may help reduce monthly expenditure and improve satisfaction.
Moreover, if you chose to put your condo unit on the market tomorrow and didn't maintain any of your systems or appliances, the home inspection report would most likely reveal that your house had several issues or potential problems. Buyers may request a reduction based on the issues with your condo unit, or they may request that you replace or fix systems or appliances that may cause them problems in the future. In either case, you will not receive as much money from the sale of your property as it is worth.
Condo Renovation Can Attract More Tenants
Another advantage of remodeling in terms of renting is that it can attract a higher-quality renter. Longer vacancies and rent loss may be reduced with a higher-quality tenant, which is something that all investors want. Furthermore, individuals are prepared to spend a higher price for a higher quality of dwelling.
Condo Renovation Can Turn Place into an Airbnb Host
Vacations for relaxation in the city are getting increasingly popular. It's commonly referred to as a "staycation." Airbnb is preferred by vacationers since it is often significantly less expensive than comparable hotel accommodation. In certain circumstances, an entire condo unit may be booked via Airbnb for the price of a single hotel suite, depending on the location.
Condo units are frequent Airbnb rentals. Several elements, condo design, and interior must be considered when renovating the inside of a home-share, such as the room must be pleasant and properly put out to make the greatest use of available space while catering to a variety of functions, activities, services, and people.
Condo Renovation Can Improve your Condo Living
When you renovate a condo, you can incorporate your particular style into the condo design, resulting in a highly personal and distinctive living place.
Especially if you found yourself living in your condo for the next 10 years, remodeling your condo to make it your own is unquestionably worthy and rewarding. Not only would you be able to customize your condo to match your lifestyle, but you would also be able to do so at your leisure.
A condo renovation is a huge undertaking, especially if you're completely redesigning the place. There are a lot of significant decisions to make and a lot of preparing to do ahead of time to guarantee a seamless and enjoyable experience. You'll be pleased with the finished effect once the final nail has been hammered and the fresh paint coats have dried. You'll feel as if you've moved into a brand-new house, one that you created yourself and won't want to leave.
Given the current state of the Philippine property market, we believe that upgrading a condo with the intention of selling it is a wise decision if you're seeking a substantial return on your investment.
However, if you intend to stay in your condo, that's also fantastic! The ball is completely in your hands. A condo renovation intended to create a space for your own enjoyment and comfort is also an excellent way to spend your money. Do not get too caught up in the financial rewards since completing a renovation job in a property you own always gives you a sense of achievement and satisfaction. Even if you are not living in the unit, you will be proud and pleased knowing your hard work has increased the value of your investment.
If you are thinking of moving into a new condominium, check out Vista Residences!
Vista Residences is the condominium arm of the country’s largest homebuilder, Vista Land & Lifescapes, Inc. that offers ready for occupancy and pre-selling condominium projects in Manila, Makati, Mandaluyong, Quezon City, Ortigas, Baguio, Cebu, and CDO that are strategically located within major cities, in close proximity to premium universities, transit-oriented locations, and developed business districts.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.