This Month’s Real Estate Insider Newsletter

Many of us are working from home, but this is a perfect opportunity for a remodeling that could keep you busy and increase your home’s value.

Over the past month or so, the novel coronavirus outbreak has altered our everyday lives in ways big and small. The Coronavirus Pandemic has led to the government urging people to stay at home where possible, and with many people now at home, taking on a home improvement project is the perfect opportunity to keep busy. And even once quarantines end and stay-at-home orders are lifted, some predict that the “new normal” may look a little different.

Many agree that self-isolation isn’t an overly pleasant experience, but choosing to renovate or improve your home during the coronavirus crisis could be more favourable than you think.

Not only could these changes help to add value to your home, but they keep your mind occupied while this pandemic continues. From the home features that may become real estate must-haves to changes in layout, we have been keeping our minds busy to deal with this pandemic.

DIY Home Improvement Ideas There are several quick makeovers or larger-scale improvements you can take on even when plumbers, electricians and other professionals aren’t available, including:

Creating a Dedicated Home Office

Having a dedicated home office could be valuable. If you have a room that isn’t used very often, or is used for storage, such as a spare room or garden room, consider setting up your home office there.

Try to see if you can have enough natural light and try to consider adding more lighting. This can be especially useful if you are working later in the evening.

Consider adequate power points and a good wifi signal when setting up, too!

If you’re planning to set up your home office in a storage room, you’ll want to remove anything stored in advance to effectively maximise your room’s space!

Rearrange things for a fresh perspective

Renovating your entire living room or splurging on a new bedroom set likely isn’t in the cards at the moment, but that doesn’t mean you can’t make some changes.

It’s easy to get in a rut with the same ol’ furniture setup, but what if you tried something totally new? Move the couch to a different wall, adjust where your armchair sits, or mix things up by swapping rugs from one room to another. Even switching a lamp from a side table to another spot in your house could brighten up a space in new ways.

Decorating Your House

Have you been wanting to paint your walls or do some decorating in  the living room? Now’s the time to get up and get to it! Not only can the project be done in a few days, but you can get the whole family involved — keeping everyone busy, yet doing things together!

Furthermore, adding a lick of paint can add around 5-10% to the value of your home.

Planning Future Home Improvement Projects

You’ll likely be spending a great amount of time with your family in the coming weeks, so why not use this time to check out future home improvements you could benefit from? This might be the perfect opportunity to begin planning a project.

On the other hand, if being in a house for large chunks of the day with your family members leaves you minding your own business, fighting over what to watch on TV or just staring in each other’s smartphones, you could consider converting a room or a part of the house into a something the whole family wants! If you’re looking for a larger plan space, try remodelling your kitchen or knocking down some internal walls.

These projects could also help to boost your kerb appeal and property value, and do not need to be expensive. They also shouldn’t be hugely disruptive. But make sure you do them once you’ve finished work for the day.

When you think of what renovations to make to your home, consider the following improvements that could boost the value of your property.

Flooring (Average ROI: 70%-80%)

While carpeting may have been popular at one point, now it could seriously discourage a potential buyer from putting an offer in. Carpets easily attract dirt and stains and are highly susceptible to mold. Hardwood floors may be a large expense, but they’re the way to go for any flooring renovation projects. If you have the time and money, this is an investment to think about. But if hardwood is too much out of your price range, consider laminate wood flooring, which gives you a similar look at the fraction of the cost.

Exterior (Average ROI: 76%-97%)

When potential buyers pull up to your property and notice overgrown grass, poor landscaping, and a neglected walkway, that doesn’t give them the best first impression. The opportunity that curb appeal presents for your home is important. This includes everything from your front door to your roof to your garage door, which, let’s face it, could always use a fresh coat of paint.

DIY tip: Put out seasonal doormats, decorate your front door, and power wash the walkway.

Kitchen (Average ROI: 79%-83%)

There’s a reason many consider the kitchen to be the heart of the home—it’s the room where the most time is spent. People walk in and immediately look to the kitchen to make a quick judgment. If your microwave, stove, dishwasher, countertop, or any other commonly used appliance is over ten years old, it may be time to start thinking of updating.

Nearly two-thirds (65%) of Singapore homeowners believe the value of their home will continue to rise over the next 10 years, according to a survey conducted online.

That may be optimistic, considering that some factors that determine what a house is worth, like its location and the popularity of that market, are out of your control.

Are you ready to be a homeowner in the city where passion is made possible? Being able to take the leap from merely renting to finally owning is a significant milestone in a lot of people’s lives. Not only does it signify that your financial affairs are in order, but it also means you’re finally ready to settle down (at least, for now!). Of course, while owning a home comes innumerable benefits, there are still several downsides to consider, including the fact that homeowners are now strapped with one very big financial responsibility. Although, many homebuyers will tell you that despite numerous financial obligations, there is nothing like OWNING your own home. It can be stressful to buy a house — after all, it costs a lot of money. If you’ve been thinking about it for a while, though, and have a good plan on how you’re going to make it work, it might be time to do it. Are you sure you’re ready to be a homeowner?  Let’s look at 3 signs to know if it’s time to take that big leap and buy a home.

1. You’re ready to take care of a home
It takes a lot of effort to own a home. Without a landlord to help you with bothersome maintenance issues, you are in charge of handling every aspect of a home’s upkeep. That’s everything from plumbing to even changing the lightbulb! Are you up for the challenge? Well, if your answer is a definite yes, then you are most likely ready to buy a home. You’re going to need a trusty and reputable handyman and other reliable service professionals, such as an electrician and a plumber to assist you.

2. You’re sick and tired of throwing money away on rent

One of the biggest disadvantages of renting a home is that you’re basically throwing away money every month – or at least, throwing it into your landlord’s wallet. Does the thought of spending your hard-earned money on rent make you feel sick and tired? If yes, then  buying a home may be the right dec;ision for you. Unlike paying rent, your mortgage payments go towards building equity in your home. The more money you put into your home, the more you increase its property value!

3. You’re ready to stay in one place for a substantial amount of time

Tired of moving? Owning a home allows you to feel settled in a city in a way that renting simply does not. For example, your landlord may raise the rent or suddenly terminate your contract forcing you to scramble for a place to live. This wouldn’t be the case if you own a home. As long as you are able to make your monthly mortgage payments, you should be able to stay for as long as you like! Living in a place for a substantial amount of time (and not wasting it on moving around) allows you to focus on other important goals such as working hard on your job and spending time with your loved ones.

Ready to buy a home?

If some of these apply to you then you may just be ready to finally buy your first home. It’s time to contact a mortgage lender to get pre-approved before you start your search for your dream home. Find a talented and knowledgeable Realtor who can make help make your homeowner dreams a reality. Remember to make a budget and stick to it. Right now interest rates are still at historic lows, its a great time to buy. The question is.. Do you think you’re ready? Best of luck!