Singaporean real estate owners and investors who are pondering on a sale should consider putting their properties by the end of 2018 when prices are expected to hit a new peak level.
If you want to increase your property’s value, an interior design firm in Singapore may help you with renovations. For instance, the average price for remodelling a four-bedroom HDB flat costs around $55,000. It may be quite expensive, but it would be a worthwhile investment as home prices would surge once again.
Property experts think that real estate prices in the country would exceed the peak figures in 2013 within the next two quarters of 2018. Christine Sun, OrangeTee & Tie head of research and consultancy, believes this may happen within the third quarter if there are no government actions or external macroeconomic factors.
Prices in the apartment sector would likely continue to increase in the next several months. During the second quarter, non-landed unit prices in the city-centre borders or Rest of Central Region rose 5.7%. Despite the launch of new projects and more pipeline developments, strong demand has been a major factor in the price growth.
The expected up tick in non-landed prices should be a good reason for investors to unlock the value of their assets. You have a higher chance of asking for a higher sale price after renovating your unit, although improvements require some financial planning.
Your preferred home style will largely affect your budget. A retro-style home renovation costs at least $30,000, but the price of materials could easily increase the expenses. Contemporary and transitional styles are among the most expensive at $82,000 each.
Before you plan to consider a sale, think about the benefits of having a renovated property. Even if there are more projects being launched in Singapore, the growing demand from buyers indicates a sustained level of interest in homes as either an investment or place of residence.