If you are looking into exploring real estate investment for the sake of flipping for profit, it’s not enough to simply buy a property, sit on it, and then sell it – not all the time at least. In most cases, you’re far better off making some quick and easy upgrades to a property in order to both increase its resale value and overall buy ability. That way, rather than waiting and hoping that a property will appreciate in value on its own, you can take matters into your own hands. Here are some examples to inspire you…
1. Update the kitchen
The kitchen is arguably the most important room in a property and the one thing that most buyers will heavily reference when it comes to making their final decision.
Minor kitchen upgrades can have a huge impact on a condo’s resale value. Something as simple as upgrading your kitchen countertops to granite can refresh a kitchen whilst adding significant value. You can even stretch to marble if you want to class-up your property.
2. Refresh your appliances
Another thing that potential home buyers are looking for when investing in a new home is longevity. For example, how soon after moving in will they need to update the appliances? Condos which have new, matching appliances will be far more likely to sell—and fetch a higher asking price—than those with dated ones.
3. Level up your bathroom
Just as the kitchen is a critical deciding factor for property buyers, bathrooms are equally important. And the best part is that you can easily take an average, ‘generic’ bathroom to the next level with a few choice upgrades.
Something as simple as upgrading your faucets, installing a rainfall shower, and adding recessed LED’s can really transform a bathroom.
4. Flooring is the foundation
Choice hardwoods and refreshing tiles remain highly popular in modern condos and that’s not likely to change any time soon. If you wish to add value and buyability to your condo, we highly recommend upgrading your flooring and keeping it consistent throughout the space.
If you are worried that tile flooring throughout might make your condo feel cold or uninviting, invest in a few handsome rugs for good measure!
5. Storage is king
Particularly in smaller condos, storage can be hard to come by. If you really want to add value to a smaller space, then having some intelligent storage solutions will work wonders for you. Rather than use up the limited square footage you have available, take to the walls and un-utilised corners to add shelving and vanities. You can even combine a comfy Ottoman with a storage chest. Multi-functionality is the way forward.
As you can see, there are a number of affordable steps you can take to add significant resale value to your Bangkok condo. If you combine these clever upgrades with smart purchasing decisions (e.g., buying property in up-and-coming neighbourhoods / following Thai government regulations for condos), then you won’t have much trouble flipping a condo for profit in the future. Check out some of the condos for sale at XT Huaikhwang Bangkok for some examples of quality properties in desirable, strategic locations.