Most condominium investors are well aware that buying a condo to rent out and waiting for the right moment to sell for profit is the best form of speculation. For some units that have been rented out for a long time and are now looking to sell, if the condition of the unit cannot compete with new condos, they must reconsider their selling strategy, pricing, and how to improve the unit to make it more appealing to potential buyers. But how can we renovate an old condo without overspending, ensuring it’s worthwhile for both buyers and sellers? Here are some methods for renovating an old condo to attract tenants/buyers from actual listings.

Who Will Buy Our Unit?

            The first question we need to answer is who is going to buy our unit? This includes factors like profession, income, gender, marital status, number of children, age, etc. The answer to this question should be based on the price of the condo and its location. If you have held onto the condo for a long time, you should already have an idea of who lives in your project.

Redesign the Layout and Update Functions for a Modern Look

            Most condos have similar layouts for the living room, bathroom, bedroom, and kitchen. However, some projects may have layouts that do not align with the needs of certain groups. For example, those who value privacy may prefer having a bathroom in the bedroom, while frequent hosts might find it inconvenient for guests to walk through their bedroom to use the bathroom. Therefore, once we determine who we are selling to, we must consider whether our unit can be adjusted to meet their needs. Some system upgrades can be quite complicated and could lead to overspending, ultimately reducing profits.

Compare Our Unit with Similar Units on the Market

            As the saying goes, “Know your enemy and know yourself and you can fight a hundred battles without disaster.” Studying competitors in the market is crucial. The advantage is that we can find out how much similar units are selling for and how they are decorated. If we want to succeed, we need to identify what unique features our unit can offer. This can be done by visiting various units and projects for sale, or if time is limited, using online resources is a convenient and time-saving option.

Owners of units in the RHYTHM RATCHADA project looking to sell their 2-bedroom, 72-square-meter unit should compare prices and value with competitors before making renovations. They can search on TerraBKK.com, a service for finding properties for sale/rent (click to search for properties on the market), starting with similar units in the same project.

Once they have a preliminary price, the owner may be interested in the decoration of Property Number [198484] to gather ideas for their own unit's renovation, as it can help define the target tenant group and increase the asset's value.

Renovation Tips for a Stylish Look Without Overspending

1. Room Color Scheme

One of the most impactful aspects of decorating is the color scheme, particularly the color of the walls and ceiling. For instance, white creates a clean and airy feel, cream and pastel tones provide warmth, while shades of blue and gray evoke calmness. The decor should match the target customer group we want to sell to. Importantly, when decorating walls, use the 60/30/10 color formula: 60% light color, 30% medium color, and 10% dark color (all in the same tone). This can instantly transform an old room.

2. Freestanding Furniture

No one knows others' preferences 100%. If you have a limited renovation budget, you can save costs by opting for freestanding furniture instead of built-in options, allowing new residents the freedom to arrange the space as they like. The advantage of freestanding furniture is the variety available in stores, the ability to see the items in person, ease of movement, and repairability. Importantly, choose furniture that complements the room's color scheme.

3. Decorative Items

First impressions are crucial; some people can make decisions quickly. Decorative items play a significant role in creating a positive impression. They not only enhance beauty but also convey that the owner takes good care of the home. Decorations don’t have to be expensive; simple items like a minimalist picture frame, flowers, or aluminum sculptures can easily set the mood. For smaller rooms, using clear glass partitions instead of solid doors can create a more open and bright atmosphere, making the space appear larger instantly.

For those interested in finding property information, decorating ideas, or exploring second-hand projects, you can easily use the free listing service from TerraBKK by clicking here - เทอร์ร่า บีเคเค

Article by: TerraBKK Investment Tips

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