Does remodeling pay off?

Seems there are many cookie cutter flats in Ma On Shan, but if there is a small group of renters that are looking for something different then your flat would stand out. For that reason you could tap into that niche - single or couples that want to live in Ma On Shan to be close to family or work but want a western sized room. Someone like that would not need much more than bare necessities for a kitchen, and lots of storage. So I think you should go for it. Renovation does not have to be expensive as there are lots of ways to skimp on materials cost.

if you want to sell it in 1 year, i would never renovate it. in 1 year time property prices may drop even lower and if you cut one room off, it would be more difficult to sell in a local dominant area. your risk is too great.

put also in mind, it would be more difficult to get a mortgage with an altered flat for your buyer so lots of people will not be able to afford your property even if they like it.

If renovated and brand new, it may add value for selling. If renovated and rented out even for just a short period of time it's added value is gone. Local buyers (end users) would almost always like to renovate before moving in.

i definitely think remodeling can pay off.

however, i have a great designer!

the problem i am seeing as i view flats for sale is that the remodeled ones have such boring designs and the material choices are terrible. i keep seeing the same ugly renovations, and if i were to buy in these places that have their ugly counter tops and typical blah bathrooms, i would definitely have to tear it all out even though it's new.

also, renovated flats have typically already been marked up. i personally look for flats on the cheap. not where someone pays 3 to 400k for a crap renovation and then marks it up accordingly.

so, i tell the real estate agents that im not really interested in renovated flats.


however, if you have a good designer, i would say you should do it.

we took our old apartment from 2 bedrooms to 1 and still sold at a 40% gain two years ago (would have been a lot more now..... hitting my head on table as i type...)

anyways, good luck with whatever you do!