On and off, I would browse propsocial.my and today I come across a topic which seems familiar to me. The discussion was about how much would one be willing to spend on renovation, assuming one has just bought a new home. If you would like to follow or comment on the discussion, it’s here: propsocial renovation discussion I have renovated some of the condos I bought, including the first apartment for which the renovation included some hacking here and there and an extension of the master-room toilet as well as a rebuilding of the kitchen. Total was RM20,000. That was 12 years ago.
Since then, most of the time when I buy, I almost always aim at a renovated units. For example, my unit in Kelana Puteri came with full kitchen cabinets and built-in closet for the master-room. The owner even left behind lots of other stuffs which meant that getting just one TV, one fridge and another washing machine and I could rent out the place almost within one month of getting the keys to the unit. The unit I am staying now in Damansara Damai came with over RM100,000 worth of renovations and the kitchen cabinets are from IKEA. Whether we are buying for investment or own stay, it may be better to buy a renovated unit. It saves you time, effort and money.
Time. Think how much time would you need to buy all the necessary white goods. You intend to buy each and everything from one shop? As long as you are okay to pay more, I think you save a little bit of time. What about the time needed for the unit to be renovated? You could not start renovating before the keys are handed over to you.
Effort. Lots of effort. If you are not working full-time, this can be managed. If you are working, are you sure you want to spend your weekends doing all these stuffs? Getting a good contractor, ensuring the contractor does his job properly, rushing to meet him a few times during the duration of the renovation. Nope, that’s not something I like a lot. I prefer to have more time for my loved ones, including even mamak time with friends instead.
Money is the big part here. Today, if you are going to do kitchen cabinets, do up a more comfortable toilet, buy some electrical goods and furnishings and install fans, lights and one air-con in the master-room, this would already set you back easily RM50,000. Why bother with this when you could have bought one with everything ready.
If the renovations were totally out of this world and you dislike it too much, then move on. Do not forget the forest just because of one tree. Yes, if you want to unleash your creative juice, it’s better to buy an empty unit. The reason is because if you buy a renovated unit and you dislike it, just dismantling the existing renovations would already cost you lots of money. Happy renovating.
written on 17 July 2015
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