4 Things to Look Out For When Considering an En Bloc Sale
In the face of en-bloc sales: to renovate, or not to renovate?
As we usher in the new year, some homeowners are already looking forward to the possibility of an en-bloc sale. Given the recent spike in en-bloc sales, with as many as 16 private residential estates sold for millions, these homeowners are not wrong in counting down to the en-bloc rush.
But what happens if you have just moved into your new estate and news of the en-bloc sales descends upon you? What is a new homeowner to do? And if you’ve considered renting out your apartment, what happens now when en-bloc news starts to cast uncertainty over the fate of your house? Since an en-bloc requires the consensus of at least 80% of homeowners in the estate, this decision may take a few months or drag on for years! So whether you’ve thrown your lot in and agreed to the sales, or decided to move, the chance that you might be undecided about renovating is high. Well, it’s not impossible, but do think through these 5 things to look out for, in the face of an en bloc sale.
For the new homeowners: Keep it simple.
If you’ve just moved in and want to renovate the house, but hear from your neighbours that an en-bloc decision is pending, you can still renovate and keep the house simple. For instance, if the apartment still has its built-in furnishing, such as built-in wooden cabinets, you may want to remove them as wood can rot due to Singapore’s high humidity. Keep to a minimalist look as you renovate, using white for the walls, and earthy colours for the furniture. As an en-bloc sale may take a long time to decide, this minimalist look will take you through the years and give you a piece of mind, just like this lovely space below from Sky Creation. Sky Tan from Sky Creation advises that “Using different shades of white and light touches of wood can help to make the room inviting.”
A plus point to the renovation is that you won’t regret it if you decide to en-bloc later on due to lowered renovation costs! The good news is that if you’ve renovated, this value may be considered when the developers make a bid for your estate
Space, space, baby.
For those who cannot decide whether to en-bloc or not because you love the kampong spirit, but need more space for your expanding family, perhaps consider these options to expand your space first.This is important, as many new units are actually smaller than the older estates. So, for a children’s bedroom, bunk beds work wonders in making space for two children. Interior designers have also gotten extremely creative in turning the bedroom into a work of imagination.
Other ideas, for instance, using concealed shelving is a nifty use of space!
James Ng from Flo Design mentions that a feature wall with shelves is excellent for converting tight spaces into a place of storage.
Renting your space out?
Perhaps the consideration is that you’ll like to put a tidy sum away for retirement. But the en-bloc process takes awhile. Then a better proposal would be to renovate your apartment and get it rental ready. What should an apartment for rental look like? Since you will not want your tenants to knock anything down, or put anything with nails on the wall, you’ll need to create a cosy environment with a lot of storage space for the family. Clever details like a lounge area with storage space underneath your furniture is a huge draw for a family, as they can keep their things away neatly.
It’s all about the materials
The materials you choose also adds to your cost. For flooring and wall tiles, marble is the most expensive, whereas ceramic tiles are the cheapest.
Aesthetically, cheaper does not mean uglier. Tiles, when used effectively can brighten up a house and can also project a luxurious, expensive look, as the combined use of ceramic and marble tiles in the bathroom below shows:
Says Joewi Yeo of Summit Design, “Ultimately, the client needs to be open with the designer in communicating their budget, and then the designer can work accordingly.”
Do you need to renovate every part of your house?
For existing homeowners, you may have stayed there your entire life. But that’s no reason to renovate your entire apartment. If suitable, lasting materials have been used for your apartment, your house condition should still be intact. Think long and hard about which area requires renovation and discuss with your interior designer about your concerns.
With so many tips to keep in mind, no more worrying about the prospect of an en-bloc sale! Renovating your house helps you to enjoy your sanctuary at home; by applying the 5 tips above, the option of saying yea or nay to an en-bloc sale can come later, when you’ve finally considered all possibilities.
Want to find out how you can best maximise the your home in the face of an en bloc sale? Leave it to the experts! Simply request for a free renovation quote here, and we will match you up with interior designers based on your needs.
What’s more? Stand a chance to win a Mercedes-Benz CLA 180 Coupe & Free Home Renovations worth $30,000!