The value of property is ever increasing, and you can capitalized on this to make a good profit out of old properties. With the property market going up most people prefer to live in apartments rather than houses that can be too expensive to maintain. Old houses have all the necessities a small office would need, and they can be given a new life and resold to companies as office space for a much higher price. If you have the time and the money to invest in a project of this nature you stand to earn a good profit from it as well. If the idea intrigues you, here are a few points to get you thinking about whether it’s a venture you would like to take on.
Seeing the potential of the old property
The first step is that you must be able to see the potential of the old property that you are about to buy. Before you buy the property make sure to walk around and begin accumulating ideas about how you are going to improve that space and how you can increase its value. You can also refer to architectural magazines for ideas and inspiration. To avoid having to incur any unexpected expenses in the latter stages of the project, make sure to have the property checked for structural damage, plumbing, electric wiring etc. If it seems like some repairs will have to be made, consider whether you can budget it in and how much it would affect your profit margin.
Giving it a new life
A large part of giving the property a new life is to make sure that you have a good commercial interior designer in Singapore who can remodel the space in a way that it can be put to use again.
You can ask the designer to come up with a plan for the new commercial interior design. Work on it with them till you find a right layout that fits the budget. It’s important to keep the costs as low as possible since you want to make a profit out of reselling the property.
Telling a story
These old houses have a lot of history in them. Therefore when you are putting it back on the market, make use of this history to make the spaces seem more unique and special. Some of these houses may have been designed by well known architects. Even when you are refurbishing the houses make sure to try and save as much of its original elements such as doors, windows and moldings.