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Tag: maintaining home value
₱2,000 — ₱2,000,000,000
Type of housing
How do you maintain the property value of high-end homes in the Philippines?
- Perform regular maintenance
- Work on repairs immediately
- Increase curb appeal
- Make marketable improvements
- Ask for expert Advice
Buying high-end homes in the Philippines is more than just a financial decision — it is actually a huge investment! Naturally, as with any investment, you want the return to be as high as possible, and that can only be achieved if you stay on top of maintenance.
Often, people realize too late that a property’s value depreciates greatly over time and are greeted with disappointment when they’re ready to sell. Once they put their home on the market, they are faced with the fact that it won’t sell or the price is far lower than what they initially expected. In the end, they are forced to sell, which is unfortunate because it’s not that hard to maintain or even increase property value.
If you don’t want to end up in the same boat as these people, then we highly recommend that you stick with these practices once you’ve taken ownership of your high end home!
Perform Regular Maintenance
Regular maintenance is the easiest, but also the most important move you can make to maintain the value of your home. Aside from keeping your home tidy and organized, maintenance also involves making sure that everything is in its best condition.
You can leave this task up to the professionals or do them yourself. We suggest you go with the former if you have the money to spare and when expert knowledge is really needed. If the task is manageable, then best do it yourself to avoid any additional expenses.
Maintenance not only prevents property value to depreciate but also helps avoid damages that could lead to difficult and expensive repairs, so make sure not to skimp on it.
Work On Repairs Immediately
Sometimes, you have to accept that regular maintenance isn’t enough to keep things in good shape. Everything has a lifespan and maintenance only delays their inevitable end. Once that is reached, however, there’s nothing you can do but issue repairs or replacements.
When this happens, make sure to do the repairs or replacements immediately and don’t let the problem sit for too long. If you do, then you run the risk of turning a small issue into a bigger one that may require large amounts of money to solve.
Unlike with maintenance, however, we suggest that you leave repairs to the professionals, especially if you have no knowledge or experience on the matter. Taking up the task yourself may lead to additional problems that we’re sure you don’t want to deal with.
Increase Curb Appeal
Curb appeal refers to the attractiveness of the property based on its exterior or when it is viewed from the streets. The parts of your home that contribute to this are its landscaping, front entrance, and paint or siding. Simply put, the aesthetics of the façade of your home is what determines curb appeal.
Ever since the housing boom, curb appeal has been one of the determining factors of a property’s value, which is why it’s important to boost it as much as possible. This entails undertaking tasks such as painting and/or power washing your exterior walls, keeping a healthy lawn, trimming bushes and trees, and many more!
It’s important to keep in mind that prospective buyers are going to paint a picture of what the interior of your home looks like based on its exterior. If it’s unkempt, then they will instantly assume that the interior is equally unappealing.
Make Marketable Improvements
There are a lot of things that can slowly eat away at the value of your home without you knowing; outdated and inefficient appliances, furniture, and fixtures are actually some of these.
Although not necessary, it is highly recommended that you make marketable improvements and upgrade these things according to the latest technologies. You should also consider renovating rooms such as kitchens and bathrooms. These two specific areas are a huge part of your home’s value, so it’s best to keep them in great condition and remodel them every few years or when your budget allows it.
Whenever you make these improvements, make sure that you’re prioritizing quality over quantity. Packing your home with dozens of technologically-advanced appliances won’t do much if they’re of low quality; the same can be said for poorly executed home extensions or renovations.
Ask for Expert Advice
The thing with property value maintenance is that it not everything works for everyone. There are some strategies or techniques that are only applicable to a select number of houses and barely affect others.
A great example of this would be remodeling parts of your home. In some areas, a renovated bedroom may hold more value than a remodeled kitchen or bathroom. If you don’t want to spend your time and money on a useless improvement, then we suggest that you run your plans by the experts before you put them in motion.
These people can tell you what actions to take to boost your home’s worth. They can even point out small problems that may have big impacts when solved – things you may have failed to notice yourself.
High-end homes in the Philippines have great resale value and you can take advantage of this if you stick to these maintenance practices. These shouldn’t be difficult to follow and are sure to be worth it in the end. Even if you don’t have any plans of selling your home at the moment, it’s still best to adhere to this just in case you change your mind!
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