Property sold at a high price
Renovating your property would enable you command a higher resale value if you are looking to maximize your asset investment returns. As a general rule of thumb, you can expect the value of your property to increase by 20% once the renovation works are completed.
Command a higher rental premium
Given the increasing supply of commercial and residential properties in Dubai, renovating and decorating your property would reduce the time the property is off the market not generating rental income, increase the likelihood of finding an upmarket tenant and above all command higher rental income. As a rule of thumb, you can expect 20% rental premium compared to non-renovated assets.
A lot of properties may not be up to the standard and liking of the owners. Depending on your lifestyle needs, you may want to upgrade your property to create more space, change flooring, install quality kitchen and bathrooms, repaint or even add a pool and design your garden area. More demanding customers may even opt to add home automation solutions including energy saving devices. Renovating your property to create more comfortable living would certainly add value to your family or office colleagues while at the same time increase your property value.
Property maintenance and general investment practice
Renovating and maintaining your property is a necessity, but also a general investment practice. Renovated properties can be sold faster and at a higher sales price, which can be an important factor in times of real estate market over supply as may be experienced in Dubai.