The Costs And Benefits of Renovating Real Estate in Cambodia

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Improving your real estate property in Cambodia doesn’t simply end in updating your old furniture or fixing what’s broken. If you need to take it a step further to make the property look its best, then renovation would be the best move. This is especially true since renovations simply refreshes how a room or area looks like, but retains its original purpose.

While renovations can be a huge commitment since you need to plan it well to get the results you need, the end result will be beneficial for you in the long run. In short, renovations are a great solution to updating your real estate property back to look its best!

Besides that, according to the magazine Remodeling Online, you can get an investment return to the renovations, depending on what you renovate. Here are some of the average investment returns you can get for home renovations:

  • Replace/update your sliding: 75% to 83% return
  • Replace/update your window: 75% to 80% return

Renovation factors to consider

To properly prepare for it, here are some of the factors you need to consider:

  • Hire an expert: Getting an expert to look at your property is a sure way of ensuring all the problematic areas are actually spotted and addressed. Generally, contractors, electricians, or whichever expert you need for a job can complete the tasks properly without risks.
  • Check if you need permits: Not all renovation projects need a government permit, but there are some that do. In this case, you have to make sure to check if you need one and apply for it since fines can be imposed if you don’t follow procedure.
  • How big the project will be: A big factor in renovation projects is the total expense that you need to shell out. Once you’ve consulted an expert on the problem areas in your property, you can compute the estimated cost of the whole project. Then, allot the right budget for it but make sure to add an excess, for other potential expenses you might need to shell out.

Average renovation costs

Home renovation costs can vary greatly depending on what you want to renovate and how large the property is. However, the average renovation costs for the usual renovation options for a 50 to 70 square meter apartment in Cambodia are quite cheap. According to an experienced IPS Cambodia property manager, you can expect the average costs for the following:

  • Normal cleaning: If you want to have your property cleaned, it usually costs between $25 to $40, depending on how large the place is. It’s an average of $30 so make sure to prepare for the expense accordingly.
  • Repainting: Whether you want your property to look like it’s new with a fresh coat of paint or simply to update how it looks, repainting costs an average of $400. However, it can be from anywhere between $350 to $500. 
  • Plumbing: Improving your property’s plumbing isn’t needed every month but you have to make sure it’s always checked since if there’s a problem with it, it can lead to a flood or more. If you want to have your plumbing updated, it costs an average of $120 and can be anywhere between $80 to $180.
  • Electrician: A must for your property is to have proper electrical connection so you always need to have this checked. When you hire an electrician, it can cost an average of $130, which can be anywhere between $80 to $180. Make sure to have this updated first to lessen potential home risks!

By entrusting IPS to manage your Cambodia property, we offer a variety of added benefits including assistance in renovating your property. Learn more about our property management services.

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