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That was my question to a friend of mine, who just bought a resale flat. This isn’t a new flat either: we’re talking 1970-something construction, and there’s still a squat toilet. Usually with a flat this old, you expect any savings from lease decay to be swallowed up by a scary Interior Design bill. But as a sign of the times, my friend has done nothing but refurnish: new tables, chairs, beds, etc.  But all of the old renovation, from cupboards with slightly peeling edges, to the occasional missing tile, is still as it was – likely from a renovation that was over a decade or two ago. But his reason for keeping it that way?  The first would be avoiding the reno loan. He detests the idea of owning money, and taking a home loan was a big enough shock to the system. So rather than add another few thousand dollars a month in debt, he’s content to live with the conditions for the next few years, until he can renovate with just cash.  The other reason is that he has a planned holding period: five years at best, and 10 years at most. This isn’t unique to him; and as resale prices and renovation costs go up, I come across it increasingly often: homeowners who don’t go beyond bare maintenance because – I quote – “ On one side, you have those who, despite all arguments the government may put out, think of HDB flats as being .  These are the people who point out that the form you sign when getting your flat says “lessee,” or that 99-year leaseholds and eligibility criteria aren’t “true” ownership. For this batch, they’re often driven to make the jump to private property (especially freehold private property), and they tend to see their flat as just a stepping stone. And they are, rather ironically, more appreciative of existing renovations. One strategy among them, like my buddy’s, is to look for a resale flat with renovations they can tolerate for just five years.  On the other side, you have the “pure” home buyers who see their flat as a home forever. This batch tends to ignore the value of renovations altogether. I’ve seen them tear down renovations that are only two or three years old, even if it was by top-end design firms. The reason is that, because they see it as their own space, it’s vital to have it reflect their own character and lifestyle – and they’ll splurge on renovations if they have to, because they often intend to live out their lives (or most of their lives) there. It’s definitely something for sellers to think about: knowing which group your prospective buyer falls into gives you a sense of how much to emphasise your renovations. Follow us on Stacked for more news on the Singapore property market.