Buying a property in Tbilisi is the first step of an investor’s journey. In Western countries, investors typically buy finished properties from developers. But, in Georgia, the developers sell apartments in a ‘white frame’ condition. This condition means they come with bare concrete walls, floors, ceilings, and no bathroom, among other things. While this practice may seem unconventional, it presents a unique opportunity. It allows investors to personalise their investment property in Tbilisi, making it stand out.
It’s natural to be conscious of your budget when transforming your new apartment. But, it’s important to remember that there may be better approaches than seeking out ‘cheap’ design and renovation companies. In our line of work, we advise against focusing on finding the cheapest option. Renovating your future home or rental apartment in Tbilisi is a significant long-term investment. So, it’s crucial to prioritise the best possible quality within your budget. Cheap renovation offers are tempting. But, this signals the potential use of inexpensive materials, resulting in premature wear and tear. Although qualified professionals may come at a higher cost, their expertise ensures your apartment’s long-term durability.
Considering the long-term benefits of investing in a good quality renovation and modern design is essential. A well-renovated and designed apartment has the potential to attract higher returns. According to recent rental market studies, in 2023 monthly rent for a 1-bedroom apartment in desirable neighbourhoods of Tbilisi can vary between 500 and 1400 US dollars. This data proves that long or short-term tenants are willing to pay a premium for a well-maintained and stylish living space. By appealing to this target market, you can increase rental yields and enjoy a steady stream of reliable passive income.
Moreover, a good-quality renovation tends to reduce ongoing maintenance costs due to the use of high-quality materials. This translates to a lower long-term resource contribution, saving you time and money. Investing in high-quality materials and fixtures during renovation can significantly decrease the likelihood of expensive repairs. Examples include quality laminate, reliable plumbing fixtures, and durable electrical components.
Additionally, a well-maintained apartment with quality finishes can significantly increase its resale value. This aspect becomes particularly significant when you contemplate entering Tbilisi’s highly competitive property market. Recent studies suggest that the demand for well-renovated properties is rising. Buyers are willing to pay a premium for a turnkey apartment with exceptional quality and design. Investing in a top-notch renovation can position your property as a highly desirable option for potential buyers. On average, we find that well-renovated apartments tend to sell for 30% to 40% higher than their original sale price.
Considering all this, we acknowledge the importance of balancing cost and quality. Our Construction Division dedicates itself to delivering high-quality design and construction services. In the last six years, our Construction Division has successfully delivered over 180 apartments for our clients. Our extensive experience working with local suppliers and builders ensures you receive the best materials and handiwork within your budget. Our satisfied clients consistently confirm this commitment to quality. Our approach ensures you receive the quality results you deserve without straining your finances.
But, regardless of whether you choose to work with us, we advise against searching for ‘cheap’ renovation companies. You will find them and end up disappointed with the result. It’s important to prioritise quality and choose professionals with a proven track record in the local market. Investing in a reputable company may need a higher upfront cost, but it will save you a lot in the long run.