|
Will renovating your home help you in today’s property market?
Will renovating your home help you in today’s property market? My answer is yes, but what is yours?
Property investors and home owners can definitely boost the value of their properties through home improvements. Renovating has increased in popularity over the last decade and we see more and more of the “golden oldies” reaching top selling prices.
"Older apartments are becoming like hens teeth nowadays as buyers realize the value to be found in these properties” This according to Sharon Westcott of Lew Geffen Sotheby's International Realty.
I have seen a dash of paint making a big difference in the price of a property.
In many cases owners are now spending more on the renovations than on the purchase of the property. Bearing this in mind, it is important to get it right if selling your property in the near future is what you have in mind. By doing it right you could be handsomely rewarded.
Renovations must be done in such a way that it suits the taste of the next buyer. But this is not where it ends;
• Do your homework
• Do market research
• Consider your options and how your actions could influence the resale value of your property. The golden question, is it worth your while to renovate?
• Money spend on renovations must be recouped when you sell your investment
• If your consider extending you should make sure if it will not be more viable to sell and buy a bigger property
• Get advise from a real estate agency or property valuers
• Take a good look if the basic structure, foundation etc. of your property is sound before you start any renovation. For example, it does not help spending money on renovating your kitchen if the roof of the property is leaking
• Cap the amount that you will be spending on your renovations and the easiest way to do this is to find out what the best house in your street would sell for. Use this as your guide as to the maximum you should spend. According to one of the financial institutions in South Africa a home more than 15%-20% pricier than other properties in its neighbourhood will be unlikely to sell as buyers can get property in a better area for a similar amount
• In this instance of renovation it is not location that will count but impression.. impression.. impression!
• Be aware of trends in your area as particular renovations can add value in certain areas. Building a swimming pool might work in one area and not in another
• Decide on the style and make sure that it suits the original style of the property
• Don’t underestimate the true costs of renovating. Get several quotes for the work beforehand
• Make sure that what you do is done correctly and in a professional manner and professional standard
• Keep receipts and guarantees on file to show estate agents and prospective buyers
If you are not considering renovations with selling in the near future you should give it a good second thought. Think about your future and what you will be needing. Will you need extra rooms for planning a family? Will stairs work when growing older?
Where do I start?
Clean and good looking is what buyers are looking for. Forget building a swimming pool the experts warns us. For the best return on your investment you should invest in renovations in the kitchen, bathrooms and garages. According to property valuers and estate agents the most notable areas for improvement are en-suite bathrooms, modern kitchens and garage space as these are the features that sell homes and grow value, and if homeowners are going to spend money on renovations it should be in these areas. Afterall, who has the last say, the husband or the wife?
Then on the other hand, renovations are not just good for selling a property but also for letting it. A good looking property can fetch a high rental and yield a good return as we see rentals increasing in South Africa. Large homes with sea views in areas like Umhlanga, lower La Lucia and Mount Edgecombe in Kwazulu Natal can fetch between R20k – R25k per month.
Remember, your house is your biggest investment therefore if you are going to do it, do it right!
The Editor
Pat Jewell
www.cyberprop.com
Author-Bio: CyberProp is filled with real estate news, property investments, listed estate agents and real estate advice. With the click of a button we will provide visitors to this website with a wide selection of property for sale and property to rent in residential properties, farms, commercial properties, vacant land, business properties, industrial properties, holiday homes and retirement homes. CyberProp for property in South Africa. Now, sit back and CLICK!
Keyword1: Real Estate
Keyword2: Property
Keyword3: Investment
Theme: Business Planning
Click to bookmark
Corporate Identity Logo-Shape
Please Rate This Page
|
 |
||||||||||||||||||||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Corporate Identity Logo-Shape