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
About the author:
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!
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
About the author:
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!
posted by Hugh Harris-Evans at 1:12 AM
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