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;
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
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 Newsletter:
5 February to 12 February 2010 - Focus on Lydenburg, Mpumalanga, South Africa |
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