Renovate now if you are selling in 2015

The market may be a little quiet during the festive season, but in the New Year, people will be looking to relocate, perhaps to be closer to new jobs or schools. “The holidays are the ideal time to get your home looking as good as possible if you’re thinking of selling,” says Carel van Niekerk, Principal at Jawitz Properties Tygerberg.
“Buyers prefer to simply move in and settle down. Most don’t want to renovate and repair, and would rather pay a little more to move into a home that has been renovated and is in good nick,” he says.  The difference in monthly installments between a bond of R1 million and R1.1 million is about R1000 per month. “A thousand rand a month is easier to afford than R100 000 cash for renovations.”
Jawitz Tygerberg recently listed a property in Goodwood for R1.195 million. The paint in two of the bedrooms was in bad condition, the support beam under the wooden kitchen floor was damaged and the back yard was messy, while on the back wall of the house there were old electric wires and water pipes which were no longer in use.
“Every time buyers came to view the property, they were informed that the owner would repair the damages and tidy up, resulting in only two offers of R900 000 each,” van Niekerk says.  “We suggested that the owner take the house off the market for two weeks to do the required repairs.”
The owner spent R7 900 to paint the two bedrooms, fix the kitchen floor, remove the old pipes and wiring outside and to clean up the back yard. New photos of the property were loaded online and it was back on the market. “Within the first week we received two offers of R1.07 million and R1.12 million,” van Niekerk adds.
The house sold for R1.12 million in the end, which was R220 000 more than when it was first on the market in its original condition. “This is a great return on the effort and money spent to make those small changes - an investment of less than R8 000.”
Another property transaction saw one of the main banks give a client a 100% bond, pending valuation of the property. “After the valuation was done, the bank decided it would only grant the bond once the house was painted throughout the inside, and once the gutters had been replaced,” he says.  “So the owners of the house for sale were under pressure and probably ended up spending more than they needed to had they taken care of those things before putting their home on the market.”
First impressions definitely play a huge role in the final price you get for your home.  For a relatively low cost you can fix leaking taps, loose gutters, mouldy bathroom tiles and overgrown gardens – these are all easy things to fix. But they make a very big difference. “A clean, tidy appearance goes a long way and will get you the best possible price,” van Niekerk concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 20 Mar 2018
      Located close to the fast growing Fourways precinct, Dainfern continues to attract local and international interest from buyers seeking a secure lifestyle with affordable entry price of approximately R3 million.
    • 20 Mar 2018
      Property owners in the Durban CBD are addressing the affordability challenge that faces many prospective tenants in their area – and reconfiguring the inner city rental market in the process.
    • 20 Mar 2018
      One of the most misunderstood concepts in the process of selling a property is an exclusive or sole mandate.
    • 19 Mar 2018
      If a landlord opts to use a managing agent for the rental of his or her property, the inspection process can be easier as the agent is not emotionally involved and will certainly have concluded an in-depth inspection report in the interests of all parties.
    • 19 Mar 2018
      We all wish we could have the cheat sheet for selling a property – a simple Ctrl+Shift+C code that will magically secure an offer on your home in an instant. Though it is not possible to provide you with this cheat code (sadly, reality does not come with such perks), it is possible to provide you with a list of the most common blunders some of your neighbours have committed in their efforts to sell their homes
    • 19 Mar 2018
      Although property technology is now widely accepted as an established trend, especially in the international real estate arena, the industry has been cautious to advance and smaller markets like South Africa are still hesitantly dipping their toes in the water.
    • 16 Mar 2018
      Strange as it may seem, there is a stock shortage looming now in the luxury sector of the Johannesburg property market, because astute buyers have for the past few months been hurrying to snap up high-end homes being offered at excellent prices.
    • 16 Mar 2018
      No one likes having to claim but having insurance for your household contents is vital, and at the start of a new financial year, homeowners either applying for new household insurance or revising their existing insurance should take a comprehensive inventory of their possessions and keep track of the total value.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us