select
|

Improve your home’s sale chances with regular improvements

In any neighbourhood it is likely that two, three, four or more homes may have been built at the same time, on roughly the same size erven and offering similar accommodation.

Nevertheless, if these properties were put on the market simultaneously today their market related value could differ by as much as 30 percent, says Wayne Albutt, the Rawson Property Group’s regional sales manager for the Western Cape.

This depends on the care and thoroughness with which the homes have been maintained and looked after.

“Although some people will pay out large sums on life, vehicle and health insurance, they neglect to insure themselves against the day when their home has to be sold – and statistics show that on average middle class homes in South Africa are resold in under 10 years. Death, divorce, occupational transfers, promotions, job losses, lifestyle changes, family circumstances and many other factors make it very unlikely that people will occupy only one home throughout their adult lives.”

This being the case, Albutt says home owners should budget to ensure that their homes gain value well ahead of the national average – and this can be assured by regular and committed ongoing improvements and maintenance.

Repainting, waterproofing, improving the lighting, flooring, security systems as well as adding on extra facilities such as braai rooms, laundries and garages, replanting and upgrading of the garden will always add roughly double the cost of the original outlay to the value of the home. This is obviously always subject to working within reason on quality of finishes while bearing in mind the maximum potential of the neighbourhood.

Furniture, too, says Albutt, should be replaced and improved regularly. When the home is sold, one that is tastefully and appropriately furnished will attract far higher offers, or quicker offers, than vacant or poorly furnished homes.

“Just 1 percent of the market value of your property invested each year on home improvements should guarantee one of the best returns around. The biggest benefit of owning your own home is the lifestyle investment element and not necessarily the financial aspect. Constantly adding value to your property a little bit at a time, most importantly, makes your home a much more pleasant environment to live in, a place called home, where experiences are shared and memories are created,” says Albutt.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
    • 19 Feb 2018
      Situated approximately halfway between Johannesburg and Pretoria, Midrand was established in 1981 and forms part of the City of Johannesburg Metropolitan Municipality. It has become one of the major business hubs in the country with major pharmaceutical, textile, telecommunication and motoring giants situated within its boundaries.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK