Good reasons to renovate now

Even though house prices are only rising slowly at the moment, it is worth investing in your home to maintain and improve it.
That’s the advice of RealNet estate agency group MD Jan Davel, who says that there are several good reasons for homeowners to tackle renovation projects now rather than put them off until later – the first being that they should be able to get any construction work done at relatively low cost.
“Business is currently very slow in the building industry so the chances are good that contractors will now not only call you back, but also offer you a significant discount on what you would have paid a couple of years ago,” he says. “In addition the prices of many building materials have gone down, so DIY projects should also be cheaper to complete.”
What is more, says Davel, if you need to access some of the equity in your home, or borrow some money to finance a renovation project, now would be a good time to do so because interest rates are so low.
“And if you upgrade your home instead of moving to a new one, you get to keep your existing bond. Apart from the fact that it is often cheaper to renovate than to move (no transfer duties, bond registration, legal fees), staying in your existing home means that you also don’t have to go through the nerve-wracking process of applying for a new home loan – or go all the way back to the 20-year repayment starting line.”
As for those worried that they will not recoup the costs of any renovations if they then decide to sell their home, he says they should be looking at “smart” projects that will add value even in the current market – by at the very least ensuring that potential buyers don’t bypass your property in favour of competing homes that have been modernised.
“For example, there’s a big difference between remodelling a 10-year-old kitchen or bathroom now just because you don’t like the style anymore (which would be a waste of money if your plan is to then sell the property) and replacing a 40-year-old installation that would really put potential buyers off.”
Other smart projects to consider now, Davel says, are improvements that will cut energy costs - such as roof insulation, solar power systems and heat pumps – and conserve water. 
However, he says, all renovations are best undertaken when you are planning to stay in your home for at least another five years. “If you’re going to add on an extra living room or create a great new entertainment space outdoors, the idea should not be to do so for the next owners of your home, but so that you can enjoy the home you already love even more.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 22 Feb 2018
      An excellent credit score is one of the most priceless assets a potential home buyer can have. This tool has the power to secure favorable mortgage and refinancing rate, influencing everything from the size of the loan repayment to the interest rate on the home loan.
    • 22 Feb 2018
      What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria?
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 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.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us