select
|

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.”
 
ISSUED BY REALNET


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Nov 2017
      Demand for secure estate living in Hout Bay has risen sharply in recent years, precipitating a spike in development with estate homes now accounting for 20.24% of the property landscape with the launch of an exclusive new gated development on 26 November adding 20 more units to the existing 1250 estate homes.
    • 24 Nov 2017
      There are some things that money can’t buy – spectacular views from Mouille Point to the V&A Waterfront and a trendy and lively neighbourhood that encapsulates the very best of the Cape Town lifestyle.
    • 24 Nov 2017
      Tshwane’s four-bedroom Mayoral mansion, nestled among ambassadorial residences in the upmarket suburb of Muckleneuk, fetched R5.1 million after spirited bidding at High Street Auctions’ final sale of the year.
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
        
    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