The crossroad of property value

What was once a farm with a stately manor house as its private residence has now become possibly the fastest-developing commercial and residential hub in the far north of Sandton.

Getting its name from the four-way stop where William Nicol Drive and Witkoppen Road met, Fourways has become a sought-after suburb among property buyers and renters alike, says Dieter Harck, Broker/Owner of RE/MAX One Hundred, which operates in Fourways and surrounding areas.

Harck attributes the appeal of the area to its location. “Fourways is ideally placed close to Sandton’s financial hub where many of the residents in the area work, however, the prices of property are lower and more affordable than those in the Sandton CBD. We find that a large portion of the residents in the area are young professionals looking for start-up homes,” he says.

According to Harck the predominant price band of homes in the area vary from R500 000 to R4 million depending on the type of home and features.  He notes that there are a few aspects that influence the perceived market value of a home in the area such as views. “As the saying goes, beauty is in the eye of the beholder and in some cases a home with a scenic view can be sold for between 1% and 5% more than a similar property without one,” says Harck.

He explains that other features that affect the price of property in the area are aspects such as style of the homes as buyers in this area prefer contemporary homes. Renovated kitchens and bathrooms as well as gardens that have been professionally landscaped can influence the price of a home in Fourways.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that because a kitchen is regarded as the heart of a home, it is often a major factor in determining a home’s re-sale value. Updating a kitchen or bathroom is regarded as the two of the best investments homeowners can make in ensuring the value of their home. “Statistics suggest that on average sellers can get between 65% and 75% of the renovation cost back when renovating a kitchen or bathroom,” says Goslett.

Harck says that while modern kitchens and bathrooms can add value to a home, in some instances certain renovations or additional features can de-value the home. “It can be easy for a homeowner to over-capitalise in some areas of their home with personal choices. The unique features that some homeowners add are not necessarily what buyers would choose for themselves such as converting a bedroom into a personal home office, for example. While the office space could work for the homeowner, generally bedroom space is considered more valuable,” says Harck, “There are certain characteristics that can add to the appeal and interest of the home such as a spa treatment room, but this may not necessarily add to the value.”

RE/MAX One Hundred currently has a triple-storey property that they are marketing that they believe offers great value for money. The R 2.6 million home, which is situated in the Olivedale area, boasts many unique and interesting features such as a cellar-type entertainment area consisting of a built-in-bar and large wine cellar.  The home also features a Jacuzzi, pizza oven and snooker room.

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