select
|

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.



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 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.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
        
    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