select
|

Top five home improvements for stay-put homeowners

Home loans are hard to get – or at least a lot harder than they used to be, thanks to the new credit rules – and many  homeowners who might have thought about upgrading are staying put and looking at home improvements because they are worried they might not qualify for another bank or home loan if they were to sell their property and try to buy another.

And this is putting a completely different complexion on home improvements,  renovations and alterations, says Berry Everitt, MD of the Chas Everitt International property group.

“Whereas those who are upgrading or looking at home improvements with the idea of increasing their property value prior to selling need to consider very carefully which ‘fixes’ are likely to deliver the best immediate return on expenditure, those with longer-term plans to stay put have more freedom to make changes that will also improve their own lifestyles.

“Of course, this doesn’t mean that they can go overboard and create a mansion in an area of starter homes which they could probably never sell for what they’ve spent on it, but it does mean that they can undertake some home improvement projects that might take a bit longer to become cost-effective.”

Writing in the latest Property Signposts newsletter, he says that, based on the consumer preferences the group is currently encountering, the five best home improvement or upgrade choices at the moment for both improving lifestyle and adding value in the longer term are:

  1. Improved security measures. Install an alarm system or improve the existing one. Put in motion-sensor beams or outside lights. Upgrade your doors and garage doors – you will increase your peace of mind and the appeal of your home for potential buyers if ever you do decided to sell.

  1. Improved energy efficiency. Add proper insulation, a solar geyser, a heat pump, a wind-turbine or even a rainwater tank and you won’t be sorry. You will reap the benefit of these home improvements for years as they result in lower council bills -and future buyers will love it.

  1. Converted outbuilding. If you have staff quarters or even a garage that can be converted into a decent bachelor or one-bedroom flat with its own bathroom and kitchen facilities, don’t hesitate. You can rent the space to help pay your bond in the early years of home ownership and use it to accommodate teenagers, guests or a home-based business later on. And it will be a definite plus for any future buyers, especially if you’ve built a secure carport by then to replace the converted garage.

  1. Additional bathroom. If you’ve settled in for at least the next five years, it’s really worth adding a second bathroom to a one-bathroom home – or a third bedroom to a two-bedroom home. These are bigger and more costly home improvement projects but they will make life much easier (no queues in the morning, no sibling squabbles over space) and add value that can definitely be recouped in the medium-term.

  1. Home office or study. If you already have an unused bedroom or outbuilding that could be fitted up as an office, so much the better. But if not, it’s definitely worth creating a distinct and quiet workspace away from the living areas. It can double as a homework or media space for children if you like, and so many people are working from home these days that it is bound to have value for future buyers.

And remember –  choose your building contractor carefully!


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    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