Real Estate Investor Magazine South Africa February 2016 | Page 38

LIFESTYLE

Increasing Home

Valuations
Tips to raise the valuation on any property

I

t’s the start of a new year and many homeowners
are looking for ways to increase the value of their
property. We have compiled a list of five of the best
renovations, which can have a return on investment
5-6x what they cost, that you could do to your home to
increase property value.

Flooring

Flooring is one of the most important aspects of your
house. You will see an immediate rise in property
valuation with the installation of hardwood floors.
Existing hardwood floors that you can refinish are ideal
as they are less costly to restore and in higher demand
than new flooring materials. For the bathroom, tile will
always be in demand and retain value exceptionally
well.

Fixtures

Kitchens often look tired and dated, in large part due
to old fixtures. Replacing or updating cabinet hardware,
light fixtures, countertops and faucets will result in an
immediate increase in your home’s value. This small,
but effective upgrade will also revitalize the entire
home. Pot lights are in high demand in open concept
style homes.

Bathroom

The bathroom is the second most important room in
the home in terms of valuation. If you can add a threepiece bathroom to a home with only one full bathroom,
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FEBRUARY 016 SA Real Estate Investor

you will see a dramatic rise in the market value of your
home. While you should never compromise bedroom
space for a bathroom, try sneaking one in dead space in
the home. Scott managed to fit in a 3-piece bathroom
under a staircase – the width of the room measured just
44 inches. As an added tip, use glass for the shower to
make the bathroom feel more spacious.

Kitchen

Kitchens are the single most important room in the
home relating to valuation. The kitchen can make a
significant difference in the value of your home. As
such, it is crucial that you invest in having a modern,
fresh and desirable kitchen. Modern cabinetry, under
cabinet lighting and new appliances will all significantly
increase the value of your home on the market. To
save on cost without compromising construction and
desirability, look at options like bespoke cabinets as
opposed to custom cabinetry.

An Income Suite

The single biggest way to increase the value of your
home is to build an income suite within the property.
Whether this is converting your basement into a rental,
or another floor in the home, an income property will
increase your home’s worth. The main reason for this
is that it covers a portion, or sometimes all of your
mortgage payments, and results in your home being
cash flow positive – which creates real wealth that can
supplement your income.
www.reimag.co.za