Real Estate Investor Magazine South Africa REIM February 2018 | Page 27

IMPROVING
but they also include contingency funds for cost and time over-
runs. They also understand the value of using professionals who
will complete tasks efficiently and probably to a higher standard
than you can yourself.”
According to advice from Jawitz, it’s important to take time-
span into account: are you planning on selling your property
within the next year, five years, or twenty years? This will impact
the scale of your renovation. If you're thinking of selling with-
in the next year, it’s wise to stick to cosmetic upgrades such as
paint or flooring. Not only is this relatively inexpensive and easy
to do yourself, it also restricts the disruption to your everyday
life. “Renovating a kitchen, adding a bathroom, or putting in a
swimming pool are the sort of improvements you’re unlikely to
recover if you sell in the short term, but will add o your comfort
and convenience if you’re taking a longer view,” they explain.
I’m moving
If, after careful consideration, you’ve decided that it’s best to
pack up and go, what do you need to do to sell your property
for the best possible price? According to Adrian Goslett, CEO
of Re/Max Southern Africa: “Every person who is selling their
home wants it sold for the best possible price, within the short-
est timeframe. To achieve this, the home needs to be appealing
to the highest possible number of potential buyers.” One tech-
nique, used by many sellers, is home staging. In simple terms,
you’re setting the home up for success with buyers. You want to
highlight the home’s best features, and enable viewers to picture
themselves living there.
STAGE TO SELL
Home staging needn't be an expensive exercise. Ac-
cording to Amy Fontinelle from Investopedia there
are a few simple steps to take to impress buyers:
1. Clean: Your goal should be to make everything
look new.
2. Declutter: Keep in mind that buyers will be
interested in your closet space, so tossing
everything into the closet to hide it away may
not be the best strategy.
3. Depersonalise: Buyers need to be able to
envision themselves in your home.
4. Remove odours: Inexpensive tricks for ridding
a home of odours and giving it an inviting
aroma include baking cinnamon-coated ap-
ples or slice-and-bake cookies in the oven – or
burning vanilla-scented candles
5. Define rooms: Make sure that every space
within every room has a purpose so that
buyers will see how to maximise the home’s
square footage.
6. Wallpaper or paint: It’s best to paint your home
with warm, if somewhat neutral, colours to
appeal to the masses.
7. Flooring: Especially in high use areas, make
sure the floor is easy to clean and neutral.
8. Lighting: Take advantage of your home’s natural
light. Open blinds or curtains and add supplemen-
tary lighting where necessary. Update or fix old
and broken fixtures, and ensure they are clean.
9. Furniture: Make sure the furniture is the right
size for the room, and ensure you don’t clutter
the space.
Should I fix up my home before selling?
If you’ve decided to sell your home, you may be wondering if
it makes sense to renovate prior to putting it on the market.
Aside from ensuring the property is habitable, is it really that
important to renovate the kitchen if you’re not going to be the
one using it?
Look around at other homes for sale in your neighbourhood.
This will give you a few clues regarding the competition. In
many cases, up-and-coming areas are targeted by those looking
to fix up a property themselves. In these cases, it might make
more sense not to spend money on renovations prior to selling.
According to Elizabeth Weintraub from Lyon Real Estate, it’s
important to know who your buyer is: “Some buyers want to buy
a fixer-upper, but generally these buyers want a home that will
require light cosmetic repairs. Buyers who gravitate toward fix-
ers are generally those who don’t qualify to buy a more expensive
home, or those who want to make a profit by fixing the home
themselves. Fixer-uppers will discount the price of the home
to allow for the repairs and, for the inconvenience, a bit more.”
Advising on whether or not it makes financial sense to ren-
ovate prior to selling, Laurence van Blerck from Knight Frank
South Africa explains: “Marketability refers to the desirability
of the property from the buyers’ perspective, and value is its like-
ly selling price taking into account the accommodation on offer,
the area and its amenities, whilst bearing in mind the supply
and demand for similar properties on the market. Some repairs
and renovations will improve a property’s marketability without
resulting in a significant increase in its value.”
According to Van Blerck, it’s crucial to keep the dangers of
over-capitalisation in mind: “Decorations and finishes are sub-
jective. What one person might see as a dream kitchen, might
not be to someone else ’s taste. It can be difficult to recoup money
spent on big-ticket items when putting a home on the market.”
10. Walls and ceilings: If your home home’s
foundation is in good shape, cracks in walls or
ceilings are merely superficial. Cover them up,
to avoid scaring off buyers for no reason.
11. Exteriors: This will be the first impression of
your home. Make sure the garden is well-main-
tained and doors and windows are clean.
12. Last touches: Just before showing your home
to prospective buyers, add a few finishing
touches. Fresh flowers from the garden, letting
fresh air into the house, or putting out fresh
towels in the bathroom.
In short, he explains that if your goal is to increase your
home’s marketability, it makes sense to apply cost-effective
methods to spruce up your home: “To get your asking price, or
even a little more, spending money and time on a home can be
worth the effort.”
SA Real Estate Investor Magazine FEBRUARY 2018
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