IMPROVING
Raise your property value
Renovate & increase return on investment
CHELSI SYLVESTER
When you ’ re selling your property , you want to sell it at the best possible price and one way to do that is to renovate . There are certain renovations that can significantly increase your sale price , they might be a bit costly on the pocket , but it will be a return on investment in the end .
A ccording to the CEO of Greeff Christie ’ s International Real Estate , Mike Greeff , the biggest risk in renovating a property you are about to list is that you might overcapitalise and make the property uncompetitive in a specific area .
He suggests that “ before going forward with any renovations , it is imperative that you first determine the average selling price of homes in the area to ensure that after renovations , your asking price is still within the average range . Be careful not to spend too much on renovations as that might result in you over-capitalising and you run the risk of losing money .”’
Below are 5 renovation tips to boost your re-sale value and keep the asking price competitive to make sure that that ‘’ For Sale ’’ sign turns into “ Sold !”.
Kitchen Makeover
The most frequently used and commented-upon room in any house is the kitchen and this makes it your number one priority when renovating . Everyone wants a modern kitchen so re-doing it will really entice buyers . Additionally , you are sure to see the money invested in this room , finding its way back into your pocket , especially if there are top-quality finishes and ample counter space .
“ Kitchens are the focal point of almost every home showing and an impressive kitchen will almost always make the difference between an average offer and the maximum offer ,” Greeff says .
What to focus on when renovating your kitchen :
• Focus on colours and textures when making upgrades instead of breaking the bank for appliances .
• Upgrade countertops
• Paint your cabinet doors or consider replacing the doors
• Consider re-tiling your kitchen for that fresh and uplifting look
“ There ’ s just something about new doors , handles and stainless-steel appliances that excites people , so making these minor , somewhat inexpensive changes will make the world of difference ,” He says .
Bathroom Beauty
Second to the kitchen , the bathroom is the next commented-upon room in the house . It is expensive to upgrade but it is a guaranteed return on investment . If you don ’ t need to replace any large items i . e . bath , toilet , shower etc . then small fixtures are the way to go . Re-painting the toilet , bath or basin could make these items look brand new .
What to focus on when re-doing your bathroom :
• A fresh coat of paint can completely transform the bathroom and it does not have to cost a lot
• Adjusting the pressure of the shower
• Adding stainless-steel taps will give it a classy , upmarket look and feel
• Re-grout the tiles
• Remove and replace silicone around the shower , bath , and toilet areas
Improving energy efficiency
Because of the world we live in , everyone is becoming more energy-savvy and we are all trying our best to save energy where we can . Making your home more energyefficient can actually make a big difference when selling your home and although it ’ s costly , it is a certain return on investment .
Greeff says that as the number of energy-efficient homes continue to rise , first-time buyers and tenants are starting to favour these upgraded homes over traditional homes due to the potential long-term savings . If you are going to be making energy-efficient upgrades , make sure that your real estate agent markets your home to highlight this and
18 SEPTEMBER / OCTOBER 2020 SA Real Estate Investor Magazine