Six renovation projects that really add value to your home
Category News
Home improvements are a great idea as they can significantly add to the appeal and value of your property. But not all upgrades are equal and it's important that you don't overcapitalise and end up losing money because of the alterations you've made.
"Some projects are done for personal comfort, and these are a good choice if you want to comfortably and happily live on the property for an extended period of time," says Berry Everitt, CEO of the Chas Everitt International property group. "Other projects are unfortunately not worth the cost or inconvenience as you won't get a better return on your investment when it comes to selling the property."
Before you start any major renovations, consider the general housing market and find out the average selling price of similar homes in your area. Use an online free market estimate tool to find out what your property is worth before cementing any improvement plans. This will ensure that you don't spend more on your renovations than you could hope to recover if you decided to sell the property once the additions or alterations are finished.
To help you narrow down your options, here are six projects that can add real value to your home.
INCREASE SECURITY
For most buyers, security is an important feature when looking at prospective homes. By upgrading your security system, you give yourself peace of mind while still living there and it appeals to those looking to buy your home. You could upgrade simple features like the burglar bars or opt for state-of-the-art security that includes beams and cameras.
GO GREEN
Any energy-efficient and eco-friendly options that will save a prospective buyer money will be seen as valuable. From solar panels and inverter systems to rainwater tanks and ceiling insulation, "green" improvements will add to the resale value of your home while also reducing the property's carbon footprint as long as you continue to live there.
KITCHEN IMPROVEMENTS
For many buyers, the kitchen is the heart of the home. As one of the most highly used areas, it also tends to show wear and tear faster than other rooms in the house. The cost of improvements will quickly add up if you're adding new countertops and upgrading appliances, but you can make more basic and affordable changes such as sanding and painting wooden cabinets and fitting new hardware.
BATHROOM UPGRADES
Like the kitchen, the bathroom is important to prospective buyers. While it's also a heavily trafficked room, upgrading it can go a long way to improving your home's overall value and most costs can be recouped. Affordable improvements include painting the walls and upgrading your lighting, while installing a new vanity counter or cabinets will cost more and replacing plumbing or tiles will really eat into your budget.
CREATE SPACE
Take an existing, under-utilised space and cleverly turn it into an extra bedroom, a home office or even a gym. Optimising available space is a significantly cheaper option than building a new room and it can add value to the property.
OUTSIDE ENTERTAINMENT
South Africans love being outdoors, where they can comfortably host family and friends. Consider building a poolside lapa or add folding doors to a covered braai room so you can entertain irrespective of the elements. Creating an appealing outdoor space where you can live, dine and relax will add value to the sale of your home.
Renovation projects can contribute to the appeal and practicality of your home but, before you start, it's recommended that you get the professional input of a property practitioner, especially if you are hoping for a quick sale after the upgrade. Chat to the experts at Chas Everitt for objective advice and valuable guidance.
Author: Chas Everitt