Are your renovations influencing your property's value?
The smallest of changes can mean the world of difference. You'll be surprised to see what a fresh coat of paint, landscaped garden or a few technological additions like an automated gate or solar geyser can make.
Richard Gray, Harcourts South Africa CEO, says many homeowners buy with the intention of renovating or upgrading their property.
Whilst there are various upgrades that can make a significant difference to the value of your property, he says certain changes can detract from the property's overall aesthetic and value.
“There are an array of factors that assist the homeowner in making the right choice and that need to be taken into consideration before planned renovations are put into action,” says Gray.
“As a general rule it, is always a good idea to consult several reputable renovations companies in your area with contactable references and a portfolio of their body of work to consult from the start. Equally, gauge their willingness to provide advice, insight and eagerness to participate in the project as an influencing factor too.”
With a consultant providing advice, you are then able to equate your budget with your desires.
Secondly, know that not all homes are built for additional rooms and structures, so be sure to identify the alternatives to explore space in ways that can add value whilst staying within your budget range.
Gray says another factor that plays a part is establishing your long-term aspirations for the home.
Although it is very often difficult to predict your priorities over a 20-year period, knowing whether you want to create a family nest or an investment property with a high return over the medium term can play a major role in the type of renovations you want to make.
For example, if you're looking for comfortability, more space or an environment that is aimed at accommodating a growing family, adding value could take a backseat over needs.
However, making a few small changes to that plan can incorporate both your needs and simultaneously improve the value of the home.
“Overall, there are many factors to take into account, but equip yourself with the knowledge and research to make an informed decision,” says Gray.