Home Renovations: Finding Best Return on Investment
With the constantly rising cost of living and the falling value of the rand, valuable home renovations can offer a fast-track solution by adding significant value to your home and quality of living. It is important to remember that not all upgrades are equal, with certain projects offering a much higher return on investment than others.
Some of the most popular home renovations, that tend to be at the top of a prospective buyer’s wish list, include open-plan living areas, ample natural light and eco-friendly elements that will reduce the cost of energy and save water. Maintaining your home and keeping it modern is important, as property research shows that buyers tend to offer less than the asking price for homes that require renovations, inside or out.
Let’s discuss some property upgrades that offer the best return on investment:
Indoor Home Renovations
Potential buyers tend to focus on the kitchen and bathroom, making these the two most popular rooms to remodel. It is important to remember that city council and body corporate approval is required for all structural changes.
Modernisation is king! Keeping your kitchen and bathroom both functionally and aesthetically appealing will not only make your living easier, but also allow the property value to grow.
If your home only has one bathroom, you can easily recover a large chunk of your investment by adding another.
Regular basic updates to your home will help keep the cost low while allowing the value to soar. Buyers want a safe and solid home, and therefore search for signs of routine maintenance. A fresh coat of paint, flawless plumbing and mould-free bathrooms all play a vital role in making a successful sale.
Outdoor Home Renovations
One of the most popular property upgrades is sufficient security. The homes at Bardale Village has your security covered. With fencing around the perimeter of the estate, a 24 hour patrolling guard and alarm and burglar bars fitted to all the homes, you can rest easy.
South African’s can’t live without a braai area, which is why a quaint outdoor entertainment space is at the top of most potential buyer’s wish list.
While a garden is ideal, many people do not have the time or desire to deal with garden maintenance. Because of this, transforming your garden area into a maintenance-free space is a great renovation move. Low-key gardens which focus on hardscaping features will reduce the need for maintenance.
Things to Consider
One of the most common renovation pitfalls is overcapitalising by splurging on extravagant and unnecessary fixtures and fittings. Drawing up a budget that focuses on valuable home renovations will prevent you from overspending, allowing you to focus on the most important aspects.
It is important to consider the current value of your home, as well as the property value in your area. Neighbourhoods tend to have a ceiling value, a certain threshold that renters and buyers are willing to pay.
Finding the perfect contractor can play a huge role in sealing the renovation’s success. Choosing a well-established firm with long-serving craftsmen is important, even though it may cost a bit more. In most circumstances, the cheap, fly-by-night contractor will end up costing you more money in the long run, as the project drags on.