With housing prices increasing and the economic growth forecast to be at an all time low, now is the time invest in your home to capitalise on its value. We have searched the internet and consulted with real estate gurus to find the top 10 ways to increase the value of your home.
- Ensure your walls are pristine. It goes without saying that if your house looks bad, with cracks, mould, bubbling paint, damaged boundary walls etc, will potentially lose value. Therefore having a weatherproof exterior wall coating, with a 10 year warranty, will reap rewards in adding value to the house than what you ended up paying for it. A buyer will want to know that the house will be standing the after you leave and 15 years down the line, presenting documentation to show what you have done to the property will add a lot of value and possibly ensure you get your asking price. Also use a contractor worth their guarantee and do your research.
- Create Space Knock out a non-structural wall, or even remove that kitchen island. Anything that opens the space and creates a sense of flow and lets in light in the house will be more appealing to the buyers. For a minimal financial outlay, you’ll transform the feel of the house.
- Landscape We are fortunate enough to live in the biggest man made forest in the world, please love their nature here in Johannesburg, many of the older properties in Johannesburg have large running gardens which are breath-taking and create a wonderful ambiance; however an unkept garden is an eye-sore. Ensure you remove dead trees, trim bushes, preen trees and clean walk way of weeds. This will greatly improve the appeal of the house.
- Let the Light in We would recommend two critical areas when it comes to light in the house, one, natural light, where possible let the light in, this will significantly improve the feel of the house, a bright airy room with lots of sunlight looks aesthetically pleasing and inviting. No one wants to live in a cellar. The second is to invest in LED lighting, these bulbs save money as they use less electricity, they are worth the small investment as you can use this as pat of your sales pitch as a unique selling proposition.
- Maintenance is Critical Before thinking about a expensive upgrade to the kitchen, address the basics. Insulate, repair plumbing leaks, replace rusty rain gutters, inspect the fireplace and the septic system, replace or repair leaky windows, install storm doors, weed the flower beds. These kinds of fixes go a long way toward value. People think they have to put in a lot of money to see a big difference and they really don’t. Investing in maintenance and repairs is not only money-wise; could also be crucial to a sale. The important aspect in the market, now more than ever, is that the your house be in pristine condition and that you price your house for the market.
- Go Green Research published by The Appraisal Journal estimates that energy savings add twenty times the annual savings to the value of your property. Energy savers make your house more desirable. When renovating consider greening your home, because now, for the first time in five years, asking about the utilities. Today, more than ever in South Africa, we are in a situation when energy consumption is a critical concern and we need to consider options to add value through energy savings initiatives.
- Make an Entrance An entry door can make a great statement, finding the right door will significantly improve the look and feel of your house. No one wants to walk into a house with a rickety old door swinging on broken hinges. Go to Builders Warehouse and look through their range of inexpensive doors and find one that suits your home, take a picture of the front of the house with your cellphone and take it with you and compare the front of the house with the door.
- Floors Matter Many real estate professionals recommend spending money on floors. It does not need to be a costly exercise, what matters most is that it looks good. Small projects with a big impact include repairing broken tile, patching damaged floor boards, and removing wall-to-wall carpeting. In some cases, however, a new floor is needed. An ugly floor is an eye sore, and many buyers will walk away from a house due to the finishes. A tight economy means that buyers are looking for value for money, and an ugly or damaged floor us hard to hide.
- Upgrade the Bathroom Many brokers will tell you, that the first improvement one should make is the kitchen, the second would be he bathroom, the bathroom upgrade will add value to your home. It may not be economical to do a major renovation if you are trying to spend as little as possible before putting a house up for sale. But some upgrades are cheap, easy, and fast…especially in the bathroom. Replace frosted glass for clear glass, clean the grout, remove rust stains, paint, change doorknobs and cabinets, replace faucets, and install a dual-flush toilet.
- Neutral Wall Colours Just because you like royal purple or blood red, does;t mean this will work for other, be sure to pint the house out with a neutral colour, so buyers can envision their own ideas, it will also give the buyers a black canvas to work off of.
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