Are you wondering if putting more money into your property is going to yield decent investment returns down the road? Should you bother to renovate or stick with what you have and leave the problems up to the future owners should you decide one day to sell?

Let’s see if we can help you make that decision.

First things first

It’s always a good idea to invest in your property. But…. and there is always a but… you need to know what to do and what not to do. Some things will add value and others, not so much.

It is vital that you take into consideration the location of your home as well as the kind of lifestyle that your home offers both now and what it will offer in the future.

The Covid-19 pandemic has changed how people view their property and what they use their living spaces for. For example, many people are now working from home and a home office renovation has become necessary.

Before you start with any costly venture, however, you need to work out if you are willing to undergo the inconvenience and expense and if you will be using the addition for the next few years. If you are planning to sell your house in the near future, such a major renovation might simply not be worth it in terms of future resale value.

Trends

There are certain trends in terms of what is at the top of a buyer’s wish list. Such things as open-plan living, natural light, and energy-saving solutions are things that many modern buyers are looking for.

However, the pandemic has caused a few more trends to emerge.

1. Home Office – Many people have started to work from home and don’t plan, or need, to go back to the office. Many buyers are looking for a comfortable, functional office in the homes they look at.
2. Outdoor Living – Not being able to go out during the pandemic has caused people to want to have good recreational space available at home. A place to entertain, dine and relax outside has become a huge selling point for a house.
3. Kitchen Updates – New importance has been placed on this already important room of the house due to the fact that people are spending more time at home and using their kitchens more. Those little niggling things that are out of place are now more noticeable and people want to have these things sorted out so that the kitchen functions in an easy and stylish fashion.
4. Re-Purposing Space – Those spaces in the home that are not used as much or have no real purpose need to be utilized more and defined as specific spaces, be it a guest bedroom, home office, storage room, kids’ play area, etc.
5. Smart Home Features – With people spending more time at home the need has been felt to implement more hi-tech, smart features into the home. This can be for the purpose of eco-living, adding security, or simply adding convenience to the home. While before adding these features might have been over-capitalizing, now they increase value and are appealing to potential buyers.
6. Health – It is worthwhile to look at adding fittings that don’t require direct contact to work. Air purifiers and water filtration systems are also things you can safely add to your home to add value.
7. Security – In South Africa, people are looking for homes with good security features. If they are staying at home more, they want to feel secure being there.

 

Questions to Ask

To determine whether a renovation is the way you want to go there are a few questions that you can ask yourself.

Does my renovation plan comply with the planning laws of the local municipal council?

Am I planning to stay in this house for many years to come?

Am I willing to deal with all the hassles of a building site?

Am I able to supervise contractors and builders?

What is the current value of my home?

What are the prices of comparable homes in my area?

Contractors

Contractors can make or break a project. It is vital to choose the right contractor. Be prepared to spend a bit more on a good reputable contractor and get the work done on time and according to plan, rather than cheap out and be left with endless hassles, work stoppages, and bad workmanship.

Things That Don’t Add Value

Here are a few things that you might want to consider not adding to your home unless they are for your personal convenience and comfort. They are unlikely to add significant resale value to your home.

• Swimming pools
• Air-conditioning units
• Replacing doors and windows
• Landscaping your garden
• Borehole

 

Conclusion

Deciding to renovate is a big decision. Get some good advice before you start. If you do go ahead, be smart and spend your money in the places where it will count i.e. on a good contractor. Make sure all your plans are in place first and costings done. Stick as closely as you can to the budget and be prepared for a few inconveniences along the way. Good luck! You won’t be sorry you made the investment.

 

Living Design

If you need good advice on renovating your home, contact Wendy. Her years of experience in the renovating business have given her expert knowledge of the field.