Deciding whether to renovate your home before putting it on the market is a significant decision for any homeowner. While a well-executed renovation can potentially increase your property’s value and attract more buyers, not all upgrades offer a good return on investment (ROI).
READ: Tips: 3 ways to stay on budget when renovating your homeI
“Real estate markets vary significantly from one area to another. In some markets, buyers might expect move-in-ready homes, making renovations more critical. In others, buyers may prefer properties they can customise themselves,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Apart from buyers’ preferences, the state of the current property market in the area will also play a factor in whether to renovate. “In a seller's market, where demand exceeds supply, you may not need to renovate much, as buyers are often willing to pay a premium for any available property. Conversely, in a buyer's market, where there is ample inventory, renovations can help your home stand out and attract more interest,” Goslett explains.
He suggests that the best way to find out about the local market conditions is to speak with a local real estate agent to understand what buyers in your area are looking for and how renovated homes compare to as-is sales in your neighbourhood.
READ: Ways to ensure your home holds its value over time
If you do decide to proceed with renovations, Goslett recommends focusing on high impact areas. “Certain renovations consistently provide better ROI than others. For example, kitchens and bathrooms tend to be expensive and inconvenient to renovate, so giving these areas of the home a cost-effective refresh could add a lot of value,” he states.
Before committing to any renovations, Goslett also recommends creating a detailed budget and research the potential ROI. Find out what homes with similar upgrades in the area have sold for to determine whether you will make the money back that goes into the renovation.
“Renovating your home before selling can be a smart move, but it’s not always necessary. Consult with a real estate agent and possibly a contractor before making any decisions. By carefully weighing the costs, benefits, and market dynamics, you can make an informed decision that aligns with your financial goals and timeline,” he says.
READ: 14 interior design secrets, maximum impact, minimal fuss
Seeff’s agents highlight some cost-effective improvements which can increase the value and make the property more attractive to buyers.
Repainting. New modern colours such as grey, green and even black are all the rage right now, but it does not have to be as dramatic as that. Even just upgrading the exterior and interior in new paint tones, albeit fairly neutral, can add value and could spark buyer interest.
Floors and tiled areas. Floors can be modernised with wooden or laminate flooring, or feature tiles in the latest trends, or new carpets. Wall tiles can also be replaced to give an instant update to the appearance of the kitchen and bathrooms.
Kitchen and bathrooms. If you are unable to do a complete remodel, consider cosmetic upgrades such as painting the cupboards, fitting new handles, adding open shelves, a new stove and appliances, new bathroom fittings, new mirrors and new towels.
Doors and bedroom cupboards. Another cost-effective way to upgrade is to change the door and cupboard handles given that there is now such a wide choice available. If the cupboards are old, you can repaint and modernise rather than replace.
New lighting and window coverings. You can also consider upgrading exterior and interior lighting to modernise the home. Upgrade your curtains or add American shutters or wooden blinds. You could also change from kirsch rails to rods to give it a modern touch.
Convert your patio into a braai room. If you have a patio, consider enclosing it and adding a built-in braai, and sliding or stacking doors to open it to the garden. This will enable you to enjoy year-round braai get togethers regardless of the weather, and add value.
Update the garden. Aside from general maintenance, you can add outdoor pots, or paint your pots or old garden furniture to give it a new lease on life. Adding pathways and garden décor can add interest to the garden.
Want all the latest property news and curated hot property listings sent directly to your inbox? Register for Property24’s Hot Properties, Lifestyle and Weekly Property Trends newsletters or follow us on Twitter, Instagram or Facebook.
Print
