Property Renovation can significantly improve the value of your Property
For homeowners wanting to increase the value of their property, property renovation offers one of the most effective and simple ways to boost property values – something that in today’s tough property market goes a very long way indeed. How does renovation help exactly however, and is it worth the cost of endless building, fixing and remodelling? Here are three of the biggest reasons to consider the benefits of renovating your property:
- Renovated properties sell at a much larger profit than those that have not undergone some sort of revamp. Homes with features such as en-suite bathrooms, modernised kitchens, electric garages and beautifully finished floors are far more in demand than those without, especially in the case of apartments and older buildings.
- Renovated properties can also be rented at a much higher rate than un-renovated ones, making this an excellent benefit in terms of property management and investment through letting.
- Structural changes such as new floors, new rooms or decks, elevators or other value added changes can significantly increase the property value as well as add to the building’s appeal.
While those that can afford the costs are able to consider huge structural and internal changes across the entire property, the average homeowner will target certain areas within the property for renovation. Property experts advise that even acoat of paint
in the right colour can make a difference, with a number of other small to significant changes that can be made to boost a property’s value. These include some of the following:
- New flooring such as laminate wood, tiling, strip wood or other good quality flooring.
- Walk-in closets in the master bedroom, as well as en-suite bathroom.
- Renovated bathroom with updated basin, taps, shower, bath and toilet.
- Renovated kitchen with extended counter space, island, marble or stone counter tops and updated shelving and storage space.
- Value-added items such as Jet Master fireplace, light dimmers, updated light fixtures in all rooms, electric fencing and under floor heating.
- Outdoor areas such as entertainment areas, braai areas, wooden decks or sunrooms.
- Spa bathrooms with Jacuzzi bath, large shower and relaxation area.
Property experts say that trends should be avoided however, as these may not have the same value in a few years as they may do now. With a bit of planning, thought and inspiration, you will be able to put your renovations into place effectively, ensuring that your property in South Africa increases in value, from a financial and practical point of view. Speak to your property management company to learn more about renovating property.