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Renovations can add value to a property, but only if done in the right way, says Adrian Goslett, CEO of RE/MAX of Southern Africa.
He notes that many homeowners may undertake renovations that could cost them a lot of money but add very little or no value to their property when they decide to sell. This is why homeowners should research certain aspects before renovating, especially if done for investment and resale purposes.
Don’t overcapitalise: get an idea of the value of the houses in the neighbourhood, and keep this in mind when you renovate.
Look at market trends: if thinking about renovation, especially if the renovation is costly or largely changes the structure of the home, first look at the current property market trends in the area.
Different features appeal to different buyers: know the demographics of who is buying in the area and what appeals to them.
Have a budget and stick to it: as a rule of thumb, the renovation cost should not be more that 25 percent of the estimated value of the home.
Badly completed DIY renovations can cost far more to rectify than if the job was done professionally from the start. - Saturday Star