If you’re planning on making improvements to your home, there are a few renovations that will add value to your property. And some that won’t.
Whether you’re renovating to add more floor space, create that dream kitchen or to get your home into the best shape possible before putting it on the market, it’s important to understand how particular projects will impact the value of your property.
Homeowners who are hoping to recoup all of their expenses when selling their property will likely want to focus on maintenance rather than making radical changes. This is because it’s possible that you could over-capitalise when undertaking large renovation projects. Another danger is spending time and money on a project that might diminish the value of your property.
The best way to ensure that you avoid these pitfalls is to conduct thorough research before starting with your renovation. Find out the average selling price of homes in your area, understand who buys properties in your suburb and ask for recommendations when looking for contractors.
5 renovations that add value to your home
1. Basic improvements
The simplest renovations are often the ones that will have the highest return. Start by looking at basics like fixing interior cracks and leaks, broken window panes, guttering, or roofing. Then consider bigger projects like repainting the exterior of the home, resealing wooden floors, or replacing fixtures and fittings in the kitchen and bathroom. Ensuring that your property is well-maintained will give your space a fresh feeling and, if you’re selling immediately, will likely set it apart from others on the market.
2. Extra floor space
Additional bedrooms, extended rooms, open-plan living spaces and outdoor entertainment areas are all popular home improvements. Renovations like these increase the functional space of a home, which is an attractive feature for buyers. Knocking down or repositioning walls, adding decking and closing in patios are also all significantly cheaper and less stressful than building a completely new room.
3. Bathrooms
Bathroom renovations can be fairly simple and inexpensive. Replacing the shower screen, taps and vanity, and adding a lick of paint can go a long way to breathe new life into a bathroom. You might also consider retiling or resurfacing the bath. For larger projects, you could think about adding extra bathrooms, especially in homes where there are multiple bedrooms and only one bathroom. If you don’t have space for a full bathroom, a guest loo might be a good option. While a full-scale bathroom renovation is slightly pricier than minor improvements, homeowners can expect to recoup 65 to 75% of the remodelling costs.
4. Energy efficient improvements
As more and more people work from home and electricity costs increase, energy-saving home improvements are a great way to add value to your home, whether you’re selling or not. Efficient windows, doors and roofing materials can all ensure that your house is well insulated to keep the chill at bay in winter. Which means you won’t need to use as many expensive heating solutions. Solar panels are also a great option. Although they require quite a large initial investment, it’s possible to recover about 70% of their cost at sale – and they start saving you money immediately.
5. Kitchens
Kitchens famously sell homes. That being said, they can be one of the most expensive rooms to renovate – and an area where it’s easy to over-capitalise. To ensure you don’t spend too much, it’s important to set a kitchen renovation budget that’s in line with the value of your property. You’ll also want to avoid trends, as outmoded colours and features can date your whole house. The good news? Homeowners can expect to make back about 70 to 80% of the cost of a kitchen renovation when selling their home.
3 home improvements that won’t increase your property value
1. Swimming pools
While a swimming pool might look great in promotional photos when selling your home, they seldom add any real value. The idea of expensive and ongoing upkeep could deter buyers or detract from your property’s sale price. But, if you’re planning on staying in your home for a while before you sell, there’s no reason you shouldn’t dive into a pool installation project.
2. Large-scale landscaping
With our busy modern lifestyles, many prospective buyers prefer low-maintenance, water-wise gardens. Perfectly pruned hedges and rolling green lawns might look lovely, but buyers know that it requires a lot of time and effort to keep them looking good. Large-scale landscaping is best kept for homes where the owner intends to enjoy the outcome of their project.
3. DIY renovations
Although there’s definitely space for a bit of DIY in improving the value of your home – think painting, changing hardware or hanging shelves – more complex renovations should be left to the experts. Cabinet-making, tiling and plastering are all specialist skills and projects can easily go wrong. A shoddy job will either cost you more money when it needs to be fixed or when buyers try to reduce your selling price.
If you’re planning a kitchen or bathroom renovation to add value to your home, we can help. We’ve been helping our clients create beautiful spaces in the Cape Town area for more than 25 years. Contact us today to set up an obligation-free consultation.
