Your house has the potential to jump in value if you’re willing to make a few simple improvements.
Buying a home at some stage in life may seem like obvious progression, but what you may not realise is that property is one of the best investments you can make. It’s also one of the biggest investments you’ll make in your lifetime. But as your needs change over time, you may want to consider selling your house. And when you do, you’ll want to see a good return on your investment. One way of working towards this, is to make sure your home is in tip-top shape. You can maximise your property value by considering these home improvement tips:
Prioritise the kitchen and bathrooms
The kitchen and bathrooms are undoubtedly the most regularly used spaces in most households. This makes them most prone to wear and tear, so it’s important to keep these areas in good condition. You can add value by changing simple things, there’s no need to redesign everything. In the kitchen, focus on aesthetics such as the cupboards. If the existing cupboards are still in good condition, consider changing only the cupboard doors or perhaps going for more modern door handles. In the bathrooms, its quick and easy to replace small fittings and accessories like towel rails and paper holders. You’ll be surprised by the impact these small changes will make. The kitchen and bathrooms could be a deal-breaker when selling your house, so be sure to budget a bit more when renovating these spaces.
Think about adding another room
The addition of one more room can make a huge difference. Going from a 2-bedroom house to a 3-bedroom house, or from a single, to a double garage and can mean a considerable spike in property value. It’s also the ideal solution if you lack space or have a growing family. And an extra garage doesn’t only mean more storage space, but also more security for your car, which may reduce your car insurance premium – a strong selling point to most buyers.
A little paint can make a difference
Old, cracked paint or discoloured walls don’t only look bad, they also bring the value of your house down. A buyer will have to take repainting into consideration and may deduct this cost from their offer. So if you want a quick sale, steer clear from bright, contrasting colours and stick to neutral shades. What may suit your furniture and layout, may not work for a potential buyer, so it’s safer to choose one colour throughout the interior of the house. This will also ensure that the house is move-in ready.
Security is an important factor to take into consideration when buying property. Basic security features, like an alarm system linked to an armed response company, have become standard in most South African homes. Building a boundary wall or installing safety gates and burglar bars are simple ways to increase security. You can take it a step further by installing basic security cameras in and around your house to add even more value to your property.
Financing your improvements
Some of these improvements can be expensive, but this is where credit can help. Because home renovations contribute to your ultimate return on investment, getting credit would be for the right reasons. Capitec offers personalised credit of up to R250 000 with competitive interest rates from only 12.9% per year. Get a credit estimate on Capitec’s website or simply use the Capitec banking app.