Home improvements that will add the most value to your home.
Category Residential Property
Remodelling Magazine, has released its 2017 cost vs value report, detailing which professionally-done home improvements are most likely to pay off based on market analysis over the past 30 years.
According to the report “curb appeal” projects – which includes changes to doors, windows, and siding – by and large generated higher returns on investment than work done inside the home.
In contrast, bigger and more common projects such as adding a bathroom or bedroom often recoup the least amounts on resale of the property.
These major alterations generate an average return on investment of about 64%, while smaller home improvements and repairs pay back an average of about 74%. In comparison, exterior or “curb appeal” projects paid back an average of almost 75% while interior projects returned just 63% on average.
While the report is focused on international trends, this is also true for South Africa “because we generally like to spend a lot of our leisure time outside, gardening or swimming or entertaining around the braai,” said Gerhard Kotzé, MD of the RealNet estate agency group.
“Most homeowners will make improvements or do renovations over time, but if you are hoping to get back everything you’ve spent on those projects when you sell your property, you should focus on keeping what you already have in really great condition rather than making more radical changes”
“As agents we see this all the time – less expensive projects like repainting your home, or waterproofing the roof, or sanding and resealing your wooden floors usually generate much better returns on expenditure than big additions and alterations,” said Kotzé. www.businesstech.co.za
Author: Businesstech
