Those looking to sell their property will often ask whether it would be worth spending money on upgrading the property before putting it on the market.
A common response is to forget it! Many people advise sellers to tighten the purse strings and simply list the property at a price that factors in the buyer doing the work.
In theory this makes sense, but in practice I would advise differently.
The truth is, the better your property looks, the better it compares with competing properties.
This then translates into a better selling price and ultimately, the quicker it will sell.
The crucial factor, however, is to know what to spend money on and what not.
Essentially, it is important to understand what will give you a better return on your home improvement investment and what may not.
I would start with a property conditions report. As per the very new Property Practitioners Act, every mandate listed from 1 February must come with this report.
My advice would be to fix all the defects on the report.
This not only will visually give you an edge, but the agent can also confidently sell the property without having to point out any known faults which will give the buyer reasons to be wary of the health of the property.
Next, improve areas that aesthetically have a big impact on the buyer and show off the “wow” factor of a property.
These are often things that do not cost that much, but give a great first impression – a painted garage door, a neat and appealing landscaped front lawn, or fresh-looking decking are some examples.
Last but not least, and this costs nothing, is to present the property well internally and to declutter.
Often not worth spending money on is where major new structural work or additions are embarked on.
There are exceptions but check with your agent first.
You might be about to spend a R1-million to turn a 4-bedroom house into a 5-bedroom house, but the price may then only increase by R700 000.
Your changes could also be something that completely misses your target market and this would be pouring money down the drain.
For breaking news follow The North Coast Courier on Facebook, Twitter, Instagram and YouTube.
Join our Telegram Broadcast Service at: https://t.me/joinchat/yJULuN8NaCs5OGM0
Join our WhatsApp Broadcast Service: Simply add 082 792 9405 (North Coast Courier) as a contact to your phone, and WhatsApp your name and surname to the same number to be added.
