Property buyers and tenants generally pay more for a well-maintained home. Keeping your property in a good condition underscores the integrity of your asset so that it can appreciate in value.
A property in a good condition can make the difference between getting your full asking price (assuming it is realistic and market-related) and having to drop your price by up to 20%, according to international research and local sales data.
Buyers are not always well informed about renovations or the costs thereof. When they see something wrong with the property, they will often want to knock off much more from your asking price than what it might cost to make the necessary repairs, says Samuel Seeff, chairman of the Seeff Property Group.
“It is not uncommon for a buyer to want to knock R50 000 to a R100 000 off the price because the bathrooms are shoddy for example. Basic maintenance that should be done include painting and repairing cracks, leaks, mould and damp, broken or dysfunctional hinges and handles, tiles and so on.”
SEE: Buyers don't just accept a tick list. Disclosing that there is mould 'is not enough'
If there is a swimming pool, it should have no leaks and the pump and accessories should be in full working order. The same applies to a Jacuzzi, says Seeff.
Outdated features and finishes could also affect what buyers or tenants would be willing to pay. It is therefore advisable to upgrade outdated features, especially in the kitchen and bathrooms. It is often as simple as retiling and changing handles and fittings.
SEE: Kitchen makeover trends | The one room to renovate to add heaps of value to your home
Seeff warns though that you should always keep it neutral. Tastes and views differ drastically. Buyers and tenants may not share your taste and brightly coloured walls and tiles or elaborate artistic features can be off-putting. The buyer may look at it and think “I am going to have to paint and replace tiles and will want a discount on your asking price”.
A garden that is well cared for will inspire confidence in buyers that the rest of the property has been treated similarly. If buyers see a lawn that is poorly maintained, buyers will likely be highly suspicious of how well you have kept the rest of the house. Giving your front garden a makeover is neither difficult nor expensive.
In the absence of any kind of garden at the front of the property, hiring a professional landscape architect to revamp your front lawn will not do your chances of increasing the value of your home any harm. You want your property to outshine others and research shows that a front garden offers massive influence. A well-maintained property can even add up to 20% to the house overall value.
SEE: 7 Upgrades that will improve your home's kerb appeal dramatically
The home should also be thoroughly cleaned, especially the bathrooms and kitchen, wardrobes, windows and wall and floor tiles. Carpets must be steam cleaned. Ensure the curtain rods or rails are in full working order, says Seeff.
He adds that security has become an important feature. Owners should ensure their property is adequately secured and that everything is in working order, especially if there is electric fencing and an alarm system. Good security is a strong selling point.
“First, you need to establish where the weak points are by walking through the entire property, including the perimeter. You must also take into account your family’s lifestyle and determine which security features would be most convenient and which would hamper your daily lives, says Arnold Maritz, Co-principal for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs, False Bay and Noordhoek.
SEE: Is a burglar alarm enough? Security tips to protect your home
Increasingly, buyers and tenants are also looking for off-the-grid features given the electricity and water challenges. Features such as water tanks and grey water usage, and alternative heating such as solar are becoming high-demand features.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa advises homeowners to arrange for a consultation on whether the property can easily adapt to solar power panels.
He says this will depend on your type of roof and its exposure to the sun. In the long run, running your property on solar power will save thousands off your electricity bill and will reduce the impact of relying on non-renewable energy sources.
READ: 4 Eco-friendly upgrades that will increase the value of your home
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