Property upgrades mean good returns
REMODELING If there was any doubt about the matter, a US study shows that well conceived home improvements do enhance values and saleability. As the property market continues to gain traction and homeowners minds turn towards selling, their chances of success are clearly increased by well considered upgrades, says Gerhard Kotzé, CEO of the ERA SA property group. The findings are somewhat unexpected in that they point both towards doing the obvious, such as changing bathroom layouts or adding a new family room, but also to the value flowing from small external improvements, he says. It’s those small external improvements to improve the ‘kerb appeal’ of a home that are often overlooked in favour of more expensive internal changes and therein lies opportunity for owners, provided they are willing to change their mindset on the matter.” The findings of the survey, the 2009 Remodelling costs vs Value Report, conducted by the Realtor Magazine in the US, show that small scale re-models are the most profitable on re-sale. “The study refers to simple changes like certain types of door replacements, wood deck additions, attic bedroom additions, etc. But surprisingly home office remodels and sun room additions showed the least return, although that may differ in SA where there is emphasis on a Small Office Home Offices and indoor/outdoor living.