It's been a rough couple of weeks for South Africa. From issues of gender-based violence to xenophobic attacks, our country has suffered the most. While we heal our wounds and look to restore our social fabric, it's important to remember that South Africa remains a beautiful country. With September being Heritage Month, it provides an opportunity for us to reflect on all that is good about it and embrace the spirit of ubuntu.
While some are packing their bags and leaving the country, others remain hopeful. For those who have decided to stay and are looking to buy their first home or upgrade to a new property, it's essential to understand the market. Due to the country's current economic strain, it is a buyers' market.
According to the latest FNB Property Barometer, their Q2 House Price Indices for South Africa showed that the pricier regions have fallen deeper into deflation, with the middle-priced areas starting to follow suit. However, the lower-priced areas remained resilient with house price growth in some areas.
Nevertheless, a buyers' market doesn't mean you can't help to increase the value of your home to get the asking price that it deserves. It also doesn't mean breaking the bank by over-capitalising on renovations with bells and whistles. Instead, do the simple things which create a world of difference to a prospective buyer.
I want to provide a quick guide to sellers on how to prepare your home to be on the market, with these five tips:
- General cleanliness. Be aware of things like mould and dirt in hidden corners. Sweep and mop floors. A fresh coat of paint goes a long way, or else clean your walls.
- Clear the clutter. Pack away as much as you can from the eyes of the prospective buyer. This helps to make your space look tidy and bigger.
- Mind your kitchen. For many, this is one of the most important areas in a house. Wash and pack away dishes. Fix hanging doors and handles, as well as anything else that may make your home look dilapidated.
- Clean up the yard. Cut the grass and tidy up litter.
- Create an inviting atmosphere. Open doors and windows. Let your house breathe. Remember also to be mindful of any odours that could put off buyers.
While we all love home renovations, remember that extravagant changes don't always translate to the equivalence of that value when you sell the property. Every area has a market ceiling. No matter how much you've invested in renovations - especially if they are unique to your taste - the asking price cannot be above that range. Either your property won't sell, or you stand to lose the money you invested. Instead, make the smart choice of focusing on what is necessary.
All the best!
Nondumiso Mthwa, CEO & Founder of Idwala Property Group