Get on top of your property maintenance tasks, take control of your bond and make clever changes to increase your property value with these ten tips from Seeff Property Group:
Home loan begone: Paying off your home loan and owning the roof over your head outright should be the goal of all homeowners. The faster you pay it off, the better. Do this by investing any spare cash into your bond.
Create a home maintenance fund: Maintenance is an ongoing story. To help you be financially prepared for the next breakdown or improvement project, get into the habit of putting aside a monthly savings allocation towards the maintenance of your property. This is particularly important for rental investment properties.
Fix and paint: A fresh coat of paint and a couple of repairs will give your property the boost it needs to look its best for the new year. Check for leaks and update the waterproofing. Ensure all gutters and the roof is cleaned.
Upgrade, but don’t overcapitalise: Keeping your property updated and well maintained is important to not only retain its value but, more importantly, to increase its value. Do a little research to see what properties in your area are selling for to get a feel for how much you should be spending on your upgrades, without overcapitalising.
Update your outdoor living space: Most people love outdoor entertaining and having a great outdoor area tends to add value to your property. Build or improve your patio and add a bar and braai area if you enjoy these activities.
Zhoosh your garden: Low maintenance, indigenous and water wise – these are the three key words to focus on when adding new plants to your garden. Since indigenous plants are suited to the local soil and weather conditions, they will also generally grow better and make for a more attractive garden.
Go green and become self-sustainable. Why not make 2023 the year to switch to a greener lifestyle? Reduce plastic and other wastage and invest in energy-saving appliances and lighting. Become more self-sustaining by installing solar for part, or all of your energy requirements (if that is feasible in your area). A water tank is always a good idea as you can harvest rainwater for non-potable use such as the garden.
Get involved in your community: Contribute to community activities and become an active citizen who cares about their neighbourhood and environment. Great neighbourhoods add to the demand for properties and prices that people will pay to live there.
Downscale to gain more lifestyle. The New Year is a good time to scale down. As people’s lifestyles evolve and they need more space, it also happens that they need less space or want to enjoy more lifestyle rather than spending it on maintaining a big property.
Get an updated valuation of your property. An evaluation from a local area agent can assist in gaining knowledge about what your property is worth, but also provide advice in terms of aspects which may need to be repaired, replaced or upgraded should you decide to sell.