How Expensive is a Home Renovation?
Renovations have the power to make us happy in our homes, but some improvements add more value than others when it comes time to sell or refinance.
It’s critical to get accurate estimates of the work involved from one or more reputable local contractors before purchasing a property that requires renovation or reconstruction. You can prepare for costs to be up to 100% higher than quoted, as it is common for costs to skyrocket well beyond initial estimates.
How much does it cost to renovate a property in South Africa?
When property owners in South Africa consider renovation projects, one of the first and most common questions they ask is, “How much will this cost?” Today, we’ll look at the importance of this issue, look at how renovation costs are measured in general in South Africa, and offer a general idea of how much projects can cost.
Certain variables, or limitations, restrict any project. Time, cost, and scope are the three most critical project constraints, though there are others (together these are known as the triple constraint or the project management triangle).
As a result, cost is an important consideration in the project, from the initial planning stages to the final sign-off.
We believe that, while cost and thus project budget are essential considerations before beginning any renovation project, they should never be the only ones, nor should they become so important that other factors are overlooked or ignored. If you prioritize cost above all other factors, you risk sacrificing
- project specifications,
- efficiency, or
We’ve seen property owners get into trouble when they ignore commonly accepted cost criteria and try to get away with unrealistically low project budgets. Using a so-called “placard tradesman” from the street rather than skilled and trustworthy contractors to keep the project cost as low as possible, for example, often backfires, leaving the property owner with a massively inflated cost and nothing to show for it. Using lower-grade materials, such as B-Grade tiles instead of A-Grade tiles, or weaker building cement because it is less expensive, may also be catastrophic.
Having said that, it is also important for the property owner to complete the project within budgetary constraints. This is why obtaining as many quotes as is theoretically feasible is important. Three quotations is a good rule of thumb because you’ll get a good understanding of comparative pricing with this figure. An owner should never get just one quote for a project, particularly if the scope of work is completely unfamiliar to him or her.
Getting more than one quote also allows the property owner to compare other factors, such as workmanship guarantees, terms of payment, general values, etc. of the various contractors.
What renovations add the most value to a property?
When it comes to home improvements, there are two main considerations to consider; whether it will increase the value of your home to you, and if it will increase the value of your home to others when the time comes to put it up for sale. The most valuable home improvements are those that increase your property‘s value proportionally to the amount you spent on them.
While the changes that are most worthwhile for you are subjective and difficult to measure, and some research will help you to make decisions about your renovation ideas. This article may provide some insights and there are many more available; Renovation Tips in South Africa so that your home improvements provide the most bang for your buck.
Here are six areas where you can concentrate your efforts:
- Upscale garage door replacement
- Manufactured stone veneer on exterior
- The kitchen
- Siding and vinyl window replacements
- Bathroom remodel
What should you remodel first?
Who knows what will happen when you are remodeling one room to the next. If you have to choose a space to remodel first, go with the one that will recoup your remodeling costs and generate real equity.
As a result, experts believe that remodeling your kitchen or bathroom first is usually the best option. Although kitchens are more expensive to remodel than bathrooms, they usually yield a higher return on investment, so they pay for themselves over time. But which kitchen and bathroom improvements can you make?
- Kitchen Remodeling Ideas
This is dependent on the state of your kitchen or bathroom at the time, so do some math. It may not be worth it if you invest a certain amount on the whole remodel but won’t be able to recoup any from the sale. Upgrading to stainless steel appliances, installing new granite or quartz countertops, and installing new hardwood floors or tiles are all wise investments when remodeling your kitchen. Depending on the condition of your current home, you might be able to reduce the cost of your remodel by refinishing your existing floors.
- Bathroom Remodeling Ideas
Your best option for a bathroom remodel is new flooring, bathroom vanities, and replacing bathroom fixtures. You may be able to save money on remodeling by reglazing your tub rather than replacing it. Information will make a big difference in the bathroom. So, whether it’s for a master bathroom or a smaller one, basic improvements like new cabinet knobs and a gleaming new sink faucet will make a big difference.
Where Do You Spend the Most Time?
Another factor to think about when deciding which room to remodel first is how much time you and your family spend together. Perhaps you know you’ll be staying in this house for a long time and resale isn’t a top priority right now. Before that day arrives, it’s possible that you’ll remodel all rooms.
In that case, even if a bathroom remodel provides a higher resale value, you do not want to remodel the bathroom before the living room. Perhaps taking a soothing bath every evening after work is high on your priority list. In that case, you may want to start with the bathroom before moving on to the kitchen.
Consider Your Guests
Your house is a mirror of who you are. That is why it is important for people to renovate and update their homes. It’s not only about how you feel in your own house; it’s also about the impact your home makes on your visitors.
With the support of our estate agents, you’ll be able to assess price patterns in the region over the next few years to see if a longer-term renovation project is worthwhile. Please feel free to request a free property appraisal via the following link Get a Market Appraisal.