Fewer homeowners are upgrading
With South Africa in another recession, homeowners are finding it increasingly difficult to manage extensive home upgrades and prioritizing general home maintenance instead. While major upgrades might be too expensive, there are ways homeowners can add value without spending too much money.
A recent study that surveyed estate agents’ perceptions regarding levels of home maintenance and upgrades in South Africa, revealed that less and less people are investing in property upgrades. Maintenance levels have also dropped, although less drastically.
John Loos, FNB Property Sector Strategist concludes the results are no surprise. “With signs that a stagnant economy is here for the foreseeable future, along with rising personal and consumption-related tax rates, and recent petrol price increases, it is not inconceivable that levels of financial stress could gradually rise, which could start to exert greater pressure on home maintenance levels as well in the not too distant future.”
While big improvements may be a financial stress for homeowners at the moment, small changes can still be made to add value to your private or rental property. Take a look at each and every room, and decide what you would change if you were buying the property. From fitting new light fixtures, replacing door handles, and cleaning carpets, to regrouting tiles, replacing taps and repainting walls, you can give each and every room a fresher look without spending too much money. The exterior should also not be neglected. From sanding and re varnishing gates and neatening up the flower beds and cutting back the grass, you can add value to your property by keeping it clean and tidy.
While the recession is not as dire as it was in 2008/2009, homeowners must be aware that the financial strain of home maintenance may increase in the near future.
