Maintenance matters – it retains and increases the value of your property
Category News
There is no doubt that your home is the biggest financial investment that you will ever make. Aside from investing in one of the best investment vehicles, you are securing the roof over your head and building wealth.
To ensure that your property retains and grows in value, it is important to maintain it in a good state. Wear and tear over time and environmental factors cause deterioration. Aside from basic maintenance of aspects such as the interior and exterior paint and the plumbing and electrical systems, it is also advisable that certain finishes be updated from time to time.
Bear in mind these “3 Ps” good maintenance:
Prevention is better than cure – nowhere is this more applicable than in property maintenance. Leaving something undone could end up costing more. Take a leaking roof for example, this can lead to costly damp and waterproofing problems later on.
Protect your asset – your property is the most expensive asset that you have. Keep it in tip top shape by undertaking regular maintenance not just to retain its value, but to ensure it continues to grow and accumulate value.
Property value increases – good maintenance adds to the value of your property. If it is well-maintained, prospective buyers will see that, and be more likely to buy it at the right price. A neglected property may attract a lower price as buyers automatically deduct money from their offer for the perceived work they may have to do.
Poor maintenance will be off-putting to buyers on the one hand and on the other hand, will lead to bargain offers. Buyers do not necessarily know what it costs to repair things around the home and something which might cost as little as R1,000 would lead to a buyer wanting to knock down your price by as much as R100,000 if not more.
Due to the higher moisture and salt levels in the air, coastal property tend to require more maintenance. You should check your home at least bi-annually for maintenance requirements. This includes checking for leaks, bubbling or chipped paint and other areas that need repairs and replacement. Don’t forget to also check your water storage tanks and ensure you treat it with an appropriate greywater treatment.
Home is our Story and property our passion. With a demonstrable track record of sales success, Seeff agents know the market and how to determine the value of properties. As experts in your area, you are in good hands regardless of your property needs, so be sure to contact us today!
Author: Seeff
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