Tyson Properties: Tips on Getting Renovation Right
Craig Woods, Tyson Properties
You can create a character-filled home that will raise eyebrows and garner plenty of admiration at a fraction of the price, they said. All this can be done quickly and creatively with a minimum of disruption, they said.
You will get a significant return on investment as you touch up and restore vintage fittings without so much as chipping a perfectly manicured fingernail, they said. All of this might be possible – but renovating in the real world is completely different from trendy reality television shows and requires a lot more common sense and commitment than appears on camera. Rather than pretty colours and trendy tiles, the most important ingredients are research into the most appropriate neighbourhoods for renovation and knowledge about how to spot opportunities and avoid potential pitfalls, advises Craig Woods, from Tyson Properties, Durban and Umhlanga.
For starters, your greatest asset is undoubtedly a clued up and supportive real estate agent, he continues.
Location is always top of the list of considerations – some suburbs are in the throes of being gentrified or reinvented for the next generation (think Morningside, Durban North, Westville and Cowies Hill in Durban, everywhere from Woodstock to Observatory, Durbanville, Woodstock and the City Bowl in Cape Town and Parkhurst, Parktown North in Johannesburg). Here, you are most likely to get a return on your investment either as a longer-term investor or a short-term flipper.
A little homework will reveal which suburbs are less likely to be rejuvenated and where you risk overcapitalising by spending substantial sums repairing a home that will be difficult to re-sell.
“You must do your maths. Look at the total cost of your purchase and then add on the renovation costs with a contingency sum included. This should then be compared with the maximum selling price for homes in the neighbourhood. If your costs are higher than what you are likely to get back when you sell the property either immediately or in the near future, you can rest assured that you will lose money,” Woods says.
Structural issues should be next on your list while house hunting, he adds: “Rather spend enough time investigating the home and even return with professionals such as builders or plumbers before making a commitment. After all, this is a huge investment and warrants a due diligence.
"While buying an older home to renovate has been romanticised by television channels, the realities will soon see the glamour fade. Check for foundation, wall or ceiling cracks, sloping or uneven floors, roof leaks or sags and rotten rafters. Major structural flaws or failing foundations can be extremely expensive to repair. The need for an electrical certificate does, to some extent, protect buyers from the horrors of old or exposed wiring, overloaded circuits, aged distribution boards and non-functioning sockets or switches, all of which can be fire hazards, not to mention expensive to put right.
However, the picture is not as rosy when it comes to rusted and leaking pipes, poor drainage, faulty geysers, and damp and mould. Here out of sight is often out of mind. Not all municipalities require plumbing compliance certificates and a thorough inspection is a must even if it is only to determine the size of the budget needed to replace it.
Woods notes that it is also important to look for roof leaks or poor drainage, to check if plaster work has been hastily patched and to consider evidence of whether the home has been well maintained or neglected.
He says that sellers often undertake to fix up problems that buyers have identified and these should be duly stated in the Offer to Purchase – with a thorough investigation that all has been done before a buyer accepts the keys.
Finding hidden gems is what makes finding the right home to renovate the most fun, Woods agrees. In older homes, wainscoting and other forms of wall panelling, stain glass windows and decorative window features and aged tubs and clawfoot baths can be restored and add to the character of a home. Investigate what is under carpets – do you have solid wooden floors that can be sanded and varnished to add to the aesthetic value of the home?
Looking for opportunities to combine old and new can also add to your potential return on investment. Solar systems and water storage tanks, kitchen and bathroom upgrades, remodelling and open plan redesigns can do wonders for dated buildings as can beautiful outside entertainment areas, replacing cottage pane doors with open sliders to enhance views and even the addition of basement gyms or hot tubs if the budget allows.
Last, but not least, ensure you have the right timing schedule (remember that it takes time to get building plans approved) and find the right professionals for the job.
As one successful renovator suggests: “When choosing a builder, don’t just go by price. Check with others in the area about their reputation and finishes / quality. We were fortunate to find a builder who had completed several houses in the area including one for friends. As they confirmed, the quality was good and his team was neat and both the builder and his foreman were hands on! If you need an architect, find someone whose style you like. It is also easier to work with someone located near you.”
