Avia Collinder, Gleaner Writer
While spending money to improve your property will increase its value, be careful not to overspend, especially if you plan to sell in the future, real-estate experts warn.
You don't want to outlay cash that you won't recover.
"You don't want to overimprove in certain addresses, because you might never be able to recover money spent through sale in the short term," explains Shane Wallace, a property appraiser at the firm CD Alexander Realty Limited.
For example, says Wallace, building an upstairs flat may add significant value to your home. But if construction cost exceeds the value of homes of a similar size in your area, you will lose if you intend to sell.
Adds Wallace: "If you have $16 million to spend, you may not recover this money in Portmore. People with this money to buy houses are in Liguanea or Barbican in Kingston. Constructing a large house in Portmore might not bring the expected return in the short or even medium term."
The bottom line, therefore, is be careful when you plan home improvements and when possible, get good advice.
curb appeal
For, as Kingston-based architect Barry Rattray notes, there are many relatively cheap changes to the exterior and interior of a home that will improve its comfort, look and, ultimately, its value.
Enhancing a home's curb appeal is one way to quickly lift value without spending too much money, Rattray points out.
"If the outside of your home is run down and looks terrible, potential buyers may not even want to go inside," he says. "To increase curb appeal, your house needs to be freshly painted in appealing colours and have an impressive front door and entrance, gate and columns.
"What you see first," according to Rattray, will set the frame of mind towards the home "even before you enter".
Similarly, he says, "If the outside is fixed up and inside is a dump, the effect will be similarly off-putting."
Rattray says, too, that a well-kept yard or garden adds to the perception and value of a home.
"I have never seen a beautiful home without a beautiful garden," he says. "One cannot exist without the other. Make sure there are flowers and the landscaping is well done."
property
And it is not enough that because your individual property is well kept that what is happening around you in your community does not matter. So, be involved in the community, participating in initiatives like Neighbourhood Watch groups.
Says Rattray: "While you may say you have no control over your neighbours, if the neighbourhood is rundown with broken sidewalks, the value of your house will go down. It is a good idea to become a member of your Neighbourhood Watch and keep the sidewalks trimmed, directional signs straight, the curb walls painted and roads patched.
common areas
"With all of this in place, the value of your home will be much more than when such common areas are dilapidated."
With regard to the interior of homes, Ivan Powell, chief valuator of CD Alexander Realty, advises that owners should ensure that roof walls, flooring, ceilings, windows and doors, fixtures and fittings are in tip-top condition.
"Deterioration in any of these components," says Powell, "will cause your house to lose value."
In other words, maintenance is important, wherever a home is located or whatever its value.
For instance, a bad roof on a 3,000-square foot house may cost $2.5 million to replace or $500,000 to repair. A valuation, at the time of sale, will reflect this.
"Fix leakages, cracks in walls, broken windows and doors," advises Wallace, the CD Alexander appraiser.
Architect Barry Rattray says that there are decorative changes to the interior which will also make buyers want to pay more for a property than others of a similar size and location.
A beautiful kitchen adds immense appeal. "Nice counters, good-looking cabinetry, tiled backsplash and windows with lots of light coming in are highly appreciated," he says.
selling points
The master bedroom and bathroom are also good selling points. The bathroom, Rattray says, must be nicely tiled with appealing fittings.
If you have some money to spend on construction, a larger porch is a better value addition than a larger living room.
"A nice porch with lovely chairs and ceiling fans in this hot country is an appealing feature. Add a wet bar for serving drinks. This improves lifestyle," according to Rattray.
The larger verandah, combined with the sight of a well-kept garden outside, is great value-added. To add even more value to the home, Rattray notes, one could also change the windows to bays which project out, making rooms appear bigger and providing space for window boxes with plants which are very pretty to look at and bring cheer to the interior.
Yet another important feature is the addition of roof vents to reduce heat. Vents allow hot air to rise and escape. Secured roof vents will require fewer fans and air conditioning and create a more comfortable house, which is a more valuable house.
Remodelled Mona home with new and expanded exteriors and interior, bay windows, redesigned entrance, gate and landscaped garden by designer builder Barry Rattray. The project cost $3.5 million and increased the value by $8 million. - Photos by Barry Rattray
higher rents
In general, improving the look of your house is also one way to attract higher rents. For residents in Portmore, Derrick Smith, real-estate appraiser from A.S. James and Associate in Kingston, says owners should replace aluminium or metal windows, construct a classy kitchen, replace the fixtures in the bathroom, cover old concrete with ceramic tiles and design attractive gates and boundary walls.
"These are things which enhance the property without additional rooms," he says.
avia.ustanny@gleanerjm.com
Original Mona home before remodelling by designer-builder Barry Rattray to increase curb appeal. The house was valued just above $10 million.
