Relocation vs renovation
“Buying up” is a convenient and quick way to remedy the situation when your family has outgrown your present home, says Berry Everitt, MD of the Chas Everitt International property group.
“The main benefit of relocating is that you have the opportunity to look for a home that will match most – and if you are lucky, all – of the items on your wish list. Once you have found your dream home, it is really just a matter of packing up, moving and settling in your new house.
“But with the phenomenal growth in property prices over the past three years, this option has lost some of its attraction because of the high cost of relocation, including transfer tax and bond registration fees,” he says.
“Homeowners who do their sums may well find that renovation, alteration or extension of their existing home is a more cost-effective way of upgrading their lifestyle or acquiring additional living space.”
However, Everitt cautions that homeowners should tackle renovation with circumspection. “If any major work is contemplated, it is likely that homeowners will have to hire contractors to undertake the work. This is a potential minefield, riddled with potential traps for unwary consumers,” he warns.
“Homeowners usually are more interested in matters such as when the work can start, how long it will take to complete and how much it will cost, when they should rather focus on the track record of any company they may wish to contract to do the job.”
He suggests homeowners make sure that the proposed contractor is affiliated to the relevant professional association. It would also be wise, he says, to obtain references from previous customers and contact them to make sure the work was satisfactory and that the contractor kept to promised completion dates, that the work was adequately supervised and that he stuck to the budget.
“It is also important to establish how long the contractor has been in business and how many projects similar to the one you have in mind, he has completed. Other important criteria are whether or not the contractor has comprehensive insurance against injury and whether the people working on the contract will be his employees or subcontractors.”
Issued by Chas Everitt International
For further information call Brenda Smith at
Chas Everitt International Bryanston on 011 463 2033
or visit www.chaseveritt.com