As the values of residential properties are recovering and older properties have become quite competitive by comparison to new units, it could be time to consider upgrading residential units. People nowadays are accustomed to a higher standard of residence so if one wants to sell a house, it is essential.
As technology improves, this enters the home as well. Things that were not used in the past are now considered necessities. When considering any upgrades or additions they should always be assessed in terms of cost vs value added to the property to make sure that the return is worth it.
There are some basic requirements when updating a unit, such as replacing single with double glazing on windows and doors, installing shutters, replacing wooden windows and doors with aluminium and installing modern solar heating and a water pressure system, while new subsidies from the government provide for heat protection (roof and wall insulation) and others worthy of consideration.
A major attraction seems to be renovating the kitchen and including new gadgets, as is adding en suite showers to bedrooms. More affluent investors opt for private lifts connecting al the floors of a house, if the space allows.
One should pay particular attention to the electrical appliances, such as air conditioning units, boiler, white goods and so on, which use a lot of electricity. Modern equipment is far more efficient reducing electricity consumption and giving a better performance.
Heat is becoming a bigger and bigger problem, especially for units which get direct sunlight. It can make living most uncomfortable. External covered areas and awnings are a must in many situations.
Security now plays an increasingly important role and the installation of a security system is becoming considered a necessity.
Environmental considerations come into play more than they used to nowadays and so planting trees (mainly forest trees) will do wonders for increasing a home’s value.
Maintaining one’s house is very important, especially if you have invested in improvements. Many homeowners do not carry out regular maintenance and upkeep and this can lead to increased costs to fix things in the future.
It is a paradox that on the one hand people spend money on a regular basis to maintain their cars but will spend very little maintaining a house which is worth so much more and it is therefore a much better investment,
Antonis Loizou & Associates EPE – Real Estate Valuers, Estate Agents & Property Consultants, www.aloizou.com.cy, [email protected]