Renovate vs relocate: What's best for your home's value?
For South African homeowners caught between staying put or starting fresh, the decision to renovate or relocate is more than just personal preference; it's a question of smart investment.
According to property experts at REMAX Southern Africa, the answer lies in understanding which option offers a better return on investment (ROI) and holds the most potential for future house price appreciation.
'The choice between renovating and relocating hinges on a homeowner's financial goals, the state of their current property, and market conditions in both the current and potential new neighbourhoods,' says Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa.
For example, he explains that in an area with slow house price appreciation, selling and upgrading could yield a better price than investing in a stagnant area.
In high-demand suburbs with little stock, he recommends that homeowners upgrade their current home to ride the property value wave.
Another aspect to consider when weighing up whether to renovate or relocate is the transactional costs of buying a home, such as transfer duties, legal fees, and commissions. These can typically total around 7 to 10% of the purchase price.
'These costs can offset short-term gains unless the buyer is upgrading to a home with greater long-term value potential,' Goslett cautions.
Home renovations can be a strategic move, especially in an area with stable or rising property values. Updates to kitchens, bathrooms, and open-plan living spaces can significantly increase the appeal and value of a home.
However, Goslett warns against overcapitalising – spending more than the area's resale values can support. Spending more than the neighbourhood can support in resale value may mean losses down the line.
'Homeowners should also consider the cost of temporary accommodation during extensive renovations and the unpredictability of construction timelines, which may erode ROI if not carefully managed,' he notes.
Beyond financial returns, homeowners must consider how well their current property supports their day-to-day life, and whether they can afford to buy a new home if they wish to remain in the same suburb (perhaps because of schooling, work commutes, or family).
When a home's footprint cannot accommodate the household's evolving needs, Goslett says relocating may be the more practical and cost-effective solution. Similarly, if homeowners must remain in their current location, then renovating may be the best solution.
ALSO CHECK: Rotary Clubs unite for high-energy wheelchair relay
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Maverick
an hour ago
- Daily Maverick
WhatsApp accuses Moscow of trying to block secure communication for millions of Russians
Russia said on Wednesday that it had started restricting some WhatsApp, owned by Meta Platforms META.O, and Telegram calls, accusing the foreign-owned platforms of failing to share information with law enforcement in fraud and terrorism cases. Text messaging services and voice notes are currently unaffected. A simmering dispute with foreign tech providers intensified after Moscow's February 2022 invasion of Ukraine, with Russia blocking Meta's Facebook and Instagram, slowing the speed of Alphabet's GOOGL.O YouTube and issuing hundreds of fines to platforms that failed to comply with Russian rules on online content and data storage. 'WhatsApp is private, end-to-end encrypted, and defies government attempts to violate people's right to secure communication, which is why Russia is trying to block it from over 100 million Russian people,' WhatsApp said late on Wednesday. 'We will keep doing all we can to make end-to-end encrypted communication available to people everywhere, including in Russia.' Telegram said its moderators were using AI tools to monitor public parts of the platform to remove millions of malicious messages every day. 'Telegram actively combats harmful use of its platform including calls for sabotage or violence and fraud,' Telegram said. In July 2025, WhatsApp's monthly reach in Russia was 97.3 million people, compared to 90.8 million for Telegram, according to Mediascope data. Third-placed VK Messenger, an offering from state-controlled tech company VK reached 17.9 million people. Russia has a population of more than 140 million people. STEADY DEGRADATION Russia banning WhatsApp and Telegram users from making calls comes as the government is actively promoting a new state-controlled messaging app, MAX, that will be integrated with government services and which critics fear could track its users' activities. Senior politicians are migrating to MAX, urging their followers to come with them. Anton Gorelkin, a leading regulator of Russia's IT sector in parliament, said he would post to his MAX followers first and said many other lawmakers would soon follow suit. WhatsApp's other services remain available for now, but the steady degradation of a service is a tactic Russia has employed before, notably with YouTube, where slower download speeds have made it harder for people to access content. Human Rights Watch said in a report last month that Russia has been 'meticulously expanding [its] legal and technological tools to carve out Russia's section of the internet into a tightly controlled and isolated forum '. Lawmakers have approved a new law that tightens censorship and could have sweeping ramifications for digital privacy, with Russians facing fines if they search online for content Moscow considers 'extremist', including via virtual private networks that millions use to bypass internet blocks.
IOL News
an hour ago
- IOL News
WATCH: Volvo SA's MD on steering through challenges to rebuild trust and drive change
Volvo's new South African managing director, Grant Locke, spoke to us at the launch of the EX 30 Cross Country. Image: Supplied Volvo's new South African managing director, Grant Locke, has just returned from Sweden after eighteen months with a clear mission: to restore customer confidence, strengthen dealer networks, and guide the brand through our country's cautious transition to electric mobility. Speaking on the sidelines at the launch of the new Volvo EX 30 Cross Country, he said: 'As a South African, I understand the unique culture and mindset here. That gives me an advantage in helping ensure trust in the Volvo brand locally. Right now, my biggest challenge is rebuilding that trust.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Dealership restructure Earlier this year, Volvo embarked on a significant dealership restructure, aimed at improving profitability and aligning the network with market realities, but the move did create uncertainty among customers. 'When a dealership closes, people worry about servicing their cars. Marketing alone can't fix that. We need to ensure approved Volvo service coverage across the country, with trusted dealers who are close enough for convenient servicing, accessory purchases and product expertise.' First steps The first steps in this plan are already underway, with a new dealership announced for Gqeberha, and a further two as a work in progress for Nelspruit and Bloemfontein. 'It's about finding the right balance, enough volume through a dealer network to keep them profitable and sustainable, while still being accessible to customers,' he explained. Locke acknowledges a 'two-speed' challenge. Closing dealers impacts sales, reinstating them doesn't instantly boost numbers, and brand consideration must be rebuilt with the right mix of good products, solid marketing and patience. Grant Locke, Volvo SA's new Managing Director. Image: Supplied SA's electrification journey On the product side, he admits South Africa's journey toward electrification is progressing cautiously. 'Plug-in hybrids are a stepping stone into EVs, and Volvo must ensure there are options for customers in that space. Although the launch of the XC70 long-range PHEV is currently only for China, I wouldn't be surprised if Volvo considers similar long-range plug-in hybrids for other model ranges. "Other manufacturers, especially Chinese brands, are already going in that direction. Long-term, though, our strategy is still focused on BEVs,' Locke said. Resale One of the concerns about Volvo products is their resale value and the perception that it drops quickly once they leave the showroom. 'Residual values are a concern for every manufacturer. We currently offer a guaranteed future value (GFV) product to help address that, but from my perspective, I'd like to explore more solutions. 'Residual value is a key part of the total cost of ownership, and if you get it wrong, it can overshadow other factors like fuel economy. The GFV helps, but there may be more we can do, and there are global initiatives worth investigating,' Locke admitted. On a personal level, Locke says that he's here for the foreseeable future to ensure that he addresses the challenges that the brand faces. 'I'm here for the long haul. My wife is starting her PhD at Stellenbosch, so that's at least three years, and my kids are enrolling in school here,' he concluded.
TimesLIVE
an hour ago
- TimesLIVE
Namibia central bank holds interest rates steady to support economy, rand peg
Namibia's central bank left its main interest rate unchanged for a third straight policy meeting on Wednesday, and said it wanted to safeguard the peg between the local currency and the South African rand while supporting the domestic economy. South Africa, whose economy is closely interlinked with Namibia's, reduced its rate by 25 basis points last month. "Maintaining the repo rate unchanged, while the anchor country's repo rate was reduced in July, was a further step towards narrowing the interest differential between Namibia and South Africa," said Bank of Namibia governor Johannes !Gawaxab. !Gawaxab said Namibia's rate, now 25 basis points lower than South Africa's, struck a balance between fostering local economic growth and sustaining stable capital flows. The bank lowered inflation forecasts for 2025 and 2026 by 0.1 percentage points on Wednesday to 3.8% and 4.2% respectively, to reflect lower crude oil price assumptions. Inflation in the southern African country stood at 3.5% in July. The central bank lowered its economic growth forecasts for this year and the next on Monday, citing a challenging environment for the agriculture, mining and manufacturing sectors. It expects GDP growth of 3.5% in 2025, down from 3.8% projected in June, and 3.9% in 2026, lower than the 4.0% previously forecast
