In many cases and especially the case in Seychelles, the value of a house appreciates over time. This is due to increasing demand on the market for housing and land. Although a rarity, it can happen that houses lose their real or potential value on the market.
Potential buyers may be ready to fork out a value over SCR1 million for a house, but will hesitate however if the house is in poor condition. Why? Because the new buyer will also have to seek additional funds to upgrade their new house into livable conditions.
Moreover, the potential buyer knows that regardless of the price paid to purchase and upgrade the house, the insurance coverage will cover the current market value of the house and not what the buyer paid for it.
It’s important therefore for current homeowners to maintain their houses regularly if they have an inclination to sell it later for a decent profit.
- Pipes corrode over time and regularly checking it can prevent burst pipes, flooding and water damage.
- Clean out gutters and drainage to prevent flooding during heavy rainfall.
- Inspect the exterior for cracks and holes in the building structure as well as the roof.
- Repair or replace damaged doors, windows and gates.
- Cut down overhanging branches or dead/infected trees close to your home.
- Replace corroded faucets, worn out toilet and other plumbing inside the house.
- Clean out and inspect the conditions of ovens and washing machines.
- Do a large scale cleaning of the interior and exterior of the house.
- Removed chipped paint and repaint the house.
- Get an insurance coverage for your house to minimise your risks in case of an unforeseen peril.
By maintaining your house regularly, you can ensure that you retain the real and potential value of your house when you do decide to sell.