By Raymond Hainey
Copyright caymancompass
The trend that started earlier this decade of homeowners spending more on their homes has continued, local realtors have said.
Michael Joseph suggested, as global economic uncertainty continued, many homeowners had carried on with the COVID-19 trend of home improvements after people were allowed to dip into their pension funds during the health crisis.
Joseph, the owner of Property Cayman, said, “A home is an investment. You may not want to sell your home right now, but if you upgrade your home … you will get the benefit of the investment because you won’t have to do a lot of work before selling.”
He added that a well-decorated and properly maintained home was also more likely to sell faster than one that looked less-cared for.
Joseph said that the COVID-19 release of pension funds meant many people had opted to invest in their properties, rather than make short-term buys, such as new cars.
“A lot of people sensibly converted that long-term pension investment into a long-term asset,” he added.
“What people should be doing, absolutely, is saving and fixing up their homes and maintaining them properly.”
Joseph said one friend had pulled out of a joint holiday trip because he was building a house and wanted to cut expenditure in other areas.
“It boils down in this uncertain world to how people are protecting themselves down the line.”
Staying put
Ewe Cimring, of Provenance Properties, said that higher interest rates meant that some homeowners had opted to stay put rather than sell and give up a fixed-term mortgage.
Cimring said that buyers tended to make major renovations after purchase and often factored those costs into their offers, particularly for big-ticket items such as roofs, hurricane-proof windows or modern, efficient air conditioning systems.
But Cimring added, “That said, not all renovations are large-scale projects.
“Many buyers focus on cosmetic upgrades or small modifications to tailor the home to their tastes.
“While improvements are subjective, properties that are well-maintained, neutrally styled and equipped with quality features tend to sell faster.
“These features not only make it easier for buyers to envision themselves in the home, but also signal a sound, lower-risk investment.”