Five ideas to increase the value of your apartment building

PICA Group - Five ideas to increase the value of your apartment building article

While owning a home is still the Aussie dream, the picture no longer includes having a house perched on a big piece of land. Many Australians are opting for apartments – new or old.

If you’re looking to sell your lot, one way you could increase the market value is by making small improvements and adjustments to common areas.

Not only can aesthetic appeal benefit you, it can also boost sale price and liveability for your neighbours.

Here are five easy ideas that can drastically change the look and feel of your strata managed property:

  1. Add a bit of greenery

    Pot plants and flowers are a home staple, so why not extend this to the foyer or hallways? Apart from the obvious aesthetic benefits of having greenery, plants can be used to purify the air as it absorbs carbon dioxide and releases oxygen. In addition, the colour green has been proven to have a positive psychological effect on people.

    If you live in a big building, you might want to consider low-maintenance plants. A few examples of plant species which don’t require a substantial amount of sun or water include aloe vera, snake plants, bromeliads, pothos ivy, rabbit’s ear, and spider plants.

  2. Update the furniture

    If your foyer looks empty or boring, you can make the room look more inviting by adding furniture. It’s always a good idea to have lounges and chairs, especially for visitors who’ll be able to sit in comfort while they wait in the common area. We recommend buying furniture in easy maintenance fabrics such as leather, or having lounges with removable covers. Colour is also an important factor that can help brighten a room and create warmth.

    If you have amenities like a pool or garden, outdoor furniture can help to create a better community vibe. Before you hand over your credit card at the cash register, consider materials which are non-corrosive and weather resistant. While good quality furniture may cost more, it’s well worth it if it stands the test of time and increases the value of the property.

  3. Get creative with artistic flare

    The right artwork can add a level of sophistication and class to any building. While paintings can be costly, bargains aren’t impossible to find.

    You will often find budding artists selling paintings and prints at local markets. There’s also the option of buying affordable prints from homeware stores like IKEA, Spotlight, Kmart or Target.

    Don’t forget that framing can add extra aesthetic appeal. We recommend picking a theme and sticking to it. For example: if you choose a Hamptons theme, you could consider decorations like rowing paddles, ink paintings and Chinese-style ceramics.

    Decorative mirrors can also make a statement whilst making the room look bigger and brighter.

  4. Give the walls a lick of paint

    A fresh coat of paint can make a big difference to a building – whether you’re looking to update the outer, or inner walls. If you want a clean and modern look, consider white.

    PICA tip: Keep a record of the colour used (often identified by a specific name, or code found on the paint container) for the walls. That way, if one section of the wall gets marked or damaged, the same colour paint can be applied to cover it.

  5. Invest in new lighting

    Lighting is a tool that can completely transform a room. Consider replacing old-fashioned ceiling lamps with simple, contemporary lights. Modern floor lamps are a good option for foyers and feature pendants can add flare to a staircase.

Keep in mind: Any changes made to common areas need to be budgeted and approved by the building’s committee. If you want to know more about strata or committees, submit a question to www.stratafaq.com.au or download our guide on committee management.

StrataFAQ pwoered by PICA Group

If you would like more information relating to a specific situation, feel free to submit a question on stratafaq.com.au.

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