5 Unique Ways To Boost The Value Of Your Strata Property
20 / 06 / 2019
Over time, strata properties can become dated. From the fading façade to the creaky elevator, the ageing features – despite being liveable – can start to impact existing residents as well as those looking to move in or invest. Unfortunately, this can cause the value of your property to remain stagnant or even decline. Want to know how to raise the property’s value instead? In this blog, we’re showing you how exactly you can achieve this through renovation projects, and how you can kickstart the process with a Section 94 quantity surveyor in Sydney.
Why should I invest in property maintenance?
From the perspective of a strata manager, property maintenance (aside from the bare minimum) may seem like a costly endeavour. However, in the long term, renovation projects on your strata property generate a great (and ultimately, higher) return on your investment. In fact, the right project can deliver a higher ROI by:
- Raising the value of your strata property
- Detecting and resolving other potential issues through close inspection.
5 projects that will raise the value of your property
#1: Give common areas a facelift
While most strata managers keep their properties in basic working order, transforming a space can really improve the value of your strata property. Communal areas in particular – such as barbeque spaces, hallways and the lobby – can get run-down over time and a simple facelift can keep your property up-to-date. A facelift can be as simple as a new paint job, fresh tiles, or a new play area in the shared entertainment area.
Taking care of these seemingly small elements will help create a great first impression for potential buyers or investors, as well as boosting the morale of residents.
#2: Upgrade the building’s security
A good security system makes any strata property an attractive choice for investors and potential residents, especially if the building is situated in an inner-city location. Older buildings in particular have a notorious reputation for outdated security measures, such as insecure entrance doors and letterboxes. Therefore, upgrading these areas will give your property an edge over the rest, ultimately increasing its value.
#3: Invest in sustainability
These days, more residents and investors are concerned about environmental issues such as climate change and sustainability. Not only have these environmental concerns started to impact the choices people make from day to day, but they’ve also begun to affect where people live. Plus, a more sustainable property often means reduced energy bills, which every potential resident will appreciate. Some sustainable measures you can implement include:
- A communal vegetable garden and composting system
- Energy efficient lighting or more natural lighting.
#4: Update key areas of the façade and interior
Sometimes a simple facelift isn’t enough to truly transform a space. In this case, a larger upgrade may be required for heavily used and publicly visible areas, such as the elevator and balconies. Balconies in particular have an immediate impact on how the property is perceived, since they are a part of the façade that is visible to the public. Although they seem like a hefty investment, better balconies and elevators are certainly plus points for new residents and investors looking at your strata property.
#5: Keep on top of basic maintenance and repair
Of course, it is imperative to pay close, regular attention to the necessary repairs and upgrades that need to be completed on your strata property. In fact, the strata manager or owners corporation management actually has a legal responsibility to keep the property in a state of good and serviceable repair, under the Strata Schemes Management Act 1996 (NSW). This includes replacing and repairing fittings and fixtures, and ensuring the property is functional and liveable for its residents.
Budget for your strata project with a quantity surveyor in Sydney
Before starting any building project, you’ll need to plan your budget. Not only will your budget determine the materials and labour you’ll use to execute your renovations, but it will also help you plan a realistic timeline for your project. But budgeting, keeping financial records and managing finances can be extremely difficult and time consuming to handle.
This is where a Section 94 quantity surveyor in Sydney comes in. Our quantity surveyors support you from start to finish with detailed reporting you can rely on. We’ll help you create a construction budget with cost estimates, provide recommendations on cost management, and keep your finances under control. Our quantity surveyors simplify the logistics of your strata project, meaning you can focus on running a successful project.
Thinking of starting a project that will raise the value of your strata property? Get in touch with a Section 94 quantity surveyor in Sydney today on 0413 953 869.