As a strata property owner, naturally, you will want to maximise its value. You can decorate your own lot or unit to your heart’s content, but typically prospective purchasers or tenants will need to step through common property before arriving at your unit. The first impression is often the lobby or front lawn, and there are several actions you can take to add value. The primary way to increase the value of your strata property lies with the cosmetics, and often giving certain areas of your building a facelift and some TLC can make all the difference in its value.
Give common areas a makeover
As the building ages, interior spaces can quickly become dated with use and time. Transforming a space can make a significant difference in your property’s value and appeal. Communal areas in particular, such as hallways, barbeque spaces, lounges and the lobby, tend to feel the worst of the wear. A makeover could be as simple as a new lick of paint, new floors, or perhaps an upgrade to an existing space – such as play equipment for children on a terrace or upgraded equipment for the gym.
Update the security system
Having a good security system is appealing to any investor and potential residents, especially if the building is situated in an inner-city location. In particular, older buildings are notoriously known for their poor and outdated security measures. Ensure that areas at risk, such as entrance doors and letterboxes, are secure, which means your property will have a one-up on other, similar properties, ultimately increasing its value.
Invest in sustainability
Nowadays, sustainability is an integral focus for both investors and residents, so ensuring you take a sustainable approach is an important part of increasing your property’s value. Implementing sustainable power sources such as solar and energy-efficient lighting is a favourable way to integrate sustainability into your property. Additionally, adding spaces such as a community garden or vegetable patch is another simple way of increasing your sustainability.
Add some greenery
An easy way to improve the value of your property whilst creating aesthetic interest is by introducing greenery into your common spaces. Indoor plants are quickly becoming favoured by apartment dwellers for both their aesthetic and health benefits, so it’s a no-brainer to incorporate them into your décor.
Not only will they brighten up your common spaces, making them feel more lively and lush, but they also help to purify the air, which is incredibly beneficial for properties located within a city. You may want to consider low-maintenance plants, such as Aloe Vera, Rabbit’s Ear or ZZ Plant, as they don’t require large amounts of sun and water, making them the perfect fit for strata properties.
Invest in some eye-catching furniture and art
Appearances are everything, and this extends to your furniture and décor too. Dated or worn furniture and décor are a quick turn-off for most people, so investing in such high-quality, luxurious statement pieces is a great way to quickly improve your property’s value. Ensure that you have comfortable seating, such as lounges and chairs for visitors in your foyer and any other communal areas. Additionally, décor pieces, whether it be coffee table books or sculptures, play an essential part in making a room feel complete.
Build a positive strata community and increase the value of your property. Get in touch with the team at More Than Strata for more tips and advice.