5 inexpensive ways to increase your strata property’s value
Whether you live in a 100-lot high-rise or small 20-lot building, there are ways to improve your strata property’s overall value without blowing out maintenance and upkeep budgets
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 for their convenience and sense of community. Knowing this, it’s important for owners and committees to do what they can to improve their strata property’s value.
Making small cosmetic improvements to common areas may be the easiest way to do this without breaking the bank. Not only can aesthetic appeal benefit you, but it can also boost sale prices and increase liveability for your neighbours too.Here are five easy, inexpensive ways to increase your strata property’s value while changing its look and feel for the better too:
- Add a bit of greenery
- Integrate beautiful furniture to the mix
- Introduce some artistic flair
- Give the walls a new lick of paint
- Invest in new lighting
Add a bit of greenery
Pot plants and flowers are staples for standalone houses, so why not introduce them to your foyer or hallways to add an element of interest while also increasing your strata property’s value? Apart from the obvious aesthetic benefits of having greenery, plants can be used to purify the air as they absorb carbon dioxide and release oxygen. In addition, the colour green has been proven to have a positive psychological effect.
If you live in a big building, you might want to consider low-maintenance houseplants. As plant species like aloe vera, snake plants, bromeliads, pothos ivy, rabbit’s ear, and spider plants don’t require a substantial amount of sun or water, they are perfect for indoor areas in strata properties.
2. Integrate beautiful furniture into the mix
Does your foyer currently look empty or boring? You may be able to increase your strata property’s value (and attractiveness to potential buyers) by making your strata property’s main entrance and the surroundings look more modern and luxurious.
You can make your foyer look more inviting by adding furniture. It’s always a good idea to have lounges and chairs 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 that 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 your strata property’s value.
Introduce some artistic flair
The right artwork can add a level of sophistication and class, thereby increasing your strata property’s value. While paintings can be costly, bargains aren’t impossible to find. You will often find budding artists selling beautiful 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, 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 soft whites, blues and greens. Decorative mirrors can also make a statement whilst making the room look bigger and brighter.
Give the walls a new lick of paint
A fresh coat of paint can make a big difference to a strata property’s value, as it can make the property seem well-kept and well-managed. This is true of both internal and external walls, so we recommend tackling it all in one go if you have a budget and resources. If you want a clean and modern look, consider using shades of white.
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 easily.
Invest in new lighting
Lighting can completely transform a room, so it’s worth upgrading common area lighting if you’re hoping to increase your strata property’s value. 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.
To access our full range of strata resources or to stay up to date on regular updates, sign up to receive our quarterly newsletter. For a consultation to review your by-laws, our Kemps Petersons Legal team is at your service to assist. Or, one of our team members can assist you with a free strata management assessment – it’s free and carries no obligation.