Future Proof Your Unit by Adding Value
Strata title was first introduced in NSW way back in 1961. That’s more than 60 years ago. Prior to strata title, the only method of dividing ownership was company title.
As complexes become older and new technology is introduced to new strata titled apartments, you may find that your unit is being left behind.
The rate of change for technology is approximately every 60 days. This means a mobile phone released today could be seen as obsolete in 60 days as there is already progress being made developing a better mobile phone.
If you own an older strata unit, how can you add value to your unit to future proof it.
Painting – Fresh coat with neutral colours
The less expensive first option is to paint your unit. The goal is to paint your unit in such a way so that it appeals to the largest range of people.
Even if you are renting your unit, you need to make it stand out from the competition, especially if there are a large number of new units for rent around yours, a fresh coat of paint can make your unit feel fresh and new.
The walls of a small two-bedroom unit could cost as little as $500. This is with the owner undertaking the painting works. How much value could $500 add back to your unit.
Replace the Floor
Many older units have carpets throughout the unit, with many of the new apartments having wooden floating floors, tiles and polished concrete flooring.
Potential home buyers today may also cringe at the idea of having wall to wall carpeting throughout. Carpeting is expensive to purchase and install.
Installing a different type of floor other than carpet, may also extend the life of the flooring and also provides a closer reference to the installations that newer apartments are being finished with.
The average cost of installation or a small two-bedroom unit, for common rooms such as living room, dining room and bedrooms for an average of 550 square feet is as follows:
- Wood flooring installed around $4,400 * depending on the type of wood
- Laminate flooring installed around $2,772
- Vinyl and linoleum installed around $1,650
- Carpeting installed around $1,850
- Tile flooring installed around $2,500
Renovate
Renovations can be expensive, but if you look at the core areas within your apartment, you do not necessarily need to undertake a full renovation.
Area’s such as your kitchen and bathroom are the obvious areas for a renovation which can add value. There are however other area’s for consideration, such as:
- Removing an internal wall to create an open space
- If on a top floor unit or townhouse, a skylight to let more light in
- If there are stairs in your apartment, using the void space for storage
As with any renovation for apartments, you want to maximise space at the same time. Looking at ways in doing this is an apartment can add significant value as it creates a sense of a larger space.
Features a slim sink set into a shallow counter. There's still a place to put your stuff while you're getting ready, but you save about a foot over a traditional vanity.
Mirrored medicine cabinets are nothing new, but this bathroom it takes it to the next level, with a mirrored cabinet that extends the length of the vanity and helps to visually expand the room
With a wall-hung toilet, like this one in a bathroom the tank part is recessed into the wall, which can save a few precious inches in a small space.
Hey if you have room for a larger rolling kitchen cart, then you know the pleasures of having mobile storage. But don't discount the helpfulness of smaller rolling storage shelves and carts that can fit in weird nooks, be pulled out when needed and pushed away when finished with.
Take full advantage when it comes to hanging, storing and displaying. Done neatly and with intention, you can cover nearly every vertical surface in a tiny kitchen to add storage to your space without sacrificing style.