How to Increase Your Strata Property Value

Strata Property Management Challenges 

Strata property management comes with its own set of challenges when it comes to increasing your property value.  This is mainly because the external areas, which is where potential buyers get their first impression, are not under the lot owners’ direct management and control. Rather they are the areas that are managed and maintained by the Owners Corporation/Body Corporate according to the strata property management budget and maintenance plan.  It is important that as a lot owner you ensure that your Owners Corporation/Body Corporate has a good maintenance plan in place, and that your common areas are being well looked after. This will go a long way to ensuring that your property value is maintained and that it will stand out from other strata property in the area when it comes time to sell.

With the rising interest rates an increasing concern, improving the value of your property as a lot owner in a financially sensible and budget friendly way, is now more important than ever in strata property management.  However, just keeping the common areas of a strata property in ‘working order’ is not the only way to increase the property value,  and strata properties need to show that they are receiving regular maintenance and are properly cared for to appeal to interested buyers.

Alterations in Common Areas 

There are lots of quick and inexpensive things that you can encourage your strata committee to do or manage in common areas to give your strata property a good first impression:

1. Foyers and lifts in high-rise buildings should be kept clean and tidy and smell fresh.  Adding a few inexpensive houseplants can make it feel like a very homely and inviting space.
2. Post boxes should not be overflowing and any unwanted junk mail or mail should be quickly disposed of and not left littering the area.
3. Items in communal areas that are broken or obviously worn out should be repaired or removed and discarded (or better yet - recycled).
4. Garden areas should be free from leaf litter and bushes should be trimmed and maintained in the outside common area.
5. By-laws adherence should be managed by the Owners Corporation/Body Corporate and things such as parking rules, animal management (no excrement in common areas), placement of air conditioner external units, patios and other external individual lot additions should be properly enforced with reference to a legal entity.
6. Communal lighting should be in good working order and broken bulbs replaced quickly.

Within Your Own Strata Unit 

To increase the value of your strata property within your own unit, there are options for this, too. Note, it is always advisable to check on the rules through a legal entity applicable to your state and strata before you undertake any property renovation.

• Don’t underestimate the value of a good spring clean everywhere.  It is good for the maintenance of your home and can really make a difference to your strata property’s appearance. Sometimes washing all the walls instead of a repaint is all that is necessary, and getting the carpets professionally cleaned can make them almost look like new.
• Give the kitchen a refresh. You don’t have to completely rip out your kitchen if it is not within your budget, some simple updates can include replacing the cabinet doors or just the handles, updating the sink tapware, resurfacing the bench space or just revamping the tile splashback.
• Clean or update the appliances in your kitchen.
• In the bathroom some quick refreshes to the space can include a fresh lick of paint, upgrading the showerhead to something more fancy and water efficient, installing new tapware in the latest trends or replacing towel rails and toilet roll holders to match your new tapware can completely change the look.
• Some other simple techniques to lift the overall look of the apartment without spending too much is to update all the doorknobs for doors and cupboards.
• Get an electrician to replace your old lights (for more energy efficient ones) and modern looking ones.
• Put in air conditioning if you can afford it - this is becoming more and more sought after in homes.
• Keep your garden or balcony area nice and tidy, and clean and wash wherever you can to make it look sparkly and new.
• Investigate whether adding solar panels will benefit your home and your budget.  Being environmentally friendly can add value to your strata unit.

So while you may have to rely on your Owners Corporation/Body Corporate for specific  property renovations to the common areas of your strata property, there are definitely things you can do within your own unit to increase its individual property value without breaking the bank.

For more information on the processes for doing renovations in your strata property or if you have any other queries about by-laws or issues with common property, have a chat with our friendly Ace Body Corporate Managers  who will point you in the right direction.