How do you add value to your apartment?

Most likely you’d install a timber floor or update the kitchen. The cost – tens of thousands of dollars – and with a rising property market and a bit of luck you’d see the money back.

Even if you don’t want to spend that sort of money on your apartment, you can still add value to it by making sure it’s part of an appealing and well kept building. With thousands of new apartments being built making improvements to your own building may not just be an option, it may be a necessity. Your building could become indistinguishable from the rest and your apartment just another 2 bedroom unit.

There are many simple ways of improving apartment buildings. Don’t think that as an owner you have to leave the thinking to the executive committee. If you have a good idea, tell your executive committee or put a motion on the annual general meeting agenda.

Improvements can be made at modest cost. Do the maths. If you live in a 100 apartment building, it can spend $50,000 and the cost per apartment is just $500. But you don’t have to spend that much. There are things which you can do which are just good ideas and cost nothing and a host of other things that cost little. Here are some;

To add value to your apartment get your strata scheme finances in order. A buyer may not investigate them deeply but there are a couple of things that will put them off: