Whether you live in an apartment yourself and are refinancing for some new features, or own one as an investment property and are keen to squeeze some more value out of your real estate, you might be considering some major renovations. These kinds of upgrades can add a significant sum to the price tag or rental income of the property, but many people seem to forget that it is significantly different from renovating a house.
So, just what do you need to consider before busting out the toolbox?
1) Have you got the body corporate on your side?
In strata title apartments, the body corporate needs to be involved with any renovations you decide to do. You cannot simply do what you like in an apartment, despite the fact that you own it, as large renovations could cause a great deal of disruption to your neighbours, as well making it difficult for the managers to keep track of the various workmen and materials required. You need to work with the body corporate, or you could find yourself slapped with hefty fines or even being unable to complete the renovations altogether.
2) Keep practical upgrades in mind
While you may be renovating your apartment for aesthetic reasons, this is a great chance to start considering how you can reduce expenditure on your utility bills as well. Using data from a number of different councils in Australia, Your Home describes how a huge amount of water use in apartments was due to inefficient fixtures and appliances. So, while you are ripping out that old sink, consider installing something that is more efficient rather than just more elegant – you may find yourself saving a significant amount on your water bill.
3) Try to reduce clutter
One of the realities of living in an apartment is that you will often have a lot less floor space than people living in a detached home. Rather than doing a 1:1 transfer, why not consider doing your best to use space-saving fixtures instead? Replacing a bath with a shower or pulling out a kitchen counter and changing it into a central island instead, for example. In-built storage can be shifted to the walls, though of course it’s important to strike a balance between uncluttered walls and uncluttered floors.
Renovating an apartment can sometimes be a little more involved than for a house, but with the right preparation and attitude, you can turn that unit into a valuable addition to your portfolio!
You can contact a Smartline Mortgage Adviser on 13 14 97 for mortgage advice. Or complete ourcall request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.