Improve Property Value in a Strata Scheme

Posted on Posted in Design Tips for Strata, Hints for Strata Living, News

To improve property value in a strata scheme, owners must work together to achieve results.

This can be a difficult undertaking as people have different ideas about what renovations are required to add property value in a strata scheme.

Sometimes people make the mistake of taking the cheap option of simply patching a structural problem or existing defect. This is like wallpapering a cracked wall. Any building inspection from a new purchaser will reveal the underlaying cause of the problem and thus devalue the whole property. This can also cause the impression that there may be other major issues you could be hiding.

It’s always best to do a job properly. Take the time to raise the funds you really need to do the job properly. There are some good tips to getting people signed up to a long term property improvement plan.

Get all owners on board a project and be patient, this can take time. Some people get excited by beautiful designs and photos of what the final project will look like. No matter how boring the structural work proposed sometimes it engages people if they can see that the resulting project will look slightly different at the end. Instead of returning the boring rebuilt retaining wall to cream, make a statement and paint it charcoal.

Other people are less excited by the final aesthetic appeal of the project, and more concerned about the personal legal or financial liability of inaction on addressing a maintenance or upgrade issue. Always have a handy list of consequences for failure to take action. The owners’ corporation isn’t the government, it’s a collection of individuals and you share the responsibility and consequences of not attending to important issues which may also have OHS liability implications.

Finally if all else fails remind owners that a property runs the risk of not realising its full financial potential on the property market at the time of sale or even in the rental market.

We have some other helpful ideas to coax owners into spending the money they need to ensure your property looks and functions at its best. Contact support@ourbodycorp.com.au to discuss your situation.

For some cool ideas to renovate your strata property and improve property value, find trades in your area, go to Houzz Australia, we love this website recommended by our friends at Owners Corporation Network.

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