3 AUGUST 2022
When you invest in an apartment, it is possible to increase its value significantly by improving the building it sits in as a whole. This can range from hanging a beautiful artwork in the foyer or lobby to much more substantial projects such as improving the facade, upgrading common areas, installing a lift into a modest walk-up or adding balconies to all units.
Paul Morton of Lannock Strata Finance, a lender that often provides funds to strata schemes to help them pay for their improvements, says he’s seen projects from the repainting and carpeting of lobbies and corridors for $50,000 to the $50 million redesign and extension of the Sydney apartment building Skye Tamarama.
The uptick in value can be way out of proportion to the funds spent. Karen Stiles, executive officer of the apartment owners’ peak body, Owners Corporation Network, says a building next to hers just had its facade rendered, which looks spectacular.
“The owners report that their values have increased exponentially as a result,” she says.
Read full article:> https://www.domain.com.au/news/why-adding-value-to-your-apartment-building-is-worth-the-investment-1152030/