What do you need to consider when renovating an apartment? It might appear like the market is driven by the buying and selling of houses, but apartments make up a large portion of the real estate market. Just like homes, apartments can be renovated to enhance their style and improve their function, with the possibilities seeming to be endless. If you’re considering renovating an apartment, here is what you need to know before you start to save yourself a redraft and the stress of revisiting your budget.
1/ Body Corporate Management. Before you get too ahead of yourself, you will want to know what is achievable with your body corporate management. You might find that you are only allowed to work on the interior of your apartment and not the exterior, or you might find that part of the work you have planned can actually be carried out by your body corporate management. Also touch base with your body corporate management to learn what their plans are for the apartment block, as it is typical that most apartment owners will throw some money into the ‘pot’ and these works will be completed with that fund.
2/ Identify what is going to add the most value. When it comes to renovating an apartment, many owners will have grand notions of gutting the garden, expanding rooms and even making the facade more presentable. What you need to remember is that as an apartment owner, you do not own the land. Does that mean you can’t do anything? Absolutely not, but you should be focusing on areas that you own and will yield the greatest result for your livability and future selling prospects. Renovating your apartment with modern appliances is a great place to start, as well as contemporary splashbacks, paint jobs and even switching from Venetian blinds to plantation shutters. Focus inward and whenever you get a renovation idea – ask yourself whether this investment is being spent to serve your property.
3/ Smart, multi-purpose design. Home design has come a long way over the last few years, with our use of space becoming far smarter, especially in apartments. Pantries can now be hidden within a slim panel, and dishwashers and laundry appliances are compactly located without dominating unnecessary space. You will want to familiarise yourself with these features before you commence your apartment renovation, as you might not have to sacrifice as much as you think and can enjoy a number of different domains. With every improvement we make on our homes, we should be improving with each iteration – so incorporate a better storage and space solution for your new look apartment.
4/ Renovate with the future in mind. What’s the purpose of your renovation – wanting something new, or is it a bit more intentional? Don’t miss an opportunity to prepare your apartment for the future, so try and get clear about what the plan is for your apartment. Will you sell in the next five years, start a family, rent it out as investment or start to work from home in your apartment? Get clear on what your future looks like and have your apartment renovations complement that trajectory.
This ‘future proof’’ advice also goes for renovating based on trends that are fashionable now. Imagine if you had fitted your home with rose gold accents, only for that trend to fall away and move on to the next thing. Stick with established design trends that will look as good in ten years as they do now.
Apartment renovating is a lot of fun, but there are a few more considerations to marinate on when compared to a house renovation. Another great idea would be to check out some open homes for new apartments as you might see something that inspires your own designs and can look to integrate something similar in your renovation.