Reinvigorate your community with a little refurbishment

AccomNews Sunday, May 3, 2015

0 3 minutes read

Reality TV shows like The Block seem to be striking a chord with owners in strata, with the most popular content on our website being information about renovating.

People are being inspired by what is possible when you have an eye for design and a little motivation, and more and more owners want to know how they can go about it in their strata community!

Resident managers are at the centre of this opportunity and can be integral to servicing the needs of their lot owners when it comes to adding value and staying current. This opportunity can direct your future endeavours in two ways:

by assisting lot owners with their renovations
by following their lead and investing in common property refurbishment.

Simplify the process for lot owners

Many lot owners have recognised the value to be gained by renovating their lot; however this is an area that can be tricky to negotiate in a strata community. You can have a beneficial impact by making the process as straightforward as possible for lot owners.

Renovation in strata is often subject to by-laws and procedures with which a lot owner may not be familiar. Your knowledge and explanation of the requirements can help simplify the process and avoid unnecessary complications. Your body corporate manager can also be an invaluable resource to both you and the lot owner when navigating these complicated procedures and by-laws.

Even minor renovations usually involve external tradespeople coming into the building. They may need to access electricity, water or other services, and will also need to dispose of additional rubbish. By providing a site induction, you can ensure the tradespeople use the building with minimal impact upon others.

Even if the renovation is contained to one lot, it is inevitable that it will impact common property and other owners in some way. Tradespeople will be parking onsite, as well as using lifts and other common property. People will usually put up with some inconvenience when they renovate their own property, but it can be harder to endure when they are inconvenienced by someone else’s building works. Helping lot owners with these matters will minimise impacts on other residents, ensuring good relationships are maintained throughout the community.

For owners who do not live onsite the resident manager is an invaluable source of information when it comes to renovating. Your knowledge of local conditions as well as the type of people that rent or buy in your area can allow investment owners to adopt a focused and informed renovation plan to improve the value of their lot.

Invest in common property renewal

When I was younger, I used to drive an old Peugeot which would often break down. It came to the point where I was nearly paying in repairs what the car was worth and I had to make a decision to shell out for a newer car. Similarly, as buildings age, there will come a time where continued maintenance of aging common property is no longer the most financially viable option, or the most desirable.

Lot owners and resident managers alike want their building to be competitive in the rental or buying market. While lot owners can add value within their own lot, they may be let down by the state of the common property. When the first impression prospective buyers, renters or holiday guests get is one of tired lawns and gardens, faded and thin hallway carpet, and an out-of-date lobby, they may not make it far enough inside to see the redeeming renovated apartments.

The way to stay ahead of properties of a similar age is to acknowledge that trends change, and to refurbish in line with those trends.

You might investigate:

• rendering the building’s façade for a more modern look

• replacing carpet and furniture in the foyer area

• improving the gardens, lawns and pathways

• replacing the balcony balustrades and stairwell railings with new design

Also, it makes good sense for the body corporate to retain the services of an architect or interior designer.
Refurbishing your common property also gives you the opportunity to invest in longevity. For example, changing an easily dateable colour scheme to something neutral, or updating cheap furniture at its breaking point to quality, durable furniture, will result in future cost savings.

Refurbishment of common property is not easy as it requires consensus – this can be difficult to obtain when you have a group of people with different tastes and different financial resources. However, we are sure your communities will rise to the challenge if they keep in mind the big picture. If your community starts to lose its way maybe keep them focused by watching a few old episodes of The Block!