Recently, Consumer Reports looked at how to increase the value when selling a home. They found that simple improvements like repainting and washing the exterior can make a 10% difference!
So does the same hold true for common area repainting?
While no direct studies have been done in the market three general principles are sound:
1. Curb Appeal Counts
Once we've lived in a home or strata for a few weeks, we stop noticing the little things we saw when we moved in. The damaged corners and dirty walls at the entrance. The broken door that stays propped open.
It's time for a fresh perspective. Rather than driving up to your building and parking in the parkade, park in a visitor spot or on the street, and enter your building as someone who's never been there before. Bring a notepad, and jot down anything negative, even if you don't think it's practical to correct right now. Everything from entry landscaping to the front door's paint to how clean the sidewalk looks; makes that first impression count!
2. Update the kitchen & bathroom
Okay, so few strata common areas have these features, but they represent the busiest areas of a home, and the ones that take the most wear and tear.
Take a look at your building lobby, and the areas around the elevators (if you them.) Then walk along the first floor hallways. If your building is like most, these walls have damage from steady activity, and the corners and door frames are banged up from people moving in and out. Simple repairs and painting of these areas can renew their value with minimal investment.
3. Color matters
We all know the oranges and greens that made the 70's such a great era of color, and your hallways reflect those same trends.
Neutral and classic color pallettes are best for common areas as they don't go out of style so quickly, and future buyers won't be put off by an outdated building. Keep strong accents to easy to change areas, like feature walls or chair rails, and use lighter colors to keep hallways bright.
And don't forget to consider lighting. New LED lights can make hallways and stairwells seem bigger than they are, while making them safer too.
If you're looking to increase the value of your strata building, and want some assistance with setting priorities, considering best colors, or budgeting, we can help.
Contact us today, and get the most from your property!