Have you ever considered the advantages of Apartment Renovations?
Hi, I’m Bernadette Janson from The School Of Renovating. I want to share with you both the joys and the pains of renovating apartments.
Apartment Renovations Can Deliver Quick Profits
I love renovating apartments because it’s so quick.
We do a predominantly cosmetic renovation and it will take anything from three to five weeks.
But at the end of that, your apartment is back on the market and before too long your profit is in your bank.
So we’ll work on a 10% profit provided we have sourced the right property,
And we’ve executed the renovation well that is a reasonably reliable profit to rely on.
Special Considerations for Apartment Renovations
There are a few things you need to know about apartment renovations…
- Firstly, the line of ownership in an apartment is set at the paint line.
So basically, the paint line is where your ownership ends and the Owner’s Corporation takes over. So you need to get permission from the Owner’s Corporation to actually make changes to the apartment. Anything other than painting requires permission and that can sometimes take some time. Generally speaking, I found that they’re normally pretty good, although they can be quite slow.So, what you do need to is actually make sure that you have some process in place to cover the holding costs while you are waiting for approval.
- The second thing you need to think about in your apartment is access.
Access to the plumbing for wet rooms, with bathrooms often you can’t change the configuration because your plumbing is in your neighbour’s ceiling below and that can be a limitation. But often the bathrooms are laid out well so you don’t need to change the layout. You just want to refresh them with a new cosmetic makeover.
- The other thing you need to think about is access for materials.
If your access is only via a lift, you want to make sure that your materials are going to fit into it and that you are going to be able to have access to the lift at the times when you need it.
- And the last thing that you need to think about with renovating apartments is the impact on the neighbours around you.
If you are in a freestanding house, there’s plenty of space between you and your neighbours – noise is unlikely a problem. But in an apartment, then you can have some issues with complaints from neighbours and that can be quite problematic.
We do a lot of apartment renovating and so if it’s something that interests you then consider coming to one of our FREE webinars where we can share with you some of our tips and tricks on renovating apartments.