Increasing the value of your apartment building
For many of us, purchasing real estate is one of the biggest investments we’ll ever make. And, just like when dealing with stocks and superannuation, it’s important to know that your investment is working for you and appreciating in value – if at least not losing money! While it can be a little difficult to predict which way the market’s going to go when determining where to put your money, it’s far easier to take a few simple steps to ensure your apartment building maintains its value, and that your investment in your home stays secure and pays dividends in the years to come.
Steps to building value
There are plenty of things your board can do to increase the value of your apartment building. Here’s a rundown on some of the most impactful ways to ensure your home continues to increase in value:
1. Balance that budget
Having a balanced budget is one of the most effective ways to increase the value of your apartment building. The less frequently the board needs to do special assessments or fee increases, the better. In fact, if you have an accurate budget, you shouldn’t ever need to go through these situations at all, which is the ideal that both boards and apartment management companies should be striving for.
2. Correctly chronicled meeting minutes
Another way to increase your apartment building’s value is to run a minimum of two to three general meetings per year (depending on the size of the board) and ensure those meetings are chronicled properly via detailed minutes. Good meeting minutes include a quorum, specific dates, lists of issues discussed, and a good capture of any major decisions that were made.
3. Don’t discount kerb appeal
This is probably the most apparent advice we can give when it comes to increasing your apartment’s value: make sure the place looks great! Keeping up with landscaping, general maintenance, modern security practices, and even ensuring the interiors and exteriors look stylish and contemporary will go a long way towards guaranteeing your apartment building continues to increase in value.
4. Follow Through with Inspections
Hand-in-hand with keeping up the cosmetics of your apartment, you’ll want to ensure that the bones of your building are in good shape when looking to increase its value. Not only do regular inspections help to further dial in the current state and condition of your apartment, but they also catch any potentially catastrophic failures before they go sideways. This ultimately saves your apartment board from the burden of trying to budget for costly, unforeseen expenses.
Bonus Ideas for Increasing Value
Hopefully, this article has given you the running start you need to put some action in place with your board, apartment corporation, or apartment management company to increase the value of your building. If you’re looking for more ideas to take things even further, exploring green initiatives can go a long way towards further increasing value in your apartment, as can various community-building strategies.
Author bio: The first step to making all of this happen, though, is to raise the discussion with your apartment board. If you need tips on how to bring this up at your next meeting, or have questions about any of the ideas we suggested here today, give us a call at Catalyst Condo Management, and we’ll do what we can to make sure you’re on the right path towards increasing the value of your apartment building!