Apartment renovations have been on the up and up as of late. The TV show ‘The Block’ has continuously proven year on year that there is great money in flipping older run-down apartments and selling them competitively, more and more people are trying their hand at taking on the task. The great thing is, it’s usually a lot easier to do a renovation in an apartment than a house.
So where to start? Well once you acquire yourself a project, first things first, contact the right people to help with designing your project. A great and cheap start to this process is to touch base with a local real estate agent who specialises in apartments. What you want to do is work your spaces so they are functional ensuring they flow well from start to end. A real estate agent can help you understand what the best floorplan is that will increase liveability and guide you with the going style in today’s market.
The two most important rooms in any renovation are your kitchen and bathroom. If you’re creating a luxury home or a multi zone live and work apartment, you need to cover off these two zones. Mainly, it comes down to fittings and fixtures, the only catch is that’s where you can easily over-capitalise on the whole project. Hunt for discounts on your appliances and spend your money wisely on the different fittings available. You want to get brand name appliance, but not necessarily all the fittings. Shop around and find good quality fixtures and fittings without being sold into the brands. There’s plenty of places to shop so don’t get suckered into the big name plumbing stores and so on.
The only other thing you really need to think about outside of the kitchen bathroom is the floor. Floorboards always present well and so does polished concrete. It’s easy to put hard floors all the way through in apartments, a lot more accepted then in houses, though the option to carpet the bedrooms is there. Parquetry is one of my favourites and always goes with an elegant design, though going Scandi with the white washed boards these days is very fashionable.
All in all, it’s well worth looking at making your stamp around the City. Melbourne CBD offers some great boutique and heritage apartments worth sinking your teeth into. Your purchase price will always determine your outcome, though the right property these days won’t be governed by comparable sales and give you the chance to set a record. Just make sure you do your homework and don’t rush into every deal.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.