If you’re looking to improve the rental yield on your Sydney strata unit, a few small changes can often make a significant difference to the price that tenants are willing to pay. While minor and major renovations will require official approval from your owners corporation, you can make these cosmetic changes without prior approval – just remember to adhere to any rules on noise restrictions as you get to work.
Patching and painting walls
Clean and smooth walls will make rental listings look neat and tidy, so it can be worth investing in a thorough patching and painting of your apartment’s internal walls. This is also an ideal chance to update any old-fashioned colours to a more modern off-white or light grey. Be sure to check with your owners corporation if you intend to paint external walls or doors, as this will likely require prior approval.
Improving curtains and blinds
It’s fast, easy and relatively affordable to update the curtains or blinds within your strata property, and modern vertical blinds or roller blinds can transform a dated room into a stylish and appealing space for tenants. Once again, be sure to refer to the owners corporation before installing any window coverings on front-facing facades, as there may be certain restrictions on materials or colours for these areas.
Installing built-in cupboards
Sleek built-in cupboards will provide extra storage space and a streamlined look to bedrooms throughout your rental property. This is classed as a cosmetic repair within the Strata Schemes Management Act 2015, so you can update your unit’s bedrooms without needing to go through the approval process. Built-in robes might only cost a few thousand dollars, but they can have a big impact on the overall impression of the home.
Updating the carpet
The upgrading of any hard flooring must be approved by your owners corporation, however carpets fit within the cosmetic work category and can be altered as you see fit. If soundproofing is an issue at the property then you might wish to consider upgrading the carpet underlay while you’re at it. It generally pays to upgrade to the next standard up than is recommended to ensure tenants can enjoy peace and quiet.
If you’re planning to renovate the kitchen or bathroom or install air conditioning within your rental property, remember to speak with your strata manager or strata secretary about seeking approval first to ensure that your changes will be by the book.