When it comes to adding value to a CBD investment property, many property owners think that renovating is the key. However, spending more on your apartment doesn’t automatically mean it is worth more – this is a common misconception that many people fall in the trap of believing. The truth is, sometimes these costly makeovers could actually be doing more harm than good.

So, which renovations are worth their while and which ones are possibly a waste of time and money? To help shed some light, here are five renovations that could potentially have a negative impact on the value of your apartment and are worth reconsidering before jumping in the deep end:

Let there be light

Any renovations that block the apartment’s natural light are a no-go and can instantly devalue the property. Instead try to maximise natural light, especially in the living areas.

Know your market

Ensure your apartment space is designed with your tenant in mind. For example, if it appeals to active city workers or diligent university students then a decent desk space would prove highly beneficial. That little study nook in the corner that you considered removing to extend the kitchen bench could actually see the potential weekly rental income decrease - so it is a good idea to first talk to you agent to identify exactly who your target market is and what appeals to them before doing any major renovations.You also may like to consider checking with the on-site managers regarding colour scheme for the building, which may give you the option to rent your unit long term or short term through the on site managers.

Steer clear of current trends/loud designs
When renovating an apartment space you need to think with your head, not your heart. Thus, neutral is always best! Sure, the latest styles might have a place in your own apartment but they move too fast to see a positive return when it comes to your investment. For example, a bright yellow kitchen with chevron splashbacks might be considered stylish now but next year when orange makes a comeback you’ll just be left with a dated kitchen and an empty pocket.

Avoid anything custom made

A CBD apartment needs to appeal to as many potential tenants as possible. Adding custom-designed furniture and fixtures could deter people and leave you with excessive out-of-pocket costs in the meantime. 

Don’t break regulations

When renovating a CBD apartment it’s crucial that you’re aware of body corporate rules and regulations. Renovate outside of these and you could be penalised severely.A few examples include in particular wooden flooring, fixed structures on the balcony, window dressings backing in the wrong colours etc…

Thinking of selling your CBD apartment and want to do some upgrades to increase the value?  First, have a chat with our CBD apartment expert and contact Hannah on 0419 782 133.