How long has it been since you renovated your strata? Australian Bureau of Statistics (ABS) data shows that home improvements around the country are increasing. Could your investment property be left in the dust?
If your home is below standard because it has not been modernised or kept in a fresh state, tenants might not want to live there. Investing in sound renovations to improve the quality of the home could drastically reduce your vacancy rate, and getting onto the application process for renovations through your owners’ corporation early is a good idea.
How much have renovations increased?
According to a Housing Industry Association (HIA) media release from 6 September, renovations grew by 2.2 per cent over the June 2017 quarter, and that increase contributed to a 1.8 per cent growth in GDP over the past 12 months.
“Today’s figures indicate that renovations activity grew by 2.2 per cent during the June 2017 quarter, eclipsing the contraction of 0.8 per cent in new dwelling construction over the same period,” commented HIA Senior Economist Shane Garrett.
New building construction has declined as the backlog of existing construction projects increases, so that has not contributed to the GDP increase. Clearly, people are renovating their properties. If you do not follow suit, your strata unit might fall out of favour with tenants.
To find out the best way to renovate your strata property to make it attractive to tenants, contact your Civium Property Manager today.