Potts Point is frequently in the property news for the upmarket apartment renovations undertaken by local residents.
But not everyone has the budget for these breathtaking makeovers.
Fortunately, we’ve got some ideas for affordable alterations that will add value to your Potts Point pad.
A rich apartment history
Potts Point has always been at the forefront of modern apartment living in Australia.
It started with Kingsclere’s opening in 1912 as Macleay St’s first high-rise, complete with features found in the best Manhattan apartments at the time, like intercoms and automatic lifts.
Since then, Potts Point has served as a canvas for innovative apartment design, enthusiastically embracing all the architectural styles that have emerged over the past century.
It’s part of what gives the area its eclectic character.
Today, 88% of our dwellings are apartments, making Potts Point the second most densely populated suburb in Australia, after Melbourne’s inner city.
Rule #1 of apartment renovation – know your market
So, what are the best ways to add value to your Potts Point apartment and help it stand out in this crowded market?
While I’ve featured some breathtaking renovations on this blog, you don’t have to spend a fortune to boost your property value.
Fundamentally, it’s about knowing your market and what buyers will be looking for.
We know from the 2016 Census that Potts Point residents are primarily young, full-time professionals who live on their own.
They like the convenience and the character of the area, with work, bars, restaurants and recreation all within easy reach.
And they’re often looking for the same simple convenience in their apartment living.
It’s all about the space
While it’s the spacious penthouses and rare terrace houses that make the property news, 62% of Potts Point residences have one bedroom or less, compared with 5.5% nationally.
Home improvements therefore tend to focus on making clever use of small spaces to make an apartment feel bigger than it is.
Quality joinery is an excellent investment. It creates clean, simple lines, allows you to hide clutter and adds all-important storage to small spaces.
Small alcoves can be repurposed as a study nook or home office, while laundry cupboards are another popular addition.
In older apartments with closed in kitchens, valuers suggest opening up the floor plan and adding more contemporary touches to the kitchen and bathroom, such as splashbacks and new tap or cabinet fittings.
Good quality LED lighting and light-coloured joinery, paintwork and flooring all give the illusion of space as well.
Respect the era
That said, there’s nothing worse than an unsympathetic renovation, no matter what the era of the building. Potts Point is blessed with a range of architecture – from the classic art deco to modernist and contemporary buildings. It always pays to keep any character features, from any era, that would be coveted by buyers and difficult to reinstate.
Get your body corporate on side
It’s important to consult your owners’ corporation or body corporate before embarking on any changes to your apartment.
You’ll need their approval if you’re considering anything more than a coat of paint or other cosmetic changes.
If you’re looking for advice on your Potts Point renovation plans, contact my team today.
