The return of the hit TV series, The Block, is putting the spotlight on apartment upgrades. Apartment owners are increasingly looking at ways to enhance the value of their apartment by updating areas of common property including the building's façade, gardens, windows and doors and lobby.

"An increasing proportion of our enquiries have a refurbishment component, rather than just straight repairs and maintenance," says Paul Morton, CEO of Lannock Strata Finance, a company that lends money to strata corporations for repairs and maintenance of strata-titled properties.

"Most people incorrectly write off common areas in their building as 'not my problem', when updating and maintaining these areas properly can add thousands of dollars in value to your apartment," he adds.

According to Yvonne Maule of Carrington Group, the following refurbishments have the highest potential return on investment.

1. The exterior

You renovate the exterior of your house to give it a contemporary look, why not the façade of your building? Popular treatments to a façade include painting and rendering dated brick frontages.

2. Balconies

Replacing old balcony finishes with contemporary balustrades can be an effective way to modernise the exterior of a building, claims Maule.

"Also, updating old sliding doors with bifold doors and security screen doors with modern versions is likely to add value," she says.

Morton adds that new windows and doors are likely to have significantly better thermal performance, reducing your energy bills and improving the green rating of a building.

3. The lobby

"The lobby is the first impression of the building other than the exterior," says Maule, "and it must reflect the quality of the apartments."

New furniture, floor coverings, art and a coat of paint can really lift the appearance of these areas.

4. The gardens

Never underestimate the importance of street appeal. Some agents quantify its value as up to 10% of the purchase price.

5. The lifts

"Old lifts are extremely heavy users of electricity as well as being unsightly," says Maule

So, what do you do if a capital works project will add enormous value but your funds are limited? The good news is funding is available through Lannock Strata Finance, which means owners don't have to dip into their building's sinking fund or face an onerous special levy.

Strata funding allows you to get the work done now and will usually save money - for many owners and many buildings it will be the cheaper option. The owners corporations service the loan through regular strata levies.

"We find that many apartment owners are pleasantly surprised when they think through the benefits of strata borrowing compared with other strata funding options," says Paul Morton, CEO of Lannock Strata Finance.

Lannock Strata Finance, established in 2004 is the leading provider of funding to strata corporations in Australia.

MEDIA CONTACT: Lisa Taylor lisa@pepr.com.au 02 9380 8080