The value of any property will decline if you don’t keep it in good shape. For many in Finland, the purchase of their own home is the most valuable acquisition they will ever make. It is particularly important to maintain residential flats in good condition, thus safeguarding their value.
The primary tool for keeping up and increasing the value of residential property is to carry out annual and basic renovations in a systematic and proactive manner.
“Basic renovations clearly increase the value of an individual flat. The cost is not immediately reflected in the price of the flat, but rather, basic renovations carried out by the housing company should be seen as a long-term investment in the value of your home,” states Kenneth Sandberg, Director of Estate Agent Services at OP.
The impact of basic renovations on selling periods is more rapid. Sandberg refers to a survey showing that the time required to sell a flat was several week shorter in housing companies that had already carried out a piping renovation compared to those housing companies where no such renovation had been done.
“It is essential to keep the building in good shape throughout its lifecycle and carry out annual renovations on a regular basis. By doing so, the price of basic renovation can be controlled as well. If the renovation is undertaken only when it is absolutely necessary, it will be more expensive,” Sandberg reminds.
In a housing company, practical matters are handled by the Board of Directors and the housing manager. This will not, however, reduce the individual responsibility for one’s own flat and the maintenance of its value. Flat owners are responsible for their own property and each owner benefits from the proper care and maintenance of the property. This is why it is the residents’ duty to ensure that the Board of the housing company undertakes the necessary renovations and repairs and also otherwise takes good care of the residential property.