Living and lifestyle renovations: Undergo capital improvement projects with confidence

Living and lifestyle renovations

What is a lifestyle renovation

Lifestyle renovations are projects that a homeowner association board will initiate to add comfort and efficiency to residential communal living spaces as well as increase overall property value of the residential building. Lifestyle renovation projects are capital improvement projects, they require intentional planning and oversite to achieve a successful completed project. FirstService Project Management exists to help condo associations undergo capital improvement projects with confidence.
 

Why do a lifestyle renovation

Community associations undergo lifestyle capital improvement projects for several reasons, one of them being to create modern efficiencies for residents. Upgrading a community room or exercise space can improve resident satisfaction. Over the past few decades HOA’s in the Chicagoland area have renovated dated community spaces into refreshed modernized areas that residents can use as an extension to their homes. For instance, what once was a sitting room used to store books has become an airy yoga studio or quick stop convenience space!

Depending on your community, your association may decide to renovate or expand an existing space depending on the changing resident demographic. As a board member, taking into consideration the resident population should be a driving factor in the type of lifestyle renovation your board approves. For instance, in the case of active lifestyle communities, consider adding aging in place accommodations to common spaces such as removing old carpet in place of non-slip hard flooring, remodeling entryways to accommodate ramps or even installing a chair lift where appropriate. These lifestyle accommodations can improve the overall safety and wellbeing of aging residents in your community.

Developing a stronger sense of community is another important consideration to undergoing a lifestyle renovation project. Many homeowners appreciate being able to leverage amenities such as outdoor patio grills, walking paths, community gardens, and pools. In addition to improving the physical property, lifestyle space updates can also increase buyer interest. In fact, the top two things many house hunters look for in a HOA property are the amenities and community programming!

Another reason your board may want to consider a lifestyle improvement project is the opportunity to increase property values. On average, homes under HOA with updated community amenities tend to have an overall perceived higher property value along with fewer unsold units.
 

Benefits of your community association undergoing a lifestyle renovation project

• Change in community/neighborhood demographics
   
• Residents request space upgrades
   
• Energy efficient modifications
   
• Encourage community engagement
   
• Improve property value
   
• Enhance resident satisfaction
   
• Attract new buyers
   
• Upgrade dated interiors to comply with current building codes

FirstService Project Management is here to help your community association with its next capital improvement project. FirstService Project management partners with associations, like yours, to help develop and maintain safe residential properties. Our tenured team of capital improvement professionals will ensure your construction project is managed from concept to completion. We partner with additional FirstService Residential core services such as FirstService Financial to leverage the best rates for our associations. FSPM will work to apply for any rebates with utility companies when updating or recommissioning your property’s mechanical equipment.

With FirstService Energy, our experts are here to guide your building toward energy and cost savings. We assist in capitalizing on existing opportunities, stacking energy incentives, and future planning. This enables your building to take advantage of available cost reductions, and you can get back to focusing on your priorities as a board member.

Whether your community is beginning a new project or needs help with a project underway, FirstService Project Management welcomes the opportunity to meet with you, assess your needs and make sure that your project is completed efficiently and effectively from concept to completion.