High-rise building owners can decrease financial risks and increase property value with properly maintained balconies and terraces. Let’s explore the hidden value of these outdoor spaces with essential tips on restoration to improve safety, aesthetics, and usability.
Hidden value of high-rise balconies and terraces
According to real estate experts, units with balconies are valued more than units without balconies in the same building, especially in the GTA. Large terraces offering enough space for outdoor furniture can demand a premium as high as $10,000 to $40,000 compared to units without outdoor space.
Waterproof to improve balcony and terrace longevity
Ontario balconies and terraces are subject to temperature fluctuations, heavy snow, and freeze-thaw cycles. These specific weather conditions contribute to concrete “spalling” from moisture, including cracks, peeling, and eventual exposure of reinforcement bars.
Other culprits include improper drainage and insufficient waterproofing that lead to pooling. Water degrades concrete and materials such as terrace paving stones. All of these issues contribute to structural weakening. Building owners can address these issues with the following waterproofing techniques:
- Membranes and epoxy coatings: Concrete coatings and membranes create a protective seal for concrete balcony slabs and patio stones. The seal protects against moisture infiltration and freeze-thaw damage. Seals and coatings also limit surface deterioration caused by foot traffic and UV exposure to prolong life and durability.
- Slope adjustments: In some cases, slope adjustments are required to help prevent water pooling. Proper slope improves water drainage by directing water away from flat surfaces and building components.
Reduce costs and improve curb appeal with aesthetic updates
Addressing both the look and function of the balcony or terrace components enhances return on investment. For example, aluminum rails with glass balustrades are rust resistant and offer a high-end update compared to standard metal rails and balustrades. As a result, building owners increase curb appeal, improve tenant satisfaction, demand higher rent, and reduce maintenance costs.
Inspect often to reduce the risk of high-rise balcony failure
According to Collaborative Reporting for Safer Structures (CROSS), when a single balcony component fails, the entire structure is at risk. A recent report noted common patterns in high-rise balcony vulnerabilities, including:
- Inadequate detailing where balconies meet buildings
- Improper reinforcements in anchors
- Thermal break units that compromise continuity
Regular balcony inspections by an experienced building restoration expert can identify risks in hand with unforeseen contributing factors, such as:
- Excessive storage
- Gardens
- Design features such as heavy tiles
- Drilling for screens or plants
Update high-rise balcony doors for energy efficiency
Old balcony doors may significantly contribute to heat loss, water, and air leaks. According to an Ottawa-based case study, eco-friendly balcony doors offer the following benefits:
- Reduced energy waste
- Extended durability of exterior and interior wall components with improved water leakage resistance
- Improved interior comfort due to reduced air leakage
- Improved function and security with smooth operation
- Reduced maintenance calls
- Improved curb appeal
Each of these benefits improves property value by enhancing tenant satisfaction through curb appeal, unit comfort, and reduced complaints.
Hire a building restoration expert for a holistic approach
Building restoration experts take a more holistic approach to balcony and terrace maintenance. They address the balcony as an entire structure, considering each element and how aesthetics and function work together. Through high-rise balcony inspections, a single restoration expert recommends effective maintenance regimes, design upgrades, and safety requirements to improve aesthetics, safety, and usability.
At WellDone Inc., a building restoration company in the GTA specializing in building improvements for commercial and multi-unit residential buildings, we provide thorough exterior inspections to identify exterior vulnerabilities and devise effective exterior maintenance and restoration plans. Reach out to us today.