Adding a room to a unit
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Rather difficult to convert a 1 bed to 2 without it being noticeable.
Main reason being only 1 window, so you would end up with one room no windows or 2 rooms 1/2 a window each.
What is the actual unit size as in the end any prospective buyer will (should
) compare both number of bedrooms and the actual size of the unit.
Cheers
Main reason being only 1 window, so you would end up with one room no windows or 2 rooms 1/2 a window each.
What is the actual unit size as in the end any prospective buyer will (should
) compare both number of bedrooms and the actual size of the unit.Cheers
it can be done.... for example my friend converted a 2 br to a 3 br apartment by sectioning off a part of the lounge room. Windows were not a problem and the finished product looks great - hard to believe it was ever a 2 br.
You need to be very choosy with the apartment though, depends on the floor plan.
1) Possibly
2) I don't see the need, it will probably turn up on past sales history anyway
You need to be very choosy with the apartment though, depends on the floor plan.
1) Possibly
2) I don't see the need, it will probably turn up on past sales history anyway
What if after the conversion the unit is advertised as 2 br unit and priced accordingly for 2br unit without disclosing it to prospective buyer. If then after the buyer signed the contract, they realised that they have bought an original 1br unit at a price of 2 br unit, won't they be able to take legal action against seller or real estate agent for misleading advertising for example and rescind the contract?
I think this is a great strategy. If you buy a house and pay the money to add an extra room by maybe splitting the lounge/dining and fixing up the kitchen, would you feel bad about asking for more if you were selling? The fact is that you saw the potential and paid the money to do the work.
I have recently assisted my sister in buying a 100m2 2br unit which could be easily be made into a 3br unit increasing the value by 50k and rental return as well. As long as there is no by-laws etc preventing this I am not sure of the issue. You are recognising opportunity and capitalising on it.
Do the research find out what a 1br and then a 2br are selling and renting for in the area you are looking at. Work out the difference consider the cost of the work and if you are actually producing a comparable product. No point if each of the bedrooms in the 2br unit are decent sized in the places you look and you are considering a second really pokey little room and with no window. However if you can produce like for like then you could consider that the recent sale prices for the 2br units would represent what you could sell at. Personally I would see more potential in pulling the new equity and getting a better rental return than selling the property.
Good on you for looking for the twist.
Hope this helps
Jane
I have recently assisted my sister in buying a 100m2 2br unit which could be easily be made into a 3br unit increasing the value by 50k and rental return as well. As long as there is no by-laws etc preventing this I am not sure of the issue. You are recognising opportunity and capitalising on it.
Do the research find out what a 1br and then a 2br are selling and renting for in the area you are looking at. Work out the difference consider the cost of the work and if you are actually producing a comparable product. No point if each of the bedrooms in the 2br unit are decent sized in the places you look and you are considering a second really pokey little room and with no window. However if you can produce like for like then you could consider that the recent sale prices for the 2br units would represent what you could sell at. Personally I would see more potential in pulling the new equity and getting a better rental return than selling the property.
Good on you for looking for the twist.
Hope this helps
Jane
get the renovation done with a building permit by the local council which classifies it as a 3 bedroom. Then it is not illegal. You will need a registered builder to do that. There is nothing illegal about that conversions and renovations. i have a done a few of these myself. without any issues. You have to just follow the regulations.
If you're looking to build a room as part of internal wall to sell yes as it needs to comply with lighting and ventilation requirements -- the building surveyor would organize the permit for you 660 inc GST for building a room. around 800 for a bathroom. If you just looking as joinery or to split the dining with the kitchen or something or like study - it's not required under the BCA code.
It should add far more value than cost.
It should also increase rental a fair bit.
I seriously doubt that you need a building permit as it is not a structural alteration. You are not making the floor area larger nor adding a wet area. You do not need a permit to take out a non structural wall to turn a two bedroom place into a one bedroom place.
This can be done for only a pittance, especially if the window is there and the living area is large enough.
Many many buildings end up different to the plans submitted when they are completed .. dining rooms become bedrooms etc .. no drama when it comes to the Certificate of occupancy.
cheers
RightValue
It should also increase rental a fair bit.
I seriously doubt that you need a building permit as it is not a structural alteration. You are not making the floor area larger nor adding a wet area. You do not need a permit to take out a non structural wall to turn a two bedroom place into a one bedroom place.
This can be done for only a pittance, especially if the window is there and the living area is large enough.
Many many buildings end up different to the plans submitted when they are completed .. dining rooms become bedrooms etc .. no drama when it comes to the Certificate of occupancy.
cheers
RightValue
last two renos cost around 15K each (including demolishing walls, bulding walls, electrical fittings, floorboards and painting) - so far averaged 100K profit each on sale not CG.
I have never take out a 2 bed to become 1 as it makes no sense in terms of resale or revaluation.
Not sure about landed units.. mine are apartment and it is an absolute requirement to take out walls to build a room with a building permit. It' stated on the body corporate with MICM (a body corporate in melbourne)
Irrespective - why risk being questioned the room as a non 3 bedder by a potential buyer? or purchaser after signing the contract - and then they argue . for $660 is not that much to pay.
again - this is solely based on my experience dealing with council and body corp in melbourne. I can't comment about other cities or areas.
I have never take out a 2 bed to become 1 as it makes no sense in terms of resale or revaluation.
Not sure about landed units.. mine are apartment and it is an absolute requirement to take out walls to build a room with a building permit. It' stated on the body corporate with MICM (a body corporate in melbourne)
Irrespective - why risk being questioned the room as a non 3 bedder by a potential buyer? or purchaser after signing the contract - and then they argue . for $660 is not that much to pay.
again - this is solely based on my experience dealing with council and body corp in melbourne. I can't comment about other cities or areas.
