Freestanding title appeal.

[Compleks]

Afternoon everyone.
I've been looking at apartments lately for myself. Generally all strata titled properties.
However I came across a property today with a freestanding title. It's a funny little accessory building on the back of another older building which has been converted into apartments I believe.
It's no larger than 40m2 internally. No courtyard to speak of, but does have a car park on title.

The building is old and the property itself is nothing special.

I am curious though, as I haven't come across this before, but how much value does a free standing title add to a property?
Obviously that can't be answered with a dollar amount. But other than not paying body corp fees, or needing body corp permission to renovate etc... what are the other benefits (if any) of a free standing title?

Thanks.

 

[Elliotte]

I saw one once and regret not grabbing it. Was a shop but zoned residential and carved out the back the yard behind a house. But the shop never took off and I thought it had potential to work as a one bedroom apartment or even two small short term studio rentals as there was a big diving wall down the middle, two entrances and two tiny courtyards about 1.5 m wide running behind the place. Would have been an inner city ish buy in Sydney for $200K with no strata. I would have lived in it, main road or not! So I reckon go for it if the DD stacks up.

 

[Compleks]

It's an interesting little arrangement. The place is small (under 40m2) but fronts the street. Not the main road, but the side street running off the main road.
The road it is on has quite a few corner blocks which have been turned into large apartment complexes, and this being part of the corner lot would probably be a perfect spot for another development some day.

It just feels very cramped. It's a box with no courtyard and I think the whole thing might be lined with asbestos.

I've missed 2 or 3 places so far which I genuinely liked. This one I'm not quite sold on, but thought it was an interesting one because of the title.

Hypothetically, would it be possible to add a second storey? Either as an extension or as a separate studio that could be rented out?
I know that would depend on council approval, engineering reports etc etc...

 

[Aaron_C]

Freehold >>>>> strata any day of the week. It's not even in dispute. How much more? That's for the market to determine...

 

[Compleks]

Freehold >>>>> strata any day of the week. It's not even in dispute. How much more? That's for the market to determine...

I figured this was the case.
But could you enlighten me why this is so? Obviously no strata fees or body corp to deal with. Gives me more freedom to do what I want with the land, but is there anything else I'm missing?

 

[handyandy]

I figured this was the case.
But could you enlighten me why this is so? Obviously no strata fees or body corp to deal with. Gives me more freedom to do what I want with the land, but is there anything else I'm missing?

You own the land. In strata the strata owns the land.

 

[Aaron_C]

Strata at the end of the day is a piece of air in space. Freehold is land.

 

[Compleks]

Thankyou both!

The freestanding title appeals to me. But I don't see much room to improve the property, and it only just 40m2, with 10m2 of an unusable outdoor strip at the front.
Tiny.

 

[Aaron_C]

Freehold doesn't necessary get priced higher for 'value-add'. Not everyone is a renovator nor pretends to be. People just like having their own piece of dirt.

 

[moyjos]

What dimensions is the 40m2?
if you are permited to go up....there could be LOADS you could do.
If the adjoining property high?

There was a great tiny house on Grand Designs Aust
http://www.youtube.com/watch?v=lVhdcuzY2Bg

 

[Compleks]

What dimensions is the 40m2?
if you are permited to go up....there could be LOADS you could do.
If the adjoining property high?

There was a great tiny house on Grand Designs Aust
http://www.youtube.com/watch?v=lVhdcuzY2Bg

I love grand designs

The building dimensions are approximately 3.6m x 7.7m

The property is attached to the main building, which is only 1 storey as well. I imagine this may have been a garage at some stage perhaps. Guessing.

 

[moyjos]

the house in Grand Designs is a touch larger ( 6 x 7) but still very cool

it won World House of the Year!!

 

[Compleks]

What dimensions is the 40m2?
if you are permited to go up....there could be LOADS you could do.
If the adjoining property high?

There was a great tiny house on Grand Designs Aust
http://www.youtube.com/watch?v=lVhdcuzY2Bg

I'm watching it now
Thanks.