Extreme Reno of Strata Apartment

I'm looking at the future and there is no rush but I have an idea to renovate one of my properties which is an older 60's NSW 2bdr brick unit. It is on the top floor of 2 floors (ground and top) and there is not many in the small block.

I have studied this subject a bit and realise that Strata have strict requirements and everything will need to go through the committee first, then the builders certification, and council if required. What I would like to know is has anyone heard of anyone doing things like:

• Putting an outdoor Terrace in, opening up where the lounge window is and taking the whole wall out and putting in a terrace and glass doors where the front wall was.
  *This is on a sloping level so if a terrace was put in then it would be above someones carport area.
  
  
• I would also like to take out all internal walls, preferably not any that are part of the main structure. I would then make use of the space where it was cluttered with 2 small bedrooms and a smallish bathroom and probably make one large room and a new bathroom where the old one was. I'm thinking of white, modern, high-end and minimalist.
  
  
• Doors would be sliding or large ones that could be part of the wall and pushed to open. I would take all old internal doors out to make use of space.
  
  
• Enlarge windows, room windows to be enlarged. Ideally it would be nice to have a terrace go around the side as well and open the rooms up outside.

I know this sounds like a huge headache to get approved. This is for the future so it would be a long term plan. I would design it myself with 3d cad and maybe get it signed of by an architect. Part of the plan would include to get myself on the strata committee.

What chances have I got of been able to make major renovations on a 60's brick strata unit?

Do you know of any examples of before and after photos of similar apartments?

I know I will need to talk to them about it but I want to research as much as I can before I approach them.

 

Why would all the other owners vote in favour of something like this? Because that's probably part of the approvals you'll need.

Plus I'd be surprised if something like this was financially feasible - have you done the numbers?

 

Other the units in the block sold for around 300k latest sales. There is a lot of interest in my area and activity. Another older block of units nearby was completely renovated, the 2bdr ones sold for 370k. When mine is completed (working on present dates and prices) I would expect the value to be around the same at a realistic and conservative price of 370k with about 20-30k spent if that includes the terrace/balcony. My apartment has amazing views where the other block does not. Mine also gets top rent 340 per week, for 3 years while other units in building only get 300. I believe with a major reno like I would plan, very high-end and completely changing the old unit to be state of the art then it could be worth 450k+ at today's prices. It would also be marketed very well.

But this is all just ideas, that is why I'm trying to hear others opinions.

 

I would have been extremely surprised if you could do all that structural work you described for 20 to 30k - how sure are you about that figure?

I would have thought something more like 2 to 3 times that amount. We're talking about some pretty serious structural work in a strata complex here.

 

One would think 60s apartment would be majority structural walls internally (you would need a structural engineer to inspect sign off) and a builder who has experience in this to work out the plan putting beams support. The apartment block insurance for building also needs to be notified and give consent to have this occur

I have done this before for one or two structural walls in Melbourne. it is not an easy process.

 

Being on the strata committee won't help much. It will give you no more rights than other unit owners. You would have to abstain from relevant committee decisions due to a conflict of interest.

You will need 100% approval from other owners.

You will need to sign an agreement that any future repairs to the alterations are your responsibility, not the body corporate's, with possible insurance implications. This agreement will be binding on future owners of the unit and may impact when selling.

Building an outdoor terrace will need approval for exclusive use of communal area.

(All of the above were conditions when a unit owner we know extended a balcony and put a sliding door in place if a window).

Wouldn't such an extensive renovation over-capitalise?
Marg

 

thanks for the feedback and it has helped me see this from another perspective. I agree that the costs and headaches involved will not make this easy so therefore I think I will stick to more standard renovations.

 

hey pjames, can I ask what suburb is this? I am just trying to understand the socioeconomics in the area. Because I don't think you want to renovate so nicely and then realise that the residents in the area can't afford to rent such a nice place. It sounds like your unit is going to be the best one in the block, especially given the amount of work.

 

@pjames does the council also needs to know about this reno plan as well ?