Roof space approved! Big win .

Discussion in 'Renovation & Home Improvement' started by Sackie, 18th Jun, 2021.

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  1. Sackie

    Sackie Well-Known Member

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    A unit I'm planning to sell has a big roof space that strata have just approved for use. 'Storage use' is its official title but office is allowed. Electrical fit out allowed. Flooring allowed. Internal wall surface allowed to be painted or similar. The space above this unit is big. About 40 to 50sqm. I'm very excited the value it will add when I convert it to a loft/office. Need to see how to best design the space for use. The payment fee I was told was $15k. I was like "50k?" thought I heard wrong. Nope. A tiny 15k. Omg. Yesss! Yes yes! I'm in!

    So now going through the conditions to get the space uptop usable. This will definitely add a lot of value for a fraction of the cost when I sell.

    I'll attach pics of before, during and after once I start.

    Anyone else do similar??
     
    Last edited: 18th Jun, 2021
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  2. Whitecat

    Whitecat Well-Known Member

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    what are strata's conditions on the conversion?
    And who is the $15k for?
     
  3. Sackie

    Sackie Well-Known Member

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    Waiting for the full list of them then I'll post. The 15k is a payment fee to strata which goes in the sinking fund. So all the owners were keen. I really thought they'd want north of 30k.
     
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I wonder if they need to recalc the strata entitlements ? That can be a horrendus issue and is costly. Hope they already have considered this issue. Usually such changes are paid by the affected unit. Hopefully conditions will be limited to engineering reports, council approval. etc Air ventilation ? Councils may limit use to storage type design rather than a habitable area.
     
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  5. Whitecat

    Whitecat Well-Known Member

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    On what basis are they asking for money? Are they incurring costs? Or just kind of a tax?
     
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  6. inertia

    inertia Well-Known Member

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    Are you able to share some plans/layout diagrams? I'm trying to figure out how a unit has that kind of roof space available.

    Awesome addition in this day and age though, great result.

    Cheers,
    Inertia.
     
  7. Sackie

    Sackie Well-Known Member

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    Its definitely being classified as 'storage' use. So can't make it a bedroom etc. Each owner who wants to go ahead and has roof space has to pay for their own fees, eg fire rated wall, engineer report, etc. The neighbor to this unit already paid the fire rating for the wall (so i save on that). He's also already put pull down stairs into the space. So just waiting on the final conditions registered before he can fit it out. I will be doing the same.
     
    Last edited: 18th Jun, 2021
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  8. Sackie

    Sackie Well-Known Member

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    For the vote to pass, it was a condition from ALL the owners of the complex. 36 owners, and only 12 have roof access, mine being one of them.
     
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  9. Sackie

    Sackie Well-Known Member

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    I will share the photos of before, during and after. Just need to take some before next time i have access to the unit.

    biggest no brainer thing to do. Total cost may be 35k. The value it will add imo will be upwards of 100k easily.
     
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  10. Whitecat

    Whitecat Well-Known Member

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    Will it add $100k with no windows up there?
     
  11. Sackie

    Sackie Well-Known Member

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    Yep. Its becasue the asset/area is in very high demand. Bondi Beach. So just imagine prime real estate adding 40-50sqm of usable space, with electrical fit out, in built storage, well lit etc. Will probably design it so its a proper office plus an area to 'lounge' around. A comfy zone. Probably also hook up a tv screen.

    The only way i can see the exercise being not worth it is if the market retracts 25% or so. Unlikely. Its only growing atm even more.
     
    Last edited: 18th Jun, 2021
  12. Lacrim

    Lacrim Well-Known Member

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    Is it an Art Deco block or a blonde/red brick walkup...the latter normally has bugger all space/height in the roof?
     
  13. Archaon

    Archaon Well-Known Member

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    Possible games room or Teenage retreat-esq type area also.
     
  14. Sackie

    Sackie Well-Known Member

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    More art deco. The neighbor/owner who has been up there said there is enough space to stand no problem but as you get closer to the back the roof slopes down so you wont have standing height there. I will use that corner for storage which really is the best use for that space. But the highest roof parts i will set up an office/lounge. That's what i'm thinking atm. Once i can post pictures I'm sure you guys will have good ideas. That wont be for awhile, probably 4-6 weeks. But I am looking to sell in about 4-6 months approx. So i have time to get it all done.
     
    Last edited: 18th Jun, 2021
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  15. Sackie

    Sackie Well-Known Member

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    Have to see what room is available in total.

    First on the list is home office, then lounge/comfy area. Then ill see what's left over..
     
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  16. Sackie

    Sackie Well-Known Member

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    Ill use this thread to post possible ideas. Anyone have picture ideas please add to it. Thanks.

    [​IMG]

    [​IMG]
     
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  17. Sackie

    Sackie Well-Known Member

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    [​IMG]
     
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  18. wylie

    wylie Moderator Staff Member

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    How did they choose the $15k figure? Is it based on actual costs to do anything, or could they have asked for any random figure, like a ransom?
     
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  19. bmc

    bmc Well-Known Member

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    special by-law for exclusive use ?

    yes, but typically it would be a subdivision of common property. new lot entitlement etc.

    roof space is usually common property.
     
  20. Westminster

    Westminster Tigress at Tiger Developments Business Member

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