Strathpine Highset - Legal Height Valuation

Hi,

Firstly, a thank you to all members who have contributed to building such a significant library of information for newbies like myself. You’ve been able to answer all my questions without me even having to ask and I assume that I simply haven’t been able to find the answers to these questions in historical posts.

I purchased my first IP in Strathpine last year, a 3x2 highset on 800m2. Building inspection prior to purchase revealed the downstairs space is 60mm short of legal height and that by removing the ceiling plaster, I could free up the space between it and the floor above to achieve legal height.

I’m looking into what is required to gain certification for downstairs, ultimately with the aim to reclassify some downstairs utility rooms as bedrooms, and then have the property re-valued as a 4 or 5 bedrooms and hopefully gaining an equity bump in the process.

I know there are other considerations in addition to ceiling height that influence potential certification (window sizing to bedroom ratio’s, waterproofing, etc), but I’m really in prelim analysis mode for the moment.

So, in order to determine if I should proceed with this exercise I thought I’d start at end, understanding what the potential valuation is for a legal 4-5 bedroom highset. What is not clear to me is just how a ‘legal’ property with 4-5 bedrooms is valued against a non-legal highset with 3 legal bedrooms and 1 or 2 utility rooms? Sold prices on real estate websites don’t typically mention legal height or not, and I can only assume on this basis that some listings that are marketed as 5 bedroom are in fact 3 bedroom and 2 utility rooms?

Any thoughts on how to gauge an reasonably accurate valuation? Or is it that legal or non-legal makes no difference when it comes to a valuation as the tenants will use these rooms however they like anyway?

Thanks,
Steve

 

Would love to know how you went?

 

To be honest, I haven't bothered. Tenants in place, sitting on the house for now. Presumably having a legal height downstairs area with 1 or 2 extra bedrooms puts the price of your prop up with others that have sold in the area with the same amount of bedrooms.

When I did a search for 3 bedroom vs 5 bedroom homes in Strathpine a while back, there was a 30k+ price difference.

Probably should get back to this and make some more builder and council enquiries.

 

Hmm I sort of gave up on the idea thinking there was no cost effective way of utilizing the bottom floor. Seems like such a waste of space as a 'utility'. Guess space wasn't as important back in the 70's.

There's nearly a $50k gap between 3-4beds currently according to REA now so an extra $20k in reasons to go back and explore the idea

I'm looking to do some reno's mostly external down the track but would jump on this idea if the numbers stack up.

Let me know how you go

 

I've seen some homes in Strathpine with a 2nd kitchen downstairs, but i'm not really convinced the demand is there to command the premium in rent to justify it.

If it were Logan, it'd be a different story!

You bought in Strathpine?

 

I just don't understand the hype behind Logan. As someone who grew up there you couldn't give me a free house to move back. Surely not long until people see the better lifestyle in North Bris.

About to settle next month on North East side of Gympie road. 3x1x2 highset 612m2 lot. Bought at $380k which I think is fair market value. Would have loved to buy below but just too late to the party. Still think it has a long way to go once the Uni comes online. Then the Brisbane BOOM *Holds breath