Hello everyone,
I would like to seek some advice on an idea I have to add value to my property.
I own a large 2 bedroom Art Deco apartment in a block of four in South Yarra. I am on the first floor of the apartment, there are two on the first floor and two on the second floor. There is also a ground floor/basement level with four garages directly under my neighbour's apartment. On my side the ground floor has a courtyard, a small disused laundry/toilet room which I use as a storage room, and behind the laundry room there is large basement area with no floors that mirrors the area size of my apartment above. I am considering doing a basement conversion and ideally turning this disused space into a fifth apartment in the block.
My questions are:
1. Ownership -- the title deed says 'the lower boundary of each of these units lies within the floor of that part of the relevant story which lies within the vertical or near vertical boundaries of the relevant unit' does anybody know what this means? A builder I had through seemed to think I may own the subfloor below my apartment, though probably not the laundry room which is directly below my bathroom. If it is a grey area who could I go to in order to sort out a boundary dispute?
2. Buying out -- if I have to pay out the other three owners for the laundry room and courtyard what would be the best way to offer a fair price? How would I go about getting the title amended etc. and what costs are involved? Would it be difficult to get this put on a separate title as a fifth apartment and how much value would it add as a separate apartment vs on the same title?
3. Planning and permits -- who would I need to speak to in order to get the conversion approved in advance so I don't waste money on an unapproved development?
4. Building and excavation -- any idea what a builder might charge to do the conversion and how long it would take?
Any other considerations you think I should be aware of?
Thanks for your advice in advance.
I would like to seek some advice on an idea I have to add value to my property.
I own a large 2 bedroom Art Deco apartment in a block of four in South Yarra. I am on the first floor of the apartment, there are two on the first floor and two on the second floor. There is also a ground floor/basement level with four garages directly under my neighbour's apartment. On my side the ground floor has a courtyard, a small disused laundry/toilet room which I use as a storage room, and behind the laundry room there is large basement area with no floors that mirrors the area size of my apartment above. I am considering doing a basement conversion and ideally turning this disused space into a fifth apartment in the block.
My questions are:
1. Ownership -- the title deed says 'the lower boundary of each of these units lies within the floor of that part of the relevant story which lies within the vertical or near vertical boundaries of the relevant unit' does anybody know what this means? A builder I had through seemed to think I may own the subfloor below my apartment, though probably not the laundry room which is directly below my bathroom. If it is a grey area who could I go to in order to sort out a boundary dispute?
2. Buying out -- if I have to pay out the other three owners for the laundry room and courtyard what would be the best way to offer a fair price? How would I go about getting the title amended etc. and what costs are involved? Would it be difficult to get this put on a separate title as a fifth apartment and how much value would it add as a separate apartment vs on the same title?
3. Planning and permits -- who would I need to speak to in order to get the conversion approved in advance so I don't waste money on an unapproved development?
4. Building and excavation -- any idea what a builder might charge to do the conversion and how long it would take?
Any other considerations you think I should be aware of?
Thanks for your advice in advance.