Thousands of outdated flats are begging for some love all throughout Australia, and if you've been inspired to renovate one yourself, you might be asking how to turn a profit when you flip an apartment.
But it's crucial to be aware of the restrictions that apply when renovating an apartment if you're interested in bringing a dated property into the modern era and potentially generating some money in the process.
The owners' corporation is the legal owner of the apartment building's physical construction. This typically means that any changes to the structure will need to be approved, and some alterations may not even be permitted at all.
One of the biggest pitfalls for renovators is hoping for rapid permission from the owners' corporation. The procedure can take a long time. It can take six months to receive the approval if you're flipping and you've bought a house to remodel.
Often, the owners' corporation needs to be educated. They usually may not comprehend the requirements.
Budgeting for this time is crucial, as is finding out if the building permits short-term rentals to meet your holding costs during a protracted approval process.
Keep reading to know the basics of renovating an apartment.
Where to start?
- When carrying out your home renovation plans, you should undertake the following:
- Identify the locations you wish to renovate and make a list of them.
- Set a budget for each distinct stage of your restoration process.
- Find a team of dependable and competent apartment renovation professionals.
- Learn about your housing complex's strata By-Laws.
- Verify if your apartment complex has any defined noise regulations.
Types of renovations:
It's worth noting that the tasks you undertake may be classified in a few different ways. Which regulatory agencies you need to approach for project approval will depend on the nature of your endeavour.
It's true that apartment makeovers may get extremely intricate, with lots of information that can be challenging to process. But don't worry! To assist you get a better grasp on it, we will explain it in more detail.
When it comes to renovation, there are three main types:
- Cosmetic work
Apartment improvements include things like painting the walls, patching up any holes or cracks, installing new carpeting, and furnishing the space with new appliances and furniture.
Upgrades to your bedroom and bathroom are mostly cosmetic changes.
To whom should I address my request for official approval?
Repairs intended to improve the building's aesthetic value are exempt from review by the city, the owners corporation (sometimes called the body corporate), and the strata committee.
So that property owners are not continuously required to seek clearance from the owners corporation or the council, the latter may often alter the bylaws to label some jobs as "cosmetic."
- Minor renovations
Work that improves a building internally but does not alter its external appearance or structure is considered a minor renovation. It encompasses the vast majority of the common home improvement activities.
Examples include new kitchen construction, refurbishing existing rooms, and laying down new wooden flooring.
Is there small kitchen in your apartment and don't no how to renovate it? Well, here is the list of ideas to renovate your small kitchen.
To whom should I address my request for official approval?
A contractor's floor plan, a proposed timeline for the work, an acoustic certificate (if soundproofing is involved), and the names and numbers of your contractors and artisans will all be required to get approval for even the smallest of renovations.
- Major renovations
Apartment bathroom renovations are a popular request among homeowners.
Of course, you can do that.
If you plan on renovating your bathroom or doing any other work that may necessitate waterproofing, you will need to get consent from your strata management. Below is additional data for your perusal.
Alterations to the building's structure, such as installing an elevator, and additions that alter the building's exterior, such as an access ramp, will also be considered "major renovations" and will require council permission.
To whom should I address my request for official approval?
The owners corporation also requires a precise scope of the work to be done provided by the homeowners at least 14 days prior to the start of the work.
If you're a renter, it's important to secure your landlord's written approval for any major renovations.
How to Make a Small Room Feel Bigger?
Who can help you?
Getting professional assistance is a good idea if you are feeling overwhelmed by the thought of renovating your home.
If you're not used to working on homes, the lingo used in home improvement projects can be difficult to understand. Finding reliable support is crucial to the success of your journey. It's not a good idea to sign something you haven't read and fully understood.
When you work with an interior designer, they often serve as your "go-to" person for every aspect of the makeover. In order to make sure that your apartment remodelling goes off without a hitch, they will deal directly with the contractors and craftsmen involved.
Budgeting talk with them will also offer you a ballpark estimate of how much work you can do to your apartment before selling it.
If you want to make sure that all of your choices are practical and sensible, the experts are the ones to go to for guidance in this area.
Start browsing social media platforms like Pinterest or interior design magazines for ideas for your remodelling.
Your existing living spaces can be given new life by making these minor or large changes to your home. It is possible to completely transform an outdated bathroom to make it appear like a hotel bathroom.
The possibilities are limitless!
Keep in mind that you don't get to modify your homes every day, so try to enjoy and satisfy the experience as much as you can.
