In many parts of Greater Melbourne, the older housing stock constructed during the 1950s, ‘60s, ‘70s and ‘80s is reaching its ‘use by’ date. Simple construction depending upon internal walls for structural strength, these properties are often quite small (3 bedrooms) on very large blocks.
With an ageing population, many of these properties are now finding their way onto the market. This can happen at the behest of the current owners who are downsizing or it can be families offering properties from deceased estates. The reality is these properties on larger blocks offer significant opportunities for Strata Title type investments for current or future owners.
In many municipalities, local government has rezoned vast swathes of the older suburbs to permit re-development of these older properties. For many potential new homeowners, they no longer require the traditional quarter-acre block, nor do they desire the maintenance and upkeep of large lawns and gardens. It’s simply not commensurate with modern employment and careers. Or more simply, the ageing population prefer a smaller townhouse or apartment as being more comfortable and secure for them, with relative ease of maintenance.
For owners of these older properties, there are as stated significant opportunities to capitalise on life’s most significant investment – the family home. In many cases, the mortgage has been paid off, the children have grown, moved out and started their own families. So it’s a great time as the owners to consider your options.
It may be that it is time to open up the older style home with more expansive living areas, the addition of a pool or decking, an outdoor entertaining area complementing expanded internal living space, new bathrooms, lighting, Solar system and data driven media and kitchen appliances. If your home is suitable for renovation, the renovation can be equity driven and cost effective.
Modify and renovate your existing dwelling and add a new dwelling on the same block to sell off or rent. Alternatively ‘knock down’ the old dwelling and build two new dwellings with substantially more space than the older dwelling. Modern convenience and fit-out with open plan living.
Strata Title Developments
Demolish the original dwelling and construct Apartments, Townhouses or Units. When completed claim one as a ‘town dwelling’ then build your retirement home on the coast or in the trees. Sea-change or Tree-change. Rather than accept a relatively low return on your investment with a simple Sale, increase your return through investing in Strata Title Development.
To really explore your options further, schedule an appointment with one of our building team. That’s right, you speak with our Principle Builder not a commission Salesperson. The SLR team are experienced in all facets of building and construction and will make an informed assessment of what would be possible for your property.
Call 03 5981 0661 now and schedule an appointment at your convenience with SLR Concepts, or simply leave your details here for a prompt reply and a scheduled appointment as you require.
SLR Building and Construction have an enviable track record in the completion of many similar projects right throughout Eastern and South Eastern Melbourne. They’re the builders you can trust.
SLR Concepts – Simply the very best.