Hi there, new to this forum.
I have a double-storey brick house in Tempe, NSW. It was built in the 70’s, and inside is like two apartments – 2 bedroom, lounge, kitchen, bathroom, balcony on the top floor, and the same on the bottom floor. The top floor has both an internal and external staircase, and both share a small lobby from the front door.It is on one title.
I am thinking about creating two titles – i.e. strata, so that I can live on the top floor and sell the bottom floor off, thus eliminating my mortgage and be able to retire.
Can anyone tell me i they have done something similar, and the pitfalls, benefits and possible costs involved? I have seen a lawyer who is going to refer me to a property lawyer, as she felt she didn’t have the experience in this area, but she thought it would be a long and difficult process to do what I’m contemplating.
Hope you can help,
The issues that you’d strike would be whether it was permissible under the LEP dictating the minimum land size required for subdivision, open space requirements, parking etc. Then zoning requirements. Lastly, BCA compliance – fire separation, noise separation, egress, fire safety matters etc.
Sounds good in theory but when it comes to fire collars on floor penetrations, separate electric to each unit & common areas, separately metered water supplies, exit lights, sound insulation of piping and the like it don’t come cheap.
Subdividing a property "horizontally" is generally known as strata titling.
As pointed out there are a lot of planning and compliance costs to be met.
The value of the property will probably dictate whether this is worthwhile.
The first step is to establish if it can be done – perhaps talk to the local planning department.
Then, if it can be done, at what cost? Talk to a surveyor or private planner.
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