Once synonymous with downsizing, entry point properties and rentals, apartments have become a lifestyle choice for those who aren’t willing to compromise on location, and now space. Whether it be new builds or older-style apartments, homeowners have been consolidating two or three apartments into one. The result? A highly desirable apartment that often has more floorspace than a freestanding home.
No longer content with small units, many people are seeking larger-style apartments, especially downsizers, who are accustomed to the amount of space and storage you would find in a house in the suburbs. Consolidated apartments sell for a premium, add value to older blocks, and they help reduce the number of people living in a building, which in turn makes the building as a whole more desirable. They’re an attractive alternative, not only for downsizers, but also for young families who want to maintain a certain lifestyle.
There are two main ways to do this. The first is to buy two or more apartments off the plan and negotiate with the developer to create one single apartment. The other option is to combine apartments in an existing building. The issue with the second option is finding apartments that are next to each other or waiting for the apartment next door to become available.
“Buyers who are considering going down this path should first consider what they're trying to achieve. Do you simply want to connect and establish access between two apartments and keep the existing floorplans, or do you want to completely transform the space to become one apartment? Depending on your end goal there will be a different, and potentially substantial, financial commitment. It's important to check what the strata rules are in relation to combining apartments in advance of buying anything," says Peter Hanscomb, CEO of Belle Property.