Transformations

When purchasing real estate, one of the most useful skills to possess is vision. What I mean by this is the ability to see how, with hard work and hopefully not too much money, a building or property might be transformed.

I’m not talking about run-down heritage properties, but rather buildings that are stylistically so unappealing that the selling price is affected. In today’s market this might mean cream or rough finish brick, pastel colours, pebble-crete and almost anything from the 70s or 80s. Particularly useful if you find yourself unable to afford the property you want in a good location, this ability to recognise good bones might allow you to transform something ugly into something fabulous.

The key to developing this skill is a good understanding of building practices and their associated costs. Analyse whether the amount of money you will need to spend on a transformation can be recouped in increased property value. If you’re planning to renovate and resell, don’t forget to factor in stamp duty and other resale costs. If you’re planning to live in the property indefinitely, this won’t be such a big issue. However, a canny renovator is always careful to control costs in case of any pressure that might force a sale. For a commercial property you will need to work out how your renovations are likely to impact on rental income.

The easiest and quickest ways to transform a property are purely cosmetic. A coat of paint, a layer of render over ugly bricks or new landscaping can make a big difference. However, if these measures just aren’t going to cut it, then you’ll need to look at more drastic interventions.

New windows and doors can totally transform a building. Perhaps openings need to be enlarged or reconfigured. Maybe a new awning over the entry door will help to articulate this area. New balconies, decks or sunshading devices can also help to give a building a more contemporary feel. Perhaps the most drastic move is to redesign the roof. This can be expensive but can give the building a completely new look without having to demolish walls, floors and footings.

One important thing to keep in mind is that unless you’re dealing with a period home and are confident with your knowledge of architectural styles, a slick contemporary look is the safest option. Slimline, minimalist window sections, timber slats, and no fussy detail are likely to work best. Study design magazines to work out what approach to take. You should take into account the layout and overall shape of the building as well as the streetscape and impact on the neighbours. The bigger the job the more useful the advice of a design professional will be, especially if your proposal requires the submission of a development application to your local council.

As a general rule a development application must be submitted where building work involves any modifications to openings or the external envelope or significant changes to finishes or colours. Make sure you touch base with your council to find out application requirements before you start work.

Another thing to keep in mind is that elements that you might find unattractive or that might be considered uncool in today’s market might very well be trendy in five years’ time and this is probably the most difficult thing to gauge. Just remember that not so very long ago art deco was considered pass?Buildings from the 50s and 60s are currently enjoying a renaissance so think hard before you swing the mallet. It’s probably only a matter of time before styles from the last three decades are back in vogue.