The recent slip in housing prices in Sydney has confirmed the growing consensus that property prices may finally have peaked, while lending further weight to the argument that if you’re looking to upgrade, then an upward attic conversion may be the best way to go. This is particularly true for Sydney’s inner-western suburbs, where high pitched roof houses provide an affordable alternative to packing up and purchasing a bigger house.
Sam Paasila manages the day to day operations of Mr Attic, a bouique building firm, specialising in transforming unused attics into usable spaces. “While it’s great to experience your house appreciating in value, it doesn’t help much when you need something bigger, and when you also want to continue living in the same neighborhood –“ Mr Paasila explained.
No doubt, stamp duty also plays a signficant part in drawing people towards the attic conversion option. Stamp duty on a Sydney property purchased for $1m, would exceed $40,000. That’s the approximate cost of a simple attic space renovation, effectively turning unused storage space into a habitable sleeping and/or living area. Habitable attic’s require council approval, but can add signficant value to a home.
Mr Paasila was keen to point out that there are also cheaper alternatives for home owners who just need more good, clean storage space. “Not all houses have a garage, and even if they do, using a garage for long-term storage is in most cases an incredibly inefficient storage solution. A simple roof-space renovation, accessible from within the home via a sturdy retractible attic ladder can free up your entire garage for much more useful purposes.”
While many economists believe that the Sydney housing market has now finally peaked and is due for a price correction, Mr Attic doesn’t believe the demand for attic renovations and extensions will slow down any time soon.
About Mr Attic
Mr Attic is an attic conversions and top floor extensions company based in Sydney’s south west. Their services include storage attics, habitable attic rooms, attic ladders and the installation of velux skylights. Where needed, Mr Attic also helps customers with the Development Application process.
Company Name: Mr Attic
Contact Person: Sam Paasila
Phone: 0406 387 384