The Financial Review serves up this headline: “Architects sharpen knives to carve up McMansions.”
He says there are different ways to redeem McMansions. One could be divided into two side-by-side dwellings or even three separate townhouses. Alternatively, the division could be horizontal, with a ground-floor apartment and separate first-floor one. Fences could be knocked down to create common garden areas between dwellings.
Neustein calculates that to turn a typical seven-bedroom, three-bathroom McMansion into a split-level two-unit dwelling would cost about $350,000, or a $770 per square metre.
The procedure would involve removing the brick veneer walls and plasterboard lining, weatherproofing the newly exposed timber frame, demolishing internal walls and putting in new external walls with double-glazed windows and doors, rerouting plumbing and electricity, waterproofing decking for the new verandah space and installing a rainwater tank and sprinklers to fire-proof the timber structure.
It’s a cheaper outlay than buying a new apartment, the median price of which in Sydney was $675,000 last month, would let the existing owner stay in their home and area, and would create an asset they could rent.
This article provides a lot more details about these plans that were featured at the Chicago Architecture Biennial. Two quick thoughts:
- If apartments really are so expensive in the Sydney area, it seems like there is a lot of financial incentive to try something like this. Imagine a local business or institutional investor buying up some of these large McMansions and converting them into rentals with the aim of long-term profits (as opposed to the big profits made by building and selling such a big home in the first place).
- As the article goes on to note, it is hard to know whether people would want to rent so far out from job centers. Yet, I imagine another issue: what would the neighbors say? These large homes are probably built in neighborhoods with a number of similar homes. Renovations like these would be frowned upon as it would introduce renters (who are different kinds of people than those who own expensive large homes) and change the character of a quiet neighborhood. In the United States, such changes would have to go through municipal approval and to put it mildly, I think the neighbors would be opposed.