The most common proverb says, “Double your dwelling and your income would double up”. Does this proverb prove true in this present scenario, especially in developed countries like Australia? Today, let’s take an insight into the most renowned investment models that the Australians have started loving. Dual occupancy homes are getting popular these days and have greatly attracted the attention of real estate developers. You might want to know further about dual occupancy houses and how one can be benefited from it, isn’t it?
A Quick Insight into The Dual Occupancy Houses
Before we take you to the basic ideas of the dual occupancy builders, it is important to know what it is and what are its usual types. Dual occupancy homes have two separate dwellings or houses on the same piece of land under single ownership. The two properties are either attached or detached and are generally made for rental properties. Let’s understand it better through an example. If the total rooms, kitchens, and bathrooms in the property are counted total six, two and two respectively and are divided into two sections. In other words, under the same roofline, one section has 3 rooms, one kitchen, and one bathroom while the other section includes the same and are independent of each other.
Some Usual Types of Dual Occupancy Properties Include:
- Granny Flats: These flats are like studio structures with typically one bedroom, kitchen, and bathroom, like what large properties usually have. Before you approach dual occupancy builders, it is important to seek permission from the council for either building it or allowing the tenants to live.
- Dual Occupancy: It is mainly the two properties constructed under the same roofline and in the same block of land. According to dual occupancy builders, both the properties share the same land, but the common wall is not mandatory in such a case.
- Duplex: It is quite similar to dual occupancy but is a bit different. In this type of real estate construction, the two properties share the common wall in which a house is divided into two separate sections with one common wall.
- Dual-Key Property: As per the dual occupancy builders, such properties have common entrance and hallway and additional living space, bathroom and kitchen. One part of the property is generally locked and is rented out to tenants.
Potential Benefits of Dual Occupancy Properties:
- As people are heading towards the urban areas, their demand has gradually shifted to urban properties. This is the foremost reason which has increased the demand for dual occupancy builders.
- Even, people are appreciating the theme of mufti-generational houses, multifamily, dual-key developments, and granny flats. Developments are pacing at a higher rate as the cash-flow benefit is more in such properties and investors obtain subtle benefits from it.
- This is the better option for investors, and they are constructing two separate buildings on the same land. They even save enough money on stamp duty and avail tax-related benefits.
- It is easier to customize the designs separately upon each property. Hence, at a time, less stress is added upon your pocket.
- One separate property can be used for renting purposes while one can be used for living. They are completely different and are not dependent on each other. Separate electric and water meters are installed for the two properties.
Whatever be the reasons, it is essential to take approval from the council before finally approaching the dual occupancy builders. Make sure you follow the needful tips and analyze the potential return before you start renovating or reconstructing your old building. Make sure you don’t regret it in a later time just to obtain benefits at present.