Dual occupancy homes are increasing in popularity as more and more populations are shifting to urbanization, and most civilizations prefer to remain in urbanized areas. Not only that, but due to certain generational changes in values, homeowners are considering building duplexes to stay in close contact with their inter-generational family members with increased privacy. If you are a first-time property developer, it can be a good strategy to build dual occupancy.
Dual occupancy buildings or duplexes are buildings consisting of two homes or dwellings sharing the same block of land. They might or might not come as attached. Dual occupancy home builders need to get council approval along with careful planning. In case you have an existing home on a plot of land which you want to demolish, consider building a duplex. You can use it for renting out or a home for your family member to generate extra income.
Nevertheless, dual living is now growing as a cost-effective and practical accommodation alternative trend. Duplex houses such as granny flats are now appealing to various investors, especially those who desire to use one dwelling as their personal residence and another to earn passive income through leasing. You might be dwelling on the question of whether it would be a good choice for you to build a dual occupancy home. Read on to know the advantages of building a duplex and what important aspects you need to consider.
Advantages of a dual occupancy home design
When you consider building a dual occupancy home, it comes with a range of advantages, no matter if it’s your first time buying a home, building, or investing in some extra space for your various needs. Let’s get to know them.
Create instant equity
As you build your dual occupancy home under strata title, it would allow your dwellings to get valued as two separate homes, so you can sell them separately or rent them out separately. It gives an attractive opportunity to duplex builders in Melbourne to create instant equity as the original property value increases.
Earn rental income
If it is about earning extra income, duplex builders have many options with having double dwellings. Dual occupancy home builders can decide to rent out their extra dwelling full-time, or they can just use both homes by listing on AirBnB, thereby doubling your rental income.
Reduce your mortgage sooner
Yes, it can be very expensive to build a dual occupancy home rather than a single dwelling. However, you get the opportunity to use your rental income to reduce your mortgage sooner. Further, the investors can get the advantages of reducing tax associated with duplex homes.
An accommodation choice for your family
In case any of your family’s circumstances change in the future, then having a duplex design would give you the perfect option to help them out. If it’s about your parents, you can have them closer without losing your current home space.
Making practical considerations when building a dual occupancy
Consider about street frontage
As you build two homes on one block of land, you have to take certain aspects into consideration. One of them is about having enough space for street frontages. Builders eastern suburbs in Melbourne build dual occupancy homes either side by side or behind each other. So having enough street frontages are essential, so everyone can get into their homes easily. You can contact relevant councils to advise them on minimum block sizes and other requirements for building dual occupancy.
Multiple costs associated with building two homes
Building dual occupancy means constructing two homes, so your costs would be doubled as you have to purchase building materials and house fittings for both homes. You have to build one or two bathrooms, one kitchen, and bedrooms for each home; with that, your costs would also add up considerably. Your initial layout might be steep with the design. However, it would be worth the investment in the long run.
Get council approval for dual occupancy
Don’t forget that you would surely require getting approval from your respective council, especially when you are building a dual occupancy home. Dual occupancy home builders might be required to meet a variety of requirements for every council that is associated with minimum block sizes, dwelling sizes, and access while designing the dual occupancy.
You can partner with a professional, reliable, and reputed construction company to help you throughout the building process as per your requirements and according to your budget range.
It is more beneficial for investors to build dual occupancy by knocking down the old building and creating two dwellings on the site. This way, they would not have to spend unnecessarily on remodelling the older dwellings and only have to concern themselves with one building as well as its design. Moreover, there are more tax benefits and revenue enhancements for the investors.