For a long time now, the concept of dual occupancy properties has become well-known due to various reasons. Dual occupancy homes are cleverly designed to make the maximum utilisation out of the available area. Dual occupancies have a unique design. Two dwellings are constructed on the same land.
These may be attached or detached. So let’s say you can stay in one portion of the land with your family and rent out the other portion of the land. Or you can even rent out both the sections of the property. Some common examples of dual occupancy include duplex, granny flats or a dual-key property. Dual occupancy builder in Melbourne like LBD Homes can help you to design a home
Let us have a look at some of the advantages of investing in a dual occupancy property
You can either rent out both the dwellings on the property or one of them. As an investor, it can help in boosting the cash flow. You can also rent out both the dwellings in the property and enjoy double rents.
As an investor if you choose to construct dual dwellings in the same land, you will get the option of giving both the titles to one owner or splitting them and creating two titles. So if you decide to create two titles you are splitting the titles and splitting substantial equity uplift by selling each dwelling equally.
Improved cash flow
Dual occupancy homes are categorised as positive cash flow oriented properties. Renting out two units together creates a positive cash flow that allows the owner to cover the cost of interest payments, insurance, property management and any other expenses.
The ideal way to design a dual occupancy home
Now that you know the benefits of a dual occupancy home, if you have a land where you would like to construct a dual occupancy home, you need to associate with an experienced custom home builder. Boutique home builders like LBD Homes can help you in designing the perfect dual occupancy home that fulfils all your requirements. They will plan out a design layout for the available space. This will ensure that the land is utilised in the most efficient way as possible. You can add various amenities as you like and design your house just the way you want.
What are some of the common types of dual occupancy properties?
Granny flats: are typically the size of a studio apartment. They are located in the rear area of the existing property (main property). Granny flats are ideal for senior citizens who don’t need much space but enough space to feel comfortable indoors. You will need the council’s permission before renting out the granny flat.
Duplex: are two separate dwellings but share one common wall. Although, these properties can be sold separately. The house itself is divided into two separate properties.
Dual occupancies: these are similar to duplexes but they do not share a common wall. So there will be two separate walls on the same property.
Dual-key property: this king of property has a shared entrance, living room and some additional space. However, a certain part of the property is locked and rented to someone else. It could be a bedroom or some extra space which the tenant can occupy.
Does the idea of dual occupancy intrigue you? Is yes, get in touch with LBD homes and they will help you to figure out the best property development options for your land.