Looking for extra rental income or independent space for family? A dual occupancy residence might be the perfect solution.
Dual occupancy or duplex developments, as the name suggests, is putting two dwellings on a block of land and splitting the one block into two individual lots each with its own title. The wonderful thing about a dual occupancy development is that it offers a second liveable area under the main roof and the additional cost to create the second liveable area is vastly cheaper than creating a second standalone home. However, the land cost is halved for each dwelling.
Dual occupancy homes can offer many advantages including financial rewards by maximising the use of your land. Commonly known in the US as duplexes, they are gaining popularity in capital cities such as Melbourne and Sydney as investors and developers continue to realise the cash-flow-positive benefits and with ever increasing property prices in the inner suburbs of Melbourne, many owners that are considering a knock down and rebuild are opting to build a dual occupancy on their block.
Specific generational shifts have also increased the popularity of these buildings, as more Australians move into and remain in urbanised inner to middle-ring areas but still require close contact with inter-generational family members. Many people want to have the extra private space that’s uniquely offered by a duplex because it allows them to have their family close by without living on top of one another. Another situation in which owning a duplex can make a really big difference is when you have elderly parents or anyone in the family who needs extra care and support. Having them close by in their own private space can give you peace of mind and them the support they need to get the most out of their lives.
Many people who decide to build duplexes on their land simply live in one of the units while finding tenants to rent out the other unit attached to it. This gives them the advantage of becoming a landlord, while also having their own living space that they can continue to occupy. Of course, there’s also the option of finding two lots of tenants and filling both of the homes in the building that way too if you want to. It’s up to you as the owner. If you do decide to rent out one of the homes and live in the other, you will make it much easier and faster to pay off your mortgage. This is obviously appealing to a lot of people because it’s easy to get weighed down and overwhelmed by mortgage debt when it’s been hanging around your neck for a long time.
We know that adding extra space to your home makes sense, but if you want to do all the work, it’s worth having it done properly. Parkvue Homes is an experienced dual occupancy builder, meaning we know what it takes to create duplexes that are expertly finished, spacious enough for families and stress-free for owners like you. We can custom design a unique plan for your dual occupancy residence and tailor it just for you. Contact us today to arrange an obligation free site assessment and discuss the right option for you.
