Dual Occupancy Homes
Dual occupancy homes provide a unique investment opportunity where it is possible to rent one side of the house out while living in the other.
A dual occupancy development consists of two dwellings built on one block of land. These homes may be either attached to each other like a duplex, or constructed as separate dwellings. A granny flat is a good example of the latter.
Dual key living may be another way of achieving a dual occupancy home. A dual key home is a home where the occupants can have separate secure access, without the need for a duplex construction. The home is just like a normal property, but it might consist of a main home with all the normal rooms, with separated locked access to a studio apartment within. Dual key designs often share some common areas, such as the entrance foyer.
However you go about it, the aim is to achieve two income producing properties on the one site. It may even be possible under some circumstances to achieve dual living without requiring two titles. Adequate parking, and compliance with council regulations is an important consideration in any such project.
Dual Occupancy home designs appeal to two demographics in particular. One is the student market, the other is the aging population. Even young urban professionals may be attracted to the dual living concept in all its forms.
Dual occupancy homes can be cash flow positive, and have the potential of providing a higher return on investment. (ROI) Dual occupancy homes allow you to build wealth faster, have multiple income streams and lower costs.
So, what is dual occupancy?
As an investor, you could rent both sides out to maximise your return on investment. An owner occupier could live in one side and rent out the other so that your tenants help you to pay the mortgage. Your teenagers or a student border may not be quite ready to move out on their own, so this is a perfect opportunity to keep them close while providing the freedom to come and go unnoticed. If the time has come to give something back to your parents, then this is the perfect opportunity to provide for their needs.
Dean Ind, is constantly on the lookout for land and development opportunities where dual occupancy can be achieved. Give Dean a call today to explore the possibilities! 0426 296 672