Renmark Homes Specialises in dual occupancy development
When you hear talk of a dual occupancy development you instinctively think it is a topic that is only suited to property developers and large scale builders.
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. You don’t need to be a property developer to reap the benefits of this type of building. Dual occupancy building is becoming increasingly popular due to the many benefits they offer.
The wonderful thing about a dual occupancy development is that the build costs may not be that much more than building one larger house. However, the land cost is halved for each dwelling.
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. Dual occupancy can offer many advantages including financial rewards by maximising the use of your land.
By developing your exiting home into a duplex you still get to build your new dream home, albeit a bit smaller but more importantly you get a second property which opens up a whole range of options that you would not get by building a single home.
When you build two homes and selling one to pay for the other is a way of eliminating or substantially reducing your mortgage.
In other cases you can keep the second property as an investment to generate rental income and build wealth over time. By keeping a loan on the second property you can also take advantage of negative gearing to maximise taxation benefits.
If you are an empty nester a dual occupancy is a great way of downsizing without having to leave the suburb and street you love.
For those of you that are in that stage of life where you need to plan for retirement, a dual occupancy is a great way to build a nest egg to ensure you have enough money to enjoy a happy retirement in a nice sized home to suit.
The benefits of a dual occupancy development are:
- Taxation benefits through negative gearing
- For empty nesters; you can downsize without having to leave the suburb and street you love
- Building two smaller homes can be done for a similar cost as building one large home
- Increasing the value of your site by subdividing it into two titles
- In effect you get two blocks for the price of one
- Supplementing retirement income through rent
- Living next door to your tenants generally means better tenancies with less chance of damage and non payment of rent
- Reduced garden maintenance
Dual occupancy developments can be built as one dwelling behind the other. This however is not the best use of land and certainly not as appealing as building two homes side by side.
The biggest drawback in building one behind the other is the shared driveway, common property which then requires a body corporate.
When you build side by side each dwelling will have its own services and be independent in every way but may share a common wall known as a party wall. Other than that there is no difference between this type of dwelling and a stand alone single home.
Whichever you choose, Dual occupancy development is a clever way to increase the investment potential of your property without compromising on space and lifestyle.
Visit our page at https://www.renmarkhomes.com.au//dual-occupancy-homes/
Dual Occupancy as a knock down rebuild option
Part of our Knock down or rebuild new series.
This series of articles is designed to give you some information on knocking down your existing home and building new or looking at dual occupancy development. Dual occupancy homes are a great option, as you can tell by the information provided.
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