Dual occupancy is said to be a property solution growing. It is also known as DualOcc. People can maximise a block of land by building two or more properties instead of one with DualOcc. It also can unlock opportunities for people looking to live affordably in an area they love or for the savvy investor.
Why Choose Dual Occupancy?
Dual occupancy is a smart option for new builders at all stages of life. This versatile development gives property owners and buyers more options when compared with traditional buying.
Those who already own land might opt for DualOcc to optimise their block, and those looking for property might choose a block to optimise a DualOcc development specifically.
Dual occupancy is all about making the most of a parcel of land – be it to live on, or for financial return.
If you own a home on a decent-sized block, dual occupancy gives you the option to knock it down and rebuild two (or more) modern homes. You might opt to live in one, maintaining a connection to a beloved neighbourhood, while selling the other or opening it up to rental income. You might also choose DualOcc to bring elderly parents or adult children closer to you while maintaining privacy and independence.
Many savvy property owners choose DualOcc for the investment potential it offers. Using existing land, or strategically buying a new block of land for multiple homes can provide income and rental returns if done thoughtfully with sound advice.
How does dual occupancy work?
There are two types of dual occupancy developments – the traditional side-by-side option, also known as a duplex, or stand-alone townhomes, generally tucked one behind another.
Duplex developments usually require separate driveways, whereas detached townhomes may be able to share one. There’s no magic number when it comes to ideal land size for a dual occupancy development. The appropriate land size will depend on your development objectives and the rules and regulations of your local council.
As a rule of thumb, if you’re on the hunt for land for a DualOcc development, look for blocks where the slope is no more than three metres, otherwise, it may complicate the build and increase costs.
What are the benefits of dual occupancy?
The benefits of a DualOcc, when done right, are many, with both emotional and financial gains on offer. For some people, simply being able to live affordably in an area they love is the biggest attraction, while for others, meeting investment goals is front of mind.
Melbourne resident Wayne Ritchie opted to build dual occupancy with Metricon. “Initially I wanted to build a big house on a single block in Bentleigh,” he says. “But we couldn’t find anything that was ticking all the boxes.”
Purchasing a run-down brick home in this sought-after Melbourne suburb, he decided to knock down and rebuild instead, subdividing the land and building two properties, one to live in and one to rent. “The return is almost the same in terms of capital growth and depreciation benefits, times two,” Wayne says.
It went so well, the family has just completed their second dual occupancy build. “This time around it was really familiar,” he notes.
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Are you looking for a dual occupancy property in Sydney? If so, then Dual Keys Sydney might be able to help you. We provide property investment services that aim to research quality dual occupancy houses that generate multiple streams of income for you.
Leave it to our team of experts to find the perfect high-yield investment for you!
Dual Keys
Call: 1300 88 30 46
Email: [email protected]
Source: metricon - businessinsider
