Finding a home to move in or invest in Australia is almost impossible. There is always some major downside to every location a person can find. Some are too far away from the city streets which makes commuting a chore while others are simply too close to the city making the mortgage and other utility bills much more expensive.
Unfortunately, not everyone can handle driving for hours and hours every morning to the city to get to work or to pay thousands of Australian dollars every single month. This is why many Australians are currently looking for cheaper and better alternatives.
Assuming that you are one of those people that are looking for a different solution, you should be glad to know that there is actually one alternative. A dual occupancy home is just the thing you are looking for, especially if you are the type of person that wants to purchase a farm. Not only will all of the costs regarding the house be halved, but the cost of the land you acquire too.
So, if you really feel like you are at a loss and you cannot seem to find the next right step in your life, you should definitely consider a dual occupancy home.
Believe it or not, this option is also good for real estate investors too because the rental rate return is much higher than regular rent too. There really is no downside to this option, if you play your cards right.
To help you understand why exactly dual occupancy homes are so good, here are some of their benefits.
Types of dual occupancy homes
Dual-occs are split into several different types that offer different benefits
A duplex is basically a property split into two different apartments that share the same walls. The separation of these two properties means that they can be rented and sold individually. For example, if you buy this kind of house, you can live in one apartment while renting the other one. Duplex is truly a great investment. If you are looking to invest in a duplex or live in one in Australia, you should check out silverlinehomes.com.au.
- Granny flat
Most people do not actually know this, but dual occupancy homes do not actually have to share the same walls. In fact, one property can actually be on the other side of the land. When a smaller apartment is built in the backyard away from the main house, this is referred to as a granny flat.
A dual-key house is the complete opposite of duplex. While the property is still split into two different parts with bedrooms, the kitchen, living room, or bathroom may be shared between the two residents. Sometimes it is just the kitchen and sometimes it is all of these three essential rooms.
It is getting popular
Many people in Australia would avoid this option because it seems quite unfamiliar. Getting into waters of something that you do not understand is never a good idea. Fortunately, the popularity of this type of buildings has been considerably rising these last couple of years.
In other words, young couples and wider families are looking into this type of houses and many investors have started to see potential in this market. Many companies have already started creating and realizing the creation of dual-occ homes.
So, what does this tell us exactly? Well, the rising popularity means that in a couple of decades or years from now, these types of houses will become much more affordable and high-quality than they are now. Although, even today’s options are quite good. However, we believe they will become much better in the future.
One of the biggest benefits of investing in this type of property is the fact that it can be very profitable. You are basically getting two apartments at the price of just one house. You can use one side of the property to live in while renting the other side. You will make a lot of profit by doing nothing. If you ever decide to move then you can even rent both apartments at the same time. You will always be making double the money when compared to a regular single apartment or house.
It’s perfect for larger families
There are tons of positive things about being a part of a larger family, but there are some negative things about it too. Finding a place big enough to share it will all of your family members is almost impossible. The cost for such a house will cost you hundreds of thousands of Australian dollars, if not more.
Fortunately, dual occupancy properties can be the solution for this kind of problem, especially the duplex type. The entire family can invest in one big house and then split it into two apartments. You still get to be close to each other, but you will also get the peace and quiet that most of us have been looking for most of our lives.
A great option for parents or grandparents
A time in life comes when a person has to become independent and find his/her own place to live, finally leaving your parents’ property. While getting some freedom and independence with your own home is an awesome feeling, you probably do not want to leave your parents or grandparents living alone, right?
Well, a granny flat is a perfect option for those that want to keep their families close. It allows you to have the privacy you need while also providing a great little apartment for your parents or grandparents right there in your backyard. If they ever need any kind of assistance, you will always be right there, just a couple of feet away.
Rising in value
We already mentioned that dual occupancy homes are getting more and more popular which means that their value will start rising a lot more in the oncoming years. This is why it is best to invest in this kind of property while their pricing is still fair.
There are many other benefits regarding dual occupancy homes, but these 5 are the most notable ones.