Interested to own or live in dual occupancy homes or duplex? You should! But first, what are dual occupancy homes? It is when two houses are under one roof and one title. However the two are completely separated, and they have their entrance, exit, and indoor space. It’s good to own or for rentals. It’s also one of the most flexible properties to own nowadays.
Are you now curious about it? Just read on, and find out the benefits of living in dual occupancy homes!
1. You can have it anywhere
Cities are already filled with structures so people are now choosing to live in more peaceful locations. However, whether you want to live in the city, suburbs, or farm areas, you can live in a dual occupancy home. All you need is a permit, then you can start planning. However, you should make sure that you’re going to build it in a land that’s under your name.
In addition, if you would like to rent, you can also find tons of dual occupancy homes anywhere.
2. Low maintenance unlike typical houses
Since there are two occupants in one title, taxes and ongoing rates are also paid for one but can be equally divided depending on your agreement. Aside from that, imagine all the bills in the two houses are set for one property. In addition, you don’t have to worry about maintenance expenses such as electrical wirings, and other features of the house that need to be checked from time to time.
If the property has a front or back yard, it’ll also be split into two, so the area assigned to each will not be huge. You don’t have to worry about keeping the whole place tidy because you can just have a small garden just for you.
3. A perfect fit for students and the elderly couples
When it comes to paying rent, usually, students prefer the cheaper ones so dual occupancy homes are a great option for them. They can also have another friend rent the other house so that they can look out for each other, and they can invite more of their friends to study or hang out.
As for the elderly couples, most of them don’t need and want a huge space. And while dual homes are simple and low maintenance, elders don’t have to maintain a space they don’t need.
4. Easy to increase property value
Since the property can be rented, you can increase the fees as years go by. In this case, you’ll be able to increase the value of the entire property and pay for annual maintenance and renovations in the future.
Did you know that you can sell a dual occupancy property separately? It has been a practise for investors to invest in flexible properties which can increase the value compared to the usual apartment buildings.
5. You can earn extra by setting it up for rent or sale
Did you know that there are lots of options if you have a dual occupancy property? Of course, if you own a dual occupancy home, you can stay in one part of it then set the second one for rent. You can also choose to let both houses for rent so that you’ll have two income-generating resources. Concerning that, you can also sell only one house and stay in the other. In generating income from your property, you’ll most likely pay your mortgage sooner than the regular way.
Risks of having a vacant unit will decrease when you have a dual occupancy home because most likely, one of them will be rented.
6. Good investment compared to traditional apartments
If you have enough space to build two connected houses, or maybe an old building that you want to knock-down, a dual occupancy house is the right one for you. Instead of remodelling or just building one dwelling, you have the option to maximise the space that you have.
In addition, investors usually build their dual occupancy homes in suburbs so that renters won’t hesitate about the noise from the surroundings. If you’re worried about the noise of the two houses, noise insulations are commonly installed in the middle.
Have enough knowledge about owning or living in dual occupancy homes? It’s time for you to decide if it’s the right one for you! Don’t forget to tell us what you like about living in it by commenting below.