Dual occupancy homes are the best of both worlds, allowing you to maximise land costs while increasing your potential profits. In this article, we’ll discuss what dual occupancy homes are, the benefits of building one, and a few tips on dual occupancy in Melbourne.
What Are Dual Occupancy Homes?
Dual occupancy projects are also called multi-dwelling, duplex, or side-by-side development. It means there are two dwellings in one title, with a second living area under one roof. The secondary space can be entirely separate from your primary residence with its own entrance and garage. It’s even possible to not share any common amenities at all and have one or all two dwellings sold off separately as an investment, which is allowed thanks to the subdivision process and consequently registration of two different tiles.
Types Of Dual Occupancy Homes
Dual occupancy or dual living house plans can be categorised into two main types:
A granny flat is generally the size of a small apartment located on your property. As the name suggests, these dual living house plans are designed to accommodate your ageing family members without giving up space in your current home. Apart from relatives, you can also use this space to house a live-in nanny or visit guests.
Duplexes are two properties that share common walls, like in the case of a single house divided into two separate properties. Dual occupancy homes have two different floor plans. Duplex Home Builders in Melbourne will build these units with separate garages and entrances, meaning that they can be sold off separately after the completion of the subdivision process and registration of titles.
Benefits Of Dual Occupancy Homes
Dual occupancy offers many benefits for property owners, including:
Faster building equity:
Building equity is the part of your property that you own, based on how much of your mortgage you’ve paid off. With dual occupancy, you can earn more money and pay off your mortgage sooner, which allows you to build equity faster.
If you have an entirely separate space on your property, you can rent it out or list it on a house-sharing website like Airbnb. You can also use dual occupancy homes as investment property, rent them out to two separate tenants, and generate two income streams.
Live and invest at the same time:
Dual living house plans allow you to occupy and invest in the same property lot, instead of having to rent or buy another property for your home.
Top Tips For Building Dual Occupancy Homes In Melbourne
Before you build dual occupancy homes in Melbourne, here are some tips for you to keep in mind:
Make sure that your property is big enough to build dual occupancy homes and meets all necessary regulations. High End Building and Developments can help you to figure out if your property qualifies.
Securing council approval can be confusing and time-consuming, especially as the standards and qualifications for dual occupancy homes vary from place to place. Also, the process is more complex compared to single dwelling approvals. For an easier time, we suggest partnering with expert dual occupancy home builders like High-End Building and Developments.
Your subdivision plan enables you to divide your property into two or more portions that can be sold independently. As residential property developers, this is a critical phase. In fact, completing your plan of subdivision on time is crucial since it ensures that you will be able to settle your off-the-plan sales when your project is finished. Beginner developers frequently focus on the build rather than giving the subdivision process the attention it deserves. It makes no difference how swiftly or beautifully you finish your project. Unless you finish your subdivision and title registration, you won’t be able to settle with your buyers or get any money. Therefore, choose a builder that can help you out with the Subdivision Process and make it easier for you.
Find a builder that can service your location:
With timelines, getting to the construction site is very important. For example, if you’re based in Doncaster, we recommend that you search for builders in eastern suburbs Melbourne or one that has great serviceability in that area.
Partner With The Right Duplex Home Builders In Melbourne
Transforming your property into a dual occupancy home is easier with the right team behind you. High-End Building and Developments is always available to assist you with planning, designing, and constructing premium homes to suit your needs. Reach out to High-End Building and Developments, the best builders in Melbourne today.