All of us dream about a beautiful home that can give us a beautiful shelter after a long day at work. According to a survey, 59% of home-seekers planning to buy a home within the next year are millennials.
So, the millennials out there who are in search of their dream home, you must have not left any opportunity to get the best basic amenities for yourself but we have a question: did you think about the number of occupancies you require in your new dream home? If yes, what was the basis of your estimation for it?
Here’s a quick advice for you: Invest in dual occupancy homes. Why? Let us first understand the entire concept of Dual Occupancy Homes.
What is a Dual Occupancy Home?
A dual occupancy home, alternatively known as a multi-dwelling, a duplex or a ‘side-by-side’ development, is a unique type of property where a piece of land retains one title, but two dwellings are constructed on it.Types of Dual Occupancy Properties:
- Duplex: Duplex Properties are those that share common walls or are adjoined to each other, in other words, these are homes that are divided into two individual homes and can be sold separately.
- Dual Occupancy: Double occupancy properties are those that share a common land but do not share common walls.
- Dual-key: Dual-Key Properties are those which share their front entrance doors and also if possible, they share an additional living space such as a living room or a kitchen.
A custom-designed dual occupancy home or duplex development can maximize the financial potential of your property and hence, you must check out Destination Living if you want to bring your ideas to life with their specialized approach to creating and building a truly custom home that is unique to you and your lifestyle.
What are the 3 Reasons why Dual Occupancy is a win-win for you?
1. Better Rental Incomes
Consider a usual scenario where one single occupancy gives you a monthly rent of something around $1,000, but, what if you invest in a dual occupancy dwelling on the same property? You can get a monthly rent of $700 per occupancy.That is a profit of $300 per month. Isn’t that a more sensible investment than single occupancy? Guess what, if the land is of sufficiently bigger size, it is likely to increase in value faster than a standard apartment in a large complex where land value is divided greatly. Earn a rental income from the home you live in and make the other occupancy on rent, that is, you can just reduce your contribution to your mortgage payment bills.
If you are an investor, buying and selling dual occupancy properties are a more sensible and better deal for you, this is because dual occupancy properties provide an option to keep residency or title, while simultaneously selling or leasing out at least one of the dwellings.
2. Benefits of Investors
Investors who are planning to knock-down an old building and create two dwellings on the site rather than spend a huge amount on just remodeling the older building, dual occupancy makes more sense as it provides you with tax benefits and stamps duty savings as well, as investors are mostly only needed to pay up on the land itself.Quiet suburban streets are the best sites to consider for a dual occupancy property for a striking range of infrastructure and amenities. Buyers who want to live in towns with high walk scores, typically close to train stations, schools, and tertiary education institutions can opt for suburbs.
3. Reselling will earn more profits
What if you decide to sell off the property in the future? Well, even then you don’t have to worry about it because there is always a high demand for these kinds of properties, especially if you have established tenants.Apart from that, dual occupancy homes are usually sold at a higher value than single-occupancy homes. This means that it will help you earn greater resale value giving you more profits.
These are the best and sensible reasons and benefits why you should invest or get a dual occupancy home for yourself. So, what are you all waiting for, the millennials and investors?
