Have you ever heard about dual occupancy properties? Building and owning this type of multi-dwelling site can bring you a lot of benefits, and investing in it is a good option. Today, we will talk about the scenarios where you should be considering dual occupancies as your first option. You can take a serious profit from this type of development if you play your cards right.
Dual occupancy designs in Melbourne are becoming extremely popular, so don’t fall behind, and if it suits your needs, then go for it. Don’t forget that you’ll need council approval to be able to build one of these developments. So, if you are considering dual occupancies as your best choice, then remember to check the permits before getting too excited about the idea.
Now, bear with us and see in which scenarios would be convenient for you to build a dual occupancy.
Vacant space on your land
You already have your home built, but you have a large area beside or behind your property. If you’re not into gardening or some other hobbies that require you to use that space, then you should go for dual occupancy. Instead of having that area unused, take advantage of it and add a new building that will give your profits.
Hire a building designer in Melbourne that will give you the best options to turn your space into a dual occupancy development. Investing in that will bring you revenues in the future because you can rent the other dwelling and keep living on the other one. Eventually, the money you had to spend in adding that other part will return to you, and you’ll start gaining money. If you’re considering investing in real estate, this can be a good option.You don’t need a big house anymore
That is often a good option for parents that all their children have already flown away from the nest. Maybe the size of your home was perfect for kids playing on it, but now that they have grown up and go to live by their selves, the house feels lonely. Even, you can start thinking that you don’t need all that space available because no one is using it. If that’s your case, then you should consider a dual occupancy.
If you love the area where you live, but you are getting sick of that space, then you shouldn’t sell your property. The solution would be as simple as dividing the space and adding the amenities or other services that the other dwelling will need. Don’t forget about the need for building permits in Melbourne for this type of project. If you hire a professional in the field, it will take care of every aspect of the project, including the permits.Increase the equity in your land
If you want to unlock the full potential of your land, a dual occupancy would be a very good option. For example, if you own a property that you’re renting, but you’re not having the profit that you were expecting, then a dual occupancy will double your gains. It will be the same space of land with another dwelling that will allow you to rent it to someone else.
By doing this, you'll increase the quantity of money that you gain monthly. Therefore, you should be considering this option as a potential opportunity to have more income.Taking care of beloved ones
Commonly, elderly people need to live with someone from their family because of many reasons. Instead of taking your beloved one to a care home, a dual occupancy could be the best option. That way, he/she can still have his/her independence, while you’re literally there at the next door to watch out for him/her. Having a dual occupancy in Melbourne can be the best way to take care of your beloved one.
Talk with your family about this option and check if it’s feasible with your local council. If you can build the dual occupancy, then don’t hesitate and go for it.
