What is dual occupancy? – Is dual occupancy A Good Investment?
Although most people purchase or build a dual occupancy home to fit relatives and other family friends for long-term rental, it is a good investment for those looking to make passive income. The thing about dual occupancy homes is that they are comfortable and easy to manage since it is one property on a specific piece of land.
A dual occupancy home shares common spaces, although separate entrances and exits are created for each family or ‘unit’. Not everyone feels comfortable with this idea as there is less privacy. That being said, since you can charge two monthly rates to two distinct individuals, you can make a profit while also paying for the mortgage of your home.
If you are looking to invest in a dual occupancy home, but do not reside in it, our Mortgage House experts are happy to assist you in finding a competitive interest rate and loan. Although you may qualify for a home buyer loan, it is likelier that you will need an investment loan since you won’t reside in the home.
Since two families reside in dual occupancy homes, though, this can increase the likelihood of conflict. Since this is the case, it is important to consider it before purchasing a dual occupancy property for investing purposes.
Dual Occupancy Good Investment Conclusion
Australian invested homes and properties are continuing to grow in the market. When looking for a dual occupancy home, it is good to determine if the investment is worth it by looking at the property value, repayment amount, and the average rental for the area. Mortgage House experts are happy to assist in your investment ventures!