What is Dual Occupancy?
Dual occupancy occurs when two dwellings exist on the same lot or property. In terms of a real estate property in Australia, homebuyers and investors benefit from this property type. Investors double their potential income stream while homebuyers have more space for their families, including growing children and aging parents.
There are three ways to achieve owning a dual occupancy property.
Australian architects and builders have been building dual occupancy homes for several decades. So, if you’re in the market for this dwelling, you might find one that already exists. Typical multi-dwelling properties include granny flats, where a studio exists separate from the home.
Build On an Empty Lot
Empty land presents a wealth of opportunities. You can build your single dream home on the lot. You can build a dual occupancy property. Architects, contractors, and builders are ready to help you make this property a reality. These professionals understand that it doubles an investor’s income and raises the land’s value.
Demolish an Existing Home and Build
To create a double occupancy property on a lot with an existing home, you can demolish the current home and start from scratch. Some architects and other real estate professionals will remind you that the current home has value. So, it should be in bad shape if you truly want to demolish it.
Dual Occupancy Conclusion
Dual occupancy properties benefit homebuyers and investors. If you’re interested in financing a real estate purchase, contact Mortgage House. We go over the details including home loan rates. Our lending specialists are ready to explore your financial situation and goals.