Dual occupancy is growing in popularity as housing affordability becomes increasingly difficult for many Australians, making your patch of grass a very valuable prospect. So why not increase your property’s equity and give yourself a financial boost by turning your backyard into someone else’s brand new home.
Why dual occupancy can be better than selling to downsize
If maintaining a large yard is becoming difficult then you may be looking to downsize. However, before you pack up all of your precious memories and buy into an apartment block, multi-unit complex or even retirement village, maybe the solution is just outside your own back door. Subdividing your existing property can make a lot of practical, as well as financial sense. Firstly, you don’t need to uproot your life. Secondly, you are creating equity in your home. You can choose to rent the new home to provide an additional income or sell it to put towards your retirement plans.
Dual occupancy property investment appeals to many areas of the market
A dual occupancy solution can be a wise investment for many reasons. It can provide substantial tax benefits, with incentives available such as negative gearing and depreciation offsets. Young families also use dual occupancy solutions to help pay off their mortgage sooner, providing more financial freedom in the long-term. Property developers are drawn to dual occupancy solutions to quickly increase the land value by building a new home next to an existing one, usually selling both, to earn a quick return on investment.
Is your Hunter Valley property suitable for dual occupancy?
If your block has a wide street frontage or is positioned on a corner then a dual occupancy development is a real possibility. Blocks fitting these descriptions basically allow easy access to the backyard by placing a driveway either at the front or rear of your existing home. If you’re not sure about the suitability of your block or council zoning for developments, ask us. Our dual occupancy experience and network of industry experts have the know-how to turn your investment goals into a reality.
Renting or selling your new build
Whether you should rent or sell your new property is determined by your specific financial situation and the goals you wish to achieve through making this investment. Talk to local real estate agents to determine the current rental and selling market, and seek advice from your financial lender or independent advisers. The more information you have the sounder your property investment will be.
Our team has extensive experience with dual occupancy builds and are happy to answer any questions you have. Plus, they will assist with surveying, planning and liaising with council.