Real estate is one of the best investments, though figuring out investing in which property will yield the best result is essential before making any investment. Understanding the long-term monetary benefit can help secure your future. And dual occupancy homes are the hottest real estate investment for both living and the future.
Whether you are looking to invest in a dual occupancy home or build one in the spare space your home has, it can help secure your future.
Dual occupancy homes or duplex or multi-dwellings are property with one title but two residencies. It can be one house behind the other with driveway access or a side-by-side dwelling with attachment.
If you are thinking of building one or investing in one, here are few things you should know about dual occupancy homes.
- Duplex: They are two properties sharing common walls. One big house is divided into two separate properties and are sold as individually as well/
- Dual occupancy: They are similar to duplexes. They share a common land but not walls.
- Dual-key property: It shares a front entrance door and an additional space like a kitchen. A particular section in the property is locked for renting purposes.
Factors to consider while building dual occupancy
Building a dual occupancy for any purpose requires research and knowledge. You are investing money and your heart in a project. Therefore, following the below tips is essential for you.
1. Understand the reason behind building a dual occupancy
Why are you constructing or investing in a dual occupancy? Before you hire a company to fashion one, knowing the goals for doing it is imperative. Maybe you are looking to occupy one section and rent others? Or it can be that both are for selling as part of securing your future?
Knowing the goals will help you move forward in the right manner. If you are planning to sell one and retain one, the steps are different from selling both.
2. Understand the price of dual occupancy before you start building
Builders can offer prices that seem appealing at first. But they can contain tons of hidden prices in it, which may be a surprise for you. It can lead to unstable finances or problems funding the build. Therefore, do your research before you settle on the builder. Find one who offers you upfront prices and answers all your questions up front.
3. Find a builder who can take away your stress
Dual occupancy unquestionably offers increased financial benefits. Though, they can increase your stress too. Building one house is a hectic and stressful process. Imagine what building two homes will be like?
Therefore, it is essential to find a builder who can take away the stress. They should be able to take over the process entirely. Keeping you in the loop is necessary. But if they already have solutions for problems, it makes constructing dual occupancy considerably easy.
4. Do not invest without proper research
Multiple times, it has happened that new owners have jumped into buying or investing in dual occupancy without proper research. That can lead to problems in the future.
Know everything that is to know about the house, owners, land, orientations, and more. Also, knowing and understanding about future construction or renovations on multiple homes is necessary.
5. Make sure you have a person to talk to throughout the process
A dual occupancy project has tons of complications. It leads to stress, which
h can only be relieved with timely and correct advice/information. That you should get from one person who is your point of contact in the firm. If they divert your calls to multiple people each time for queries, it doesn’t build trust. Instead, it can add to your stress.
Ensure that you ask who will be your point of contact before working with a builder on dual occupancies.
Dual occupancy homes have numerous benefits. It gives you a chance to build a separate house for renting purposes. Or you can build one in your backyard for a growing family. The thing to keep in mind is to do your research before either investing in it or building one for yourself. It will ensure that your present and future both are secured.