Over the past several years, dual living house plans have increased in popularity, and you may be wondering if you should invest in them. For reference, dual living home designs, also known as dual occupancy homes, are two living spaces joined together under a single roof. These houses appear to be single-family dwellings, but they are creatively designed as a shared living space once inside. If you are searching for a house to invest in and are unsure if the house is a dual living space, you should request a copy of the planning permit or development authorisation documents.
Dual living house plans are suitable for large families or earning extra cash. Here are 11 reasons you should consider investing in dual living home designs.
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Two for One Loan
Because these two living spaces are under one roof, you will have only one home loan. Say, for instance, if you are planning to live in the house and rent out the other space, you will only be paying on one loan instead of having a primary loan and a second loan for rental property.
You will only need one title instead of having two as you would with two single-family homes.
Save on Stamp Duty Taxes
A stamp duty tax is the amount of money paid by the buyer within 30 days after a property is purchased—the more expensive the house, the more stamp duty. There is no increase in stamp duty with dual living home designs because there is only one dwelling. Whereas if you buy two separate properties, you will owe more taxes.
One Roof Two Families
Acreage home builders in Sydney crafts spacious designs with ample room for two families. If you have adult children occupying space at your home while saving money to buy their own place, a dual occupancy style dwelling is a worthy investment.
If you are new to real estate investments and want to make a strong start, you should consider a dual living home. You can occupy one side of the house while leasing out the other side. The money you collect from the renters can cover the mortgage.
Another option would be to have two renters in the home. The nice part about this is you only have one mortgage payment. You can double what you collect in rent each month, making a good return on your investment.
Easier to Rent
Another benefit of dual occupancy is the amount of privacy offered compared to an apartment. The level of privacy will make renting the home quicker and easier. The faster you find renters, the sooner you start making a return on your investment.
Increase Property Value
You have the potential to increase the value of your property by an average of 40 per cent, and this value increases if your property is part of a dual occupancy subdivision.
Add to Existing Lot
If you own a large piece of land, consider increasing your equity by adding a dual occupancy house. The addition can be a rental property or guest house. Real estate investment is a smart way to increase your financial portfolio.
Good Option for Aging Parents
There may come a time when your parents will need to move in with you. The downside of this is the loss of privacy for your parents. Acreage home builders Sydney can design a plan and create a way for them to be closer to you while maintaining separate living quarters is a win.
College Kid Abode
Sending a kid off to live in a college dorm can be expensive and can also be unsafe in these challenging times. If your kid decides to attend a local college, they will probably desire to have more personal living quarters as they enter a new phase of life.
Owning real estate is one of the world’s most sensible ways of building a robust financial portfolio. Homeownership builds equity for retirement, funds college for the children, or purchases another property. Real estate also provides tax breaks and generates a cash flow on rental property. Whether you are searching the market as an investor or looking for a way to appease a growing family, you should consider purchasing a dual living home.