Dual-living homes are residential homes that allow for two dwellings on one property. They are also referred to as dual-occupancy or multi-dwelling homes and can contain two separate homes or be attached side by side. Dual-living dwellings can be built as one behind the other, with a driveway on the side of the property that allows access to both houses. Sometimes a duplex is called a dual-living home, the difference lying in having separate land titles.
Dual-occupancy homes are perfect for knockdown rebuilds, especially if you have a large piece of land and want to rent out one house to generate more income. Also, dual homes allow extended or growing families to live near each other with the benefit of having separate dwellings. You need to look at Sydney houses for sale to find a property suitable for dual living.
Advantages of Dual-Occupancy Home Designs
Dual-living homes provide many benefits to homeowners of all ages and stages of life:
- There is only one payment for two homes, a type of two-for-one deal. This payment arrangement is ideal for many life situations.
- Being able to own two homes in a single location. Dual-living homes offer multiple revenue-generating options. For example, you can rent both homes simultaneously or live in one and lease off the other, allowing you to pay off your mortgage more easily.
- Australia’s ageing population also means that many seniors are actively looking for safe and affordable homes. A perfect option for elderly parents is to live in a dual-occupancy home with their children, allowing both parties to enjoy their privacy while living in close proximity.
- A dual-occupancy home plan typically comes with low maintenance expenses. However, those who live there often pay a single set of bills because they’re on the same property and then have to divide them between the dwellings later.
- A dual-living house plan is also perfect for families with older children who aren’t financially stable yet. It offers young adults a sense of privacy and independence while keeping their living expenses low.
- This is a smart investment for young couples because they can live in either home and lease out the other, allowing them to generate income effortlessly.
Be sure to become familiar with granny flat requirements in Sydney before you make a decision to add on to your property.
Investment Potential of Dual-Living Homes in Sydney
There are many investment benefits to buying dual-occupancy homes in Sydney. As an investor, you’ll realise tax benefits and stamp duty savings. If you are building the homes, the construction itself is simpler because there is one construction and design team working on a project that results in two houses for the effort of one.
Rental expectations for a dual-occupancy home are usually lower per unit because it’s on a shared property; however, the double rent often adds up to more than one rent than possible from a traditional single-story house. Further, the buying and selling process is flexible for prospective investors because it is one title for both homes. Owning the property long term can also generate substantial capital because dual-living homes typically sell for more money per square foot because of the flexibility of the rental income potential and multiple use options.
The multiple benefits of dual occupancy make it a smart option for an investment property or a primary residence. The flexibility to lease out a unit, to use it to offer additional privacy or independence for older children, or to keep elderly family members close, makes dual-occupancy homes ideal for people at all stages or ages of life.
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