Pay off your mortgage now! Why you should consider Dual occupancy homes?

12 March 2019

How much do you love your home? Enough to leave it as is, or perhaps not enough, and ready to knock it down! A dual occupancy home is a great way to upgrade your living arrangements and create more space for your family.

You may not have a clear understanding of what a dual occupancy home is. Let us take some time to clarify the features and key elements.

A dual occupancy home is one block of land, which consists of two separate dwellings. This could either be completely separate - for example, a granny flat, or even attached to each other, like a duplex. Creating an environment which exudes comfort and family life is the most important.

“People usually are the happiest at home” - William Shakespeare

Dual occupancy homes can create many benefits for a family which will be discussed further.

Below are some key advantages and features of a dual occupancy home that will make you wonder why you haven’t thought about it before!

Is a dual occupancy home the right choice for you?
A dual occupancy home may not be the perfect option for everyone's living choices. It is important to consider the many advantages it does offer to help finalise your choice.

Rental Income
A dual occupancy home provides the benefit of creating an extra source of income. It allows you to have many different options when considering, the type of living arrangement you may want to have.

This includes:

  • Living on one side of the dual occupancy home - while renting out the other
  • Renting out both sides of the home - creating a double source of income
  • Keeping both dwellings - creating extra space for family/friends

This is a great way for people to enter the market, as it creates an affordable living option while supporting everyday living costs.

Did I hear granny is moving in?

Not only can a dual occupancy home serve the purpose of creating a space to live in for the elderly, such as grandparents/other family members.

It can also be an amazing place for teenagers to escape to during more serious time - such as studying for finals or even just a place to retreat to.

If renting out the other side is not necessary for you, leaving the space open for your children to have friends over can help them keep quiet and also out of your face!

Do you have a large family and always having visitors come and go? A dual occupancy home is a perfect choice for you. These multi-dwelling homes provide additional space, creating a sense of comfort when you hear your whole family is staying at yours over the summer break!

Creating the perfect escape for your family and friends, a dual occupancy home allows a luxury living space for all guests.

Let us go back to granny moving in. A dual occupancy home is a perfect way of taking care of your parents or other elderly family members. It allows you to keep them close by, being at their assistance whenever they need while creating peace of mind.

Instead of sending them off to a retirement village, a dual occupancy home allows them to have their own space, live an independent life but still allow them to live alongside you! It sounds like a match made in heaven.

Private time

A dual occupancy home alleviates the worry of your privacy being compromised. Providing more privacy benefits than an apartment, it is the perfect way to have two dwellings without negotiating on space/privacy.

Multi-dwelling homes today, are created and designed in a seamless and modern way, you won’t even realise there are two homes on one block. Having separate secure access to the home, as well as individual foyer areas, you will be living in your dream private space.

Property Value & Tax Benefits

A dual occupancy home creates many benefits for your property in the future. These include:

  • Increasing the value of your property - multi-dwelling homes (with a granny flat) are valued at a higher resale price than most regular homes, as they provide double the benefits of a single dwelling home.
  • Dual occupancy homes allow you to have more claimable - meaning more money to collect during tax time!

Whether you are looking at taking your first step into the property market or wanting to take care of your elderly parents. A dual occupancy home can be the ultimate choice for you!

With low risk and high return, there is not much thinking that is required. Creating extra income, your mortgage can essentially be paid for you.

If you are considering a home with more space for relatives/friends, needing extra income or needing to care for the elderly, a dual occupancy home should be your first option to look into!