Dual occupancy builders could prove to be an advantageous choice for first-time property developers. It is possible to maximise both your land expenditures and land earnings by constructing two different homes on a same piece of property. This type of home is known as a dual occupancy home. These properties are a blessing in every sense of the word, even if your only goal is to generate income from the property you already own.
To get the most out of your new projects, there are a few essential details that you need to keep in mind before going in headfirst.
Read on for 6 tips for a stress-free dual occupancy construction:
1. Know your objective
Dual-occupancy designs for duplexes and townhouses may be modified to accommodate a wide variety of requirements and goals; however, before beginning this process, it is essential to have a clear idea of what it is you hope to accomplish. Do you intend to build a new home, move into it, and then either rent out the existing one or sell it? Perhaps you and a member of your family or a close friend would be interested in purchasing a piece of real estate together but at a reduced price. Or will the auctioneer's hammer fall on both of the homes during the sale?
Dual Occupancy is the perfect solution for new and experienced investors alike who are trying to maximize the equity in their land without having to move out of the location they currently call home. Dual Occupancy may also be beneficial to downsizers.
2. Budget well
Many custom home builders advertise a low base price that conceals a slew of additional expenses. Make sure that your development partner offers real upfront pricing that accounts for all of the costs associated with the project and takes into consideration any design alterations that might result in the need for further investment. Your first option should be a builder that provides upgraded functionality as part of their basic package. In addition to this, it is essential to prepare ahead of time and include a financier at an early stage.
3. Research before buying
The most typical error made by investors in dual occupancy properties is the purchase of a building before performing sufficient market research. It is essential to seek the advice of a professional as soon as possible because each site has its own own set of difficulties, such as the slope, inclination, and municipal limitations. Do not buy a plot of land until you have determined with absolute certainty that it can be redeveloped into many residences. Before making a choice, it is highly recommended that you make use of the site evaluation service offered by your builder and have them evaluate the land.
4. Find a builder that handles all the hassles
It is common knowledge that building for dual occupancy may result in significant cost savings; nevertheless, the construction of a large number of apartments can result in additional time and stress. Find a builder who can manage the entire procedure for you and is knowledgeable with the complex dual occupancy approvals and planning process to ensure a stress-free build. In doing so, you guarantee yourself the finest outcome.
5. Choose a design that represents you yet trendy
The level of competition for renting space in dual-occupancy homes is increasing in tandem with the popularity of these types of developments. If you want to rent out one of the apartments or sell them, finding a house design and layout that suits the demographics of the surrounding area and the customers you want to attract is essential. When marketing to customers who are becoming more discerning and knowledgeable, it is essential to have high-quality fixtures and fittings, as well as features like double glazing and a distinctive roof form.
6. Ensure you know your point of contact
Knowing how easy it is to acquire quick, well-informed assistance is crucial while working on a dual occupancy project. Before you sign a contract with a builder, find out who will be your point of contact. Most dual occupancy builders assign you an expert Project Manager who will be your exclusive point of contact during the whole construction process.
You'll always know who you should be speaking with and you'll have peace of mind knowing that they'll be up to date on your unique project.
To wrap up
Dual occupancy complexes are becoming increasingly appealing, not just to astute investors but also to families. Who wouldn't want to boost the value of their property by having the ability to construct twice as many homes on a single lot?
You could believe that owning two houses would double the amount of stress you're under, but in reality, it's not that difficult to manage when you have an experienced group working for you.
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