Pros and Cons of Dual Occupancy Building

When seeking to buy your first home in Australia while also making a sensible property investment, a dual occupancy dwelling may be an option worth seriously considering. This means you and your family will be sharing the property with another person or persons, which may cause you to ponder what the benefits and drawbacks of choosing a dual occupancy house are.

If you're looking for a proper answer to this question, this article can come in handy! The article that follows will provide a summary of the pros and cons of picking this housing choice; however, before we get there, let's first define what these dwellings are:

What Is Dual Occupancy?

Dual occupancy is two similar houses on a single lot. The second one is a different living area and private entrance. In addition, the outdoor space can also be shared; however, most people choose to partition it as well. This usually comes in the form of detached or semi-detached houses or townhouses.

Pros Of Dual Occupancy

• Two Properties In One Price
  
  
  The first – and arguably most important – the advantage is that you will just have to pay one strata payment. You are essentially purchasing two properties (houses) for the price of one, which may make this option more reasonable for you. This is especially beneficial for folks who are purchasing their first home because they may earn an income from it as well.
  
  
• Ideal For Many Locations
  
  
  Let’s take the example of Australia. Aside from an ageing population, many individuals are searching for inexpensive housing after losing their homes in fires in 2019 and 2022. As a result, many individuals are choosing lovely, peaceful settings, such as farms, to develop these double dwellings.
  
  
  They can then opt to split the construction costs with the individuals who would be living in the other house, or they can build it themselves and rent it out to someone else. All you need is the right dual occupancy builder to make your dream home a reality.
  
  
• Low Maintenance Costs
  
  
  These estates often have low maintenance costs, and residents may only have to pay one set of bills because they are on a single estate. If your estate is modest, you won't have to worry about maintaining your landscape in shape, and if you buy or build a new home, the appliances will most likely last longer.
  
  
• Tax Benefits
  
  
  Building a duplex may also provide tax advantages. Among the tax deductions that may be claimed for this sort of investment, depreciation comes in second after loan interest. There may be unique tax advantages to be investigated, such as purchases through self-managed super accounts. However, it is good to consult with financial specialists as part of your study and planning process.
  
  

Cons Of Dual Occupancy

• Less Privacy
  
  
  You will be sharing a wall and, in some cases, a yard with other people, so you may have less privacy than you are accustomed to. Because you'll be living in the same place, you may need to be mindful of how loud your music is or how many people you welcome over.
  
  
• Cannot be sold as one property
  
  
  Whether you want to develop or acquire the property, you should be aware that you will not be able to sell it independently. They must be sold together. People did, however, find a way over this stumbling block. Many of them elected to combine the two living rooms into one, allowing them to sell the house as a single unit.

So, if you decide to buy or build a dual occupancy property, you may sell it using the process outlined above. Of course, this will increase the overall size of the property, allowing you to sell it for a higher price. Also, don't forget to maintain that yard immaculate — it might boost the value of the entire estate.

There you have it – pros and cons of acquiring or creating a dual house, as well as some disadvantages. Of course, your choice will be determined by your needs and preferences; so, before making your final selection and choosing a luxury home builder, consider whether this is the ideal answer for you.

So, now that you've learned about the benefits and drawbacks of this housing option, don't waste any more time. Instead, start analyzing all of the factors discussed in the article above, talk to your family, and decide if this is the right decision for you.

Also, read here: What does a Building Designer do?