Between 2017 and 2018, 32% of households in Australia rented their home.
Due to the overall quality of life and climate, many people look to Australia as their next place of residence. There are plenty of opportunities for people to travel, fulfill their dreams, and establish a lifelong home.
Many people in this beautiful country aren’t able to buy a home, so they decide to rent. Where do many people choose to rent? They look to dual occupancy homes.
Owning a dual occupancy home is a great investment. If you aren’t convinced, make sure to read the ten reasons below on why you should purchase one.
1. A Lucrative Investment
One of the top reasons to buy a dual occupancy home is because it’s a lucrative real estate opportunity. Because there are two spaces to rent out, you’ll be receiving two separate incomes from one property.
You can pay off any loans quickly with these sources of income. You should also charge more rent if the house is in a prime location, such as a location near a beach or in the city.
2. Stay in One
If you don’t want to rent out both spaces, you can live in one while renting out the other. This saves you from the hassle of moving while also earning you extra income.
This option is great for families who have recently downsized. There’s no need to relocate after the kids go off to university. Stay put, and make extra money.
Because you’d be so close to whoever is renting the property, you’ll be nearby if any emergencies occur.
3. More Comfort Than an Apartment
Many people living in an apartment know the pain of never feeling quite settled. It’s a small space that gives off a transient vibe.
Dual occupancy allows the possibility of a rental to mix with the feeling of a more permanent home. This creates a comfortable atmosphere for the tenants and can encourage them to extend their lease.
Not only do occupants feel more comfortable, but they also have more private space to claim as their own than they would in a large apartment building.
4. Lower Utility Costs
By splitting the dwelling space in two, you’re also lowering the utility costs for each party. Utilities can cost around $150 to $200 for a single homeowner.
Strategically place your heating and cooling systems to more central locations of each space. This will allow for more efficient energy use.
If you’re living in one of the spaces while renting out the other, you can use the money you save on utilities each month for other things, such as car payments or groceries.
5. Attract Tourists
Not willing to place your dual home on the housing market? Attract tourists by renting out space on platforms such as Airbnb.
Tourists will be immediately drawn to having such a comfortable, spacious lodging option during their stay. You have control of how often you’d like to rent out space and for how long each time.
Between each guest, make sure you’re properly cleaning and sanitizing the area. Keep the rental space tidy and appealing to bring in more guests. Encourage any former guests to leave positive reviews for more exposure!
6. Create Endless Opportunities
The best thing about being a future owner of a dual occupancy home is having the ability to create endless opportunities with the property. Do what’s best to fit your lifestyle.
Live in a part of the home for a couple of years while your children finish high school. Once they’re done, rent out your previous portion for a year while you travel or pursue career opportunities in other locations.
If you want to come back, you can do that after the resident’s lease ends. Mix and match your opportunities with this property.
7. Appeal to the Future Housing Market
Each year, more young Australians find themselves unable or unwilling to buy a house. You’ll be appealing to the future of the housing market by investing in a dual occupancy home.
Due to the nature of jobs and living expenses, most young people find it more practical to rent space instead of settling down. Some people just want to test the waters before committing to a home. They can do this by renting out space in your dual occupancy property.
8. Prepare for Your Own Future
Having a dual occupancy space is great if you’re part of a tight-knit family and have older and/or married children.
The shared dwelling allows for your children to stay next door while giving them their own private space. It’s great for children in college who are staying home but want to develop a sense of independence.
If you have a grandchild on the way, you can rent out the extra space for your child and their family in order to be close to the baby. They’ll love the nearby babysitter.
9. Easily Sell to Other Buyers
Because you have at least two potential separate incomes, you’ll be able to pay the home off quicker. This may take a few years, but by the time you pay it off, dual occupancies will be even more popular on the market.
You’ll easily find a buyer. This will put a huge chunk of change in your pocket.
10. A Low-Risk Investment
Due to all of the advantages renters have with living in a dual occupancy space, these types of properties are low-risk. You’ll quickly see a return on investment. This quick return will propel you into more financial opportunities.
Dual Occupancy Home: An Australian Housing Trend
One of the hottest trends on the Australian housing market is a dual occupancy home.
If you invest in a dual occupancy space, you’ll see a quick return on investment. You’re also able to inhabit the space for yourself or rent out space for short periods of time to tourists. The possibilities are endless with this type of property.
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