As property prices continue to rise, Dual Occupancy homes are becoming increasingly popular with owner-occupiers and investors due to their affordability and the incredible flexibility they offer.
These can take on many forms, such as duplexes, duplex-style houses, dual-key units and houses with a detached granny flat in the back yard. Regardless of the actual design, they all provide the ability for two families to share the same property, yet live completely independently of each other.
For example, the floor plan below shows a 5 bedroom house with a fire and sound rated wall dividing the home in two. This is similar to a duplex – one dwelling has 3 beds, 2 baths and a single garage and the other has 2 beds, 1 bath and a single garage.
Each home has its own entry and a separate kitchen, dining/living area and laundry. They also enjoy private alfresco areas and fenced back yards. There are two power meters, water meters, hot water systems, clothes lines and TV antennas.
This type of property has a SINGLE FREEHOLD TITLE, so there are NO Body Corporate Fees and only ONE Council Rates to pay.
From the street Dual-Occs look just like traditional family homes. However, clever internal designs allow two families to share the same property, yet live completely independently of each other.
Dual Occupancy homes provide owners with enormous flexibility to meet their changing lifestyle needs. Here’s a few ideas:
- Owner-Occupiers – live in one dwelling and rent the other… your tenant will pay up to 60% of the mortgage payments for you!
- Friends & Siblings – pool your resources and buy together instead of wasting tens of thousands of dollars on rent over the next 5 – 10 years.
- Teenage Retreat or Granny Flat – if the kids can’t afford to move out on their own, or if grandma needs looking after, this could be the perfect solution.
- Investors – rent both dwellings out to maximise your yields. These properties will usually be Cashflow Positive and return $100 – $200 per week after all costs including mortgage payments, rates, management fees and insurance.
- Retirees – supplement your Pension or Super Fund income by living in one dwelling and renting the other.
First Home Buyers – you may qualify for the QLD First Home Owners’ Grant and the First Home Transfer Duty Concession worth up to $23,750!
Our award-winning builders specialise in creating Dual-Occs in Ipswich/Springfield, Toowoomba, Moreton Bay, Logan City, Gold Coast and the Sunshine Coast.
Depending on the location, land size and number of bedrooms and bathrooms, prices typically range from just $525,000 to $625,000. Similar homes in Melbourne or Sydney would cost at least $100,000 more!
On select Dual Occupancy homes we can also offer a unique Rental Guarantee.
Due to the rarity of these properties, they usually sell extremely quickly despite not even being publicly advertised. For this reason, priority will be given to buyers who already have their finance approved. Please read Prepare Yourself for Investment.
Like most houses in Queensland, these are built on a two contract system:
1. Land Contract: $1,000-$5,000 initial deposit, with the balance of a 5% deposit due upon finance approval.
2. HIA Fixed-Price Building Contract: 5% deposit, plus 5 progress payments during construction (approximately 4-5 months to complete).
You only pay stamp duty on the land… a saving of at least $10,000!
To learn more about Dual-Occs, please read our Q & A page.
For further information or to arrange an inspection of a completed Dual Occupancy home, contact Brian White on 0418 360 490 or firstname.lastname@example.org
NOTE: Returns will vary depending on your personal circumstances. Always seek independent financial, legal and taxation advice before making any investment decision.