Housing Affordability Solution

For thousands of Aussies the hope of achieving the ‘Great Australian Dream’ is slipping further away because property prices are dramatically outpacing wage rises.

Fortunately, there’s a solution to this problem. Instead of renting for the next 5 -10 years and paying off your landlord’s mortgage, why not become a landlord yourself?

You could live in a brand new Dual Occupancy home and have a tenant paying up to 60% of the mortgage payments for you! 

This extra income makes it possible to get off the rental treadmill and buy your own home. With you and a tenant paying the mortgage, you could own your home outright in less than 15 years and save over $100,000 in loan interest.

Doesn’t that make more sense than wasting thousands each year on rent?

The secret to this powerful strategy is that Dual Occupancy homes are cleverly designed to allow 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.

Dual Occ Floor Plan

Gibson Urban

From the street Dual-Occs look just like traditional family homes. There’s a SINGLE FREEHOLD TITLE, NO Body Corporate Fees and only ONE Council Rates to pay.

The example below shows how a 5 bed, 3 bath Dual-Occ House can be much cheaper to own than a 4 bed, 2 bath Traditional House constructed of identical materials:

                                                             Traditional House                 Dual-Occ House      Purchase Price                                           $470,000                                $525,000          5% Deposit                                                   $23,500                                  $26,250          95% Loan                                                   $446,500                                $498,750          Monthly Payment @ 5% p.a.                         $2,610                                     $2,916      Monthly Rental Income                                        NIL                                    $1,560          Net  Monthly Cost                                        $2,610                                     $1,356

Even though the purchase price and mortgage payments are higher for the Dual-Occ House, it’s actually more affordable because your tenant is paying over half of the monthly payments for you!

Why would you continue to rent if it’s less expensive to buy your own home?

If you’re a First Home Buyer some banks will allow you to use the $15,000 QLD First Home Owners’ Grant as part of your deposit, which greatly reduces the amount you need to save.

Dual Occupancy homes provide owners with enormous flexibility to meet their changing lifestyle needs. Here’s a few ideas:

  • 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!
  • Friends & Siblings – pool your resources and buy together instead of wasting tens of thousands of dollars on rent over the next 5 – 10 years.
  • Owner-Occupiers – live in one dwelling and rent the other… your tenant will pay up to 60% of the mortgage payments for you!
  • Teenage Retreat or Granny Flat – if the kids can’t afford to move out on their own, or if grandma or grandpa need 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.

Many families have purchased Dual-Occs in popular areas like Ipswich/Springfield, Toowoomba, Moreton Bay, Logan City, Gold Coast and the Sunshine Coast.

These quality homes include European appliances, stone bench tops, air-conditioning & fans, blinds & security screens, two undercover alfresco areas, concrete driveway & paths, turf, fencing, landscaping & clothes lines.

Prices vary depending on the location, land size and number of bedrooms and bathrooms, but in SE Queensland they typically range from just $500,000 to $600,000.

While this style of housing won’t be suitable for everyone, for many Aussies Dual Occupancy homes have proven to be the solution to the housing affordability problem.

If you’d like to get off the rental treadmill, contact Brian White on 0418 360 490 or brian@brisbaneunitsales.com.au

Learn more about Dual-Occupancy properties here:
Dual Occupancy Homes https://www.brisbaneunitsales.com.au/dual-occupancy-homes/
Dual-Occ Q & A https://www.brisbaneunitsales.com.au/dual-occupancy-homes/qa/
Instant Equity https://www.brisbaneunitsales.com.au/instant-equity/