Today, the property business is a great business opportunity to delve into, especially for those who do not have any money to invest in a business but have their own property. Although real estate entrepreneurship is a huge source of income, managing properties is quite a tough job. But it has become much easier with the arrival of dual occupancy designs. They are one of the most sought-after modes of home designs in the rental property business.
What Is Dual Occupancy?
Two dwellings constructed on a piece of land in the same block, called dual occupancy designs, are also known as a duplex, side by side or multi-dwelling. This style of the house comes with all the utilities in both living homes. The constructions are either attached or detached but are built on the same piece of land.
Types of Dual Occupancy Houses
Dual occupancy homes are of three types, namely, duplex, dual-key property, and dual occupancy.
Here, properties are either attached or detached. As mentioned earlier, two occupancies are built on the same piece of land, either as separate dwellings or as connected to each other. Although subdividing is impossible, both the occupancies have separate utilities. They act as two different fully functioning homes. Otherwise known as shared living homes, dual occupancies cost less than a duplex, especially the building cost. Usually, these homes come with different entrances and amenities, which make them easy to rent out. Building dual occupancies requires meeting certain criteria, such as minimum site area and width, as suggested by the local council. It costs less council cost as well.
Dual Key property
Dual key apartments also comprise two dwellings, but both share a common front entrance, and the second one is inside the first one with a separate key to its portion. Both of them are self-contained with their own bedrooms, bathrooms, and living space. Unlike dual occupancies, dual key homes have a joint bill for everything, such as electricity and water bills. The biggest drawcard is that the cost of building a dual key property is comparatively much lesser than that of dual occupancies. If rented, they yield a whole lot of income at a lower initial investment.
A duplex is somewhat similar to a dual key property because they both mean being under the same roof. They share a common wall between the two homes. A single building is subdivided to accommodate both the titles’ needs in a dual key setup. Duplexes have their own amenities that make them complete homes. Unlike dual key properties, duplexes offer more freedom when it comes to buying or selling them. One can rent them out or sell them all together or as separate ones. Although the initial expenses such as building costs and land acquisition costs are a bit high, the flexibility in renting and selling options makes duplexes more preferable for someone looking for an income from the same.
Owning dual occupancies has numerous advantages. Purchasing a dual occupancy property is cheaper compared to buying two houses. One can have two dwellings on the same piece of land, which can either be rented out or kept as a secondary dwelling for one’s own family. However, if rented out, it acts as a new source of income, thereby increasing the cash flow.