A duplex is a dwelling on one block of land with two separate living quarters and totally separate entrances that can cater for two sets of occupants. Building a duplex can be a great investment for home owners and landlords, so no matter what stage of life you’re in there are so many benefits and potential profits to be had when building a duplex!
First Home Buyers
If you’re a first home buyer looking for your first home, why not consider building a duplex? You’ll have a home to live in on one side, and another home to rent out, creating a stream of income to help you pay off your mortgage, while still enjoying living in your own beautifully built first home. The rental income from the second dwelling will significantly reduce the financial strain and save you the hassle of having roommates in your own home!
The Perfect Investment
Many duplex designs will fit on a narrow block, so you can fit two homes on one piece of land and get double the return. If you’re looking for a great investment property, building a duplex will give you two separate homes in one spot you can rent out or sell, creating a double stream of income. In the future you’ll be able to choose whether to continue renting out each dwelling, or choose to live in one yourself, while still benefitting from the additional income the rental dwelling provides.
Once your kids grow up and move out it can feel like you’re not utilising all the space in your family home anymore, and you may decide it’s time to downsize to a smaller house. Building a duplex will give you enough space to enjoy a contemporary open-plan home to welcome the family and visitors anytime, while providing you with a rental property on the other side to contribute towards your retirement nest egg with additional income you can use later in life.
If you have family members who require a little more care and attention but aren’t quite ready for assisted living facilities, a duplex is the perfect alternative! Each family will have their own separate living space, but you’ll be neighbours, so the opportunity to check in daily and help out will be a beneficial convenience for both parties. When help is needed, you’re right there to assist, and with young families living next door to grandparents who are still able to lend a hand with childcare, the burden is eased on working parents.
Building a duplex gives you so many opportunities for additional streams of income, investment properties and family living arrangements. Our new Elwood duplex designs offer the perfect combination of features to enhance every day living! With different floor plans to choose from, there’s an Elwood design to suit every family, need, lifestyle, and budget! The beauty and practicality of the Elwood not only lies in its design, but also in its possibilities with the ability to mix and match any of the Elwood floor plans to create your ideal duplex! Head over to the Hotondo Homes website today to find out more about our duplex design range.