Is Dual Occupancy Living Right for You in 2024?
How does unlocking extra income while living in your own home - literally - sound to you? If this is tempting, then you might want to consider dual occupancy. After all, if you’re planning to build your forever home, why not make it as flexible as possible while also taking advantage of some additional funds that may come your way as a result of it?
In our latest article, we’ll define what dual occupancy is and how it can provide financial stability and a host of other benefits. In fact, it could be exactly what you’re looking for.
What is a dual occupancy home?
A dual occupancy home is where there are two dwellings on the one title, yet offers a second living area under the same roof. This secondary living area is entirely separate to the primary space, which could mean you have a separate entrance, garage, bedroom, and amenities that don’t connect to the rest of the home.
In addition to being cheaper to build than two separate properties, a dual occupancy home won’t require a second title. This means there won’t be additional ongoing rates and taxes. While it won’t be considered ‘additional income,’ it does mean savings for you - initially and for the duration of the property. With that segue, we’ll jump right into the many benefits of a dual occupancy living arrangement.
How will dual occupancy benefit you?
Double the dwelling; double the income - as the saying goes. But there’s so much more to it than this. Of course, having a separate living space on your property allows you to rent it out to a tenant or a house-sharing website like AirBnB. Or, you can use the entire dwelling as an investment property with two separate tenants and generate two income streams. In either case, this means you’ll potentially be able to pay off your mortgage faster and begin saving for your retirement. However, there’s a few other benefits of dual occupancy that are not monetary.
For one, if you’re a family with older children, you may be able to give them some separation and independence by letting them occupy the second dwelling. Secondly, if you’re planning to renovate one essential room of the home (like a kitchen or living area), your daily lifestyle won’t be interrupted as you can use the second dwelling to live in until renovations are finished.
Types of dual occupancy
There are two main types of dual occupancy dwellings:
- Granny flats are generally the size of a small apartment and are located in the rear of a large yard. As the name suggests, they’re popular for those with ageing family members as you can have them closer to you without needing to give up space in your current home.
- A duplex is defined as two properties, which share common walls such as a dwelling divided into two separate properties. These can be sold separately, but will have two separate titles, which means separate council fees, utility bills etc.
At Hotondo Homes, we provide a range of dwellings to suit your lifestyle. Talk to us today about all your options.
Speak with Hotondo Homes
At Hotondo Homes, we’re forever innovating the way people live. Our new duplex designs could be just the ticket to helping you unlock additional income with a dual occupancy. For more information about our latest home plans, give us a call on 1800 677 156 and we’ll be happy to help.
