We’re seeing homeowners across Melbourne embrace the dual-occupancy movement – and why wouldn’t you? Reconfiguring your block into two discrete dwellings is an excellent investment financially speaking, and it affords owners an abundance of live-in, rent-out and re-sell options. Dual occupancy homes also offer a range of lifestyle possibilities that are perfect for staying close to loved ones or simply freeing up time for the things that make you happy.
Dual occupancy is one of Australia’s fastest growing build types, and now is the time to investigate how you can make it work for you. The Sienna Homes team offer free site appraisals, so you can understand exactly where you’re placed and what dual occupancy could look like for you.
Matilda facade (included). Source: Sienna Homes.
What exactly is dual occupancy?
Commonly referred to as dual occ or duplex, a dual-occupancy development involves either purchasing a vacant block or knocking down an existing dwelling, dividing the block in two and building two new residences on it.
The layout of your dual-occupancy development will largely depend on the nature of your block but it generally entails either two homes positioned side by side or two homes positioned front and rear. Most side by side developments share a party wall between them, where most front and rear developments share a driveway, but they always have separate garages.
Grange, Avery & Barkley facades (upgrade options). Source: Sienna Homes.
The many benefits of dual occupancy
There’s a reason dual-occupancy builds are making waves across Melbourne. If you’re not yet convinced that a dual-occupancy development is the right call for you, this list of benefits might just change your mind.
Make the most of your space
Do you have lots of space on your block that isn’t seeing much action? Think of this unused space as a hole in your wallet. Especially in Victoria, where liveable homes in convenient locations are in hot demand, it just makes sense to embrace the potential that’s literally on your doorstep.
As another added benefit, reducing the amount of empty land on your property means less maintenance and gardening for you. Take advantage of a free site appraisal to determine whether you’re sitting on enough space to consider a dual-occupancy build.
Enjoy modern creature comforts
If you’re currently weighing up your living situation in Greater Melbourne, you don’t need us to convince you just how bone-chillingly frosty a Victorian winter can be – especially if you’re in a drafty home where insulation wasn’t a priority when it was built. A new home provides greater energy efficiency, saving you money in the long term.
If nothing else, the lockdowns reinforced the importance of having a liveable home where you genuinely love to spend time. Modern homes are designed for modern lifestyles. They’re easy to maintain and clean, feature plenty of natural light, use space efficiently and can be tailored to your tastes and preferences.
Source: Shuttershock.
Low risk revenue
How sweet do those three words sound in a row? And it rings true: you could pour your hard-earned savings into the stock market or other more fickle investments, but your own property is about as secure as it gets.Â
That’s because you know, better than anyone else, the limits and allowances of your own land and the structure(s) you’re adding to it. You understand the stakes and what risks, if any, are at play. With our help, you’ll be able to make considered and calculated decisions about your development, ensuring it’s a smart and profitable investment.
Fast-track mortgage repayments
Selling one of your newly built residences will come as a welcome boost to your finances, and it’s a great way to offset your mortgage repayments so you can own your home outright sooner.
You can replace your existing home with a new abode, and recoup the cost of the build by selling the second dwelling. Alternatively, renting out the second dwelling will provide the necessary cashflow to pay off both mortgages should you wish to hold onto both properties, and could even lead to passive income down the track.
Source: Shuttershock.
It takes a village
As a society, multi-generational households are on the rise. We’re reverting to a more family-focused way of life, where grandmas share dinnertime with toddlers and grown-up siblings seek nearby residences to better support and socialise with each other.
Dual occupancy offers the best of both worlds: immediate families can enjoy their own space with their nearest and dearest just a few steps away. It’s the perfect solution for elderly family members who value their independence but need support, or simply to split the financial burden and enjoy one another’s company.
Source: Shuttershock.
Don’t wait. Find out what dual occupancy can do for you!
The Sienna Homes team love nothing more than helping homeowners achieve their goals with land and property solutions they didn’t realise were available to them.
Contact our expert team today to book your free site appraisal or for more information about dual-occupancy developments, and the long list of long-term benefits it could unlock for you.