Can dual occupancy homes be built anywhere one pleases? No, the entire process can be complex and time-consuming. Below are some of the considerations one must make before getting started on a dual occupancy property development project:
Location, Location, Location
First and foremost, location is king in real estate as well as when planning to develop a dual occupancy home. Without the proper location, the rest of the below points are really moot.
The good news is that in most Victorian councils, it is generally permitted to carry out dual occupancy home developments. Provided that you are building on residential land, and also provided that there are no covenants on the land that say that you cannot build a dual occupancy home, you should be good to go.
The bad news is that some councils and some locations are quite prickly pears, to say the least. For these cases, the complexity can quickly grow out of hand which is why it’s best to speak to a qualified dual occupancy homebuilder.
Obtain Financing
Unless you’re paying in cash, chances are that you’ll need to have a mortgage broker or lender ready to assist you with financing the purchase of the land and buildings. Real estate in Australia is, for many, growing out of reach for many aspiring homeowners, so dual occupancy homes would be even more so.
Having said that, the long-term return on your investment can pay itself off, but you’ve got to have lending ready in the first place!
Title & Zoning
It is essential that you read over the fine print regarding zoning requirements in your council as pertains to dual occupancy home development. Zoning schemes provide you with essential information such as minimum lot size and configuration, frontages, and other important details such as easements that might affect your plans.
There is also the matter of titles, title plans, and planning certificates. All of these should be studied carefully. For example, building on land designated as a flood zone can still be possible but may drive up building costs substantially.
Planning & Permits
There are many planning documents and permits that are often required should all of the above points be checked off and good to go. For instance, you’ll almost always need to go through a site assessment, a development feasibility study, and obtain town planning and building permits.
These permits can be a real problem, since failure to provide the required documents to the relevant authorities on time can delay a project and drag on the building for far longer than originally anticipated. Consequently, your original estimate of, say, one year could drag on for 6 months or even longer. All of that time added will surely drive up costs, plus you won’t be living in your brand new dual occupancy home (and/or have tenants living in the other) in the meantime.
Property Subdivision
Dual occupancy homes in Victoria, as elsewhere in Australia where they are popular, must be built on two separate plots of land. If you’ve purchased one, large plot of land then you cannot simply build two structures on it.
Property owners must subdivide the land into two separate plots. This process can be fairly complex and may require some negotiation with local council to ensure that the subdivision is adequate and that it’s crystal clear what you intend to do with both buildings on both plots of land.
Trevor Homes
Speak with a dual occupancy home expert at Trevor Homes today.
