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How to Maximise the Rental Income of Your Dual Occupancy Home

How to Maximise the Rental Income of Your Dual Occupancy Home

Are dual occupancy homes a good investment if you intend to put them for lease? The short answer, without giving investment advice, is generally yes, they’re fantastic. 

The slightly longer answer, however, is that dual occupancy homes can potentially be highly lucrative provided that you also put in the work and do plenty of research beforehand, as well as plenty of honest work to keep the properties attractive and to keep the tenants satisfied.

1. Know the Real Estate Market of Your Desired Location

In real estate, there are only three words that you must know and they are: location, location, and location. Nailing down the right location can be, single-handedly, the most important decision in terms of investment potential, and that also includes the potential for rental yields.

Highly desirable and dense locations such as Melbourne CBD may seem great, but the cost of acquiring the property will likely be astronomically high as well. Moreover, will you be able to build a dual occupancy home there?

Conversely, building a dual occupancy home in a very rural part of Regional Victoria might seem much more affordable, but will you ever find tenants that want to live there? There are no clear and cut yes or no answers to these questions, so you’ll have to do plenty of research and balance them with your own desires and budget to find the best location for your needs.

2. Find Your Target Audience for Tenants

A big part of marketing (and that’s essentially what you are doing) your dual occupancy property is to find ways of targeting the right kinds of tenants. This part is a lot easier said than done, so be sure to do your own research and spend plenty of time on this step on your own.

There are two main things to consider. Firstly, there are the things you can control. Highlight aspects of your property that are appealing to your prospective tenants, advertise on the appropriate platforms they tend to use (could be social media, or through a real estate agency), and keep the property clean and maintained.

The part you cannot control, however, is what the tenant will actually be like once they’ve signed a contract with you. Things can go just as you’d expect, or they could go sideways very quickly.

3. Keep the Property Looking Clean

Nobody wants or deserves to live in a pigsty. Although many proponents and detractors of landlords have the idea that it’s just “passive income,” the truth is not what they perceive it to be. Being a responsible landlord means you’ll have to work hard to keep your dual occupancy property clean and well-maintained. This means either doing the work yourself or outsourcing the job to contractors at your own expense.

4. Provide Additional Services

Investing in your dual occupancy property as a landlord means you should also be investing on an ongoing basis, by providing services such as landscaping, providing laundry facilities, or weekly or biweekly cleaning.

By adding these types of perks, you make your property more appealing and you keep your current tenants satisfied, which in turn helps to justify the rent they must pay you.

5. Accommodate and Foster Positive Relationships with Tenants

There should always be a professional distance between you and your tenants, but being kind and honest with them about any enquiries they may have can do a lot towards keeping them satisfied. Try to develop positive relationships with them by being responsive, reliable, and fair.

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